The FTSE makes no sense at all

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This the chart of the FTSE in the last ten years grabbed from here:

Nothing says to me that it makes any sense that the market now has a value of about 5,500.

We're facing the biggest recession for 80 years, melt down in Europe and global warning becoming reality. And the markets still presume nothing is happening.

If you want evidence of irrationality that's it.