In the context of my comments on wealth taxation the following, which comes from an FT email this morning, seems pertinent:
A trifecta of benchmark US equity indices hit record highs on the same day for the first time since 1999, as investors — hampered by a growing world of negative yielding debt — turn to US stocks in a hunt for yield.
The S&P 500, Dow Jones Industrial Average and Nasdaq Composite all closed at record levels on Thursday, buoyed by a surge in oil prices and a string of better than expected results from several of the country’s department stores.
And remember, most of this is due to QE around the world - a direct boost to private wealth from governments.
That’s capitalism: the ownership of capital and land by those who do not use them.
Are you still predicting a stock market crash?
No: nit now QE is back in action. When facts change I change my mind, if it is appropriate. What do you do?