the tide rolls out

the year to date numbers are inviting in a range of + 50-100 % predicated on the presumption that equity slice of future expectations will expand as far as the imagination permits or at least to mars

but the paper machie nature of the wealth effect lasts only as long as sellers resist the urge to turn specie into currency

this act, though fiscally prudent, requires the next buyer of which there may be fewer since the cashier (central banks) intend to provide less of it more expensively

in that classical phrase of economics, everything happens at the margin, well, at the margin then price discovery takes over





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