Fascinating argument by Larry Elliott in the Guardian this morning:
Every bubble in recent years has had its signature deal that marks the point when the frenzy peaks; the purchase of Time Warner by AOL during the dotcom boom; the RBS takeover of ABN Amro just as the financial crisis of 2007 was breaking.
His suggestion is the Glencore listing may be the precursor to a commodities crash, at least in the short term, reflecting current over pricing.
I have no doubt the market is laden with unrealised gains that don't reflect economic reality right now. So I agree with Larry. Expect a crash.
All of which makes me wish we had a form of capitalism that could learn to use money constructively (like government) by investing in the things people really need.
I fear we're a long way from that yet. So instead capitalism limps from one speculative gain to another.
It's the Reagan/ Thatcher de-regulation legacy.