Recipe for a 'dark and stormy'
Like 1996, US money shrinks alarmingly while markets enjoy a bout of 'irrational exuberance'.
Recipe: combine dark rum, Bermudan ginger beer and lime juice to make a classic ‘dark & stormy’ cocktail.
The great thing about macro is the endless scope for delayed gratification in forecasts. In early October I wrote of US narrow money "it is highly unlikely that such a rapid contraction can be sustained. Even the Fed cannot continue with such extreme…
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