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How to Apply the Bubble and Anti-Bubble Framework to Asset Classes
Short volatility was to a certain extent gooseing the stock market higher and there's just so many of these kind of self-reinforcing dynamics in the markets where you have potentially short volatility. One of them is this idea that you can solve problems by printing money and that that belief goes closely linked to monetary policy without limits. We're doing four things we are first we are delaying those problems we're kicking the can down the road we're in the form of debt secondly we are transferring the problems so effectively through currency wars and trade wars. On a very cynical basis central banks apply these policies as domestic but they have a clear impact on the rest of the world.