Now that the raging robo-traders have tagged a double top at 2897 on the S&P 500 it is worth remembering that the booming stock market is the greatest Fake Bull in history. It is entirely a function of massive central bank liquidity injections into the financial system that have transformed Wall Street and other global trading venues into virtual gambling casinos.
Indeed, in today’s fraught environment it can be well and truly said that the chart-monkeys have become deaf, dumb and blind to everything happening on Planet Earth external to the gaming tables where they slosh around in their cups. After all, to use the latest evidence, what could be more indicative of a political system fixing to implode than this weekend’s utterly phony and disgustingly undeserved deification of the late Senator John McCain?
Folks, peek under the surface of the media hagiography. This isn’t about the man’s alleged heroism, virtues and service to America—-because there were none of the above, as we will elbaorate tomorrow.