The last 5-6 paragraphs of John Hussman's weekly missive are 'must read' material. Then they are 're-read' material.
Until policy making returns to market driven themes such as private savings and investment, and rejects themes grounded in Fed money printing and government stimulus, we have 'an economy built on speculation and paper, stacked into a flimsy house of cards.'
Very nicely put.
position in SPX
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