{"id":36331,"date":"2017-02-16T10:17:27","date_gmt":"2017-02-16T10:17:27","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=36331"},"modified":"2017-02-16T10:17:27","modified_gmt":"2017-02-16T10:17:27","slug":"this-looks-like-it-will-end-in-tears","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2017\/02\/16\/this-looks-like-it-will-end-in-tears\/","title":{"rendered":"This looks like it will end in tears"},"content":{"rendered":"<p>I <a href=\"http:\/\/www.taxresearch.org.uk\/Blog\/2017\/02\/16\/bugged\/\" target=\"_blank\">know what I said earlier<\/a>, but trying to do nothing means I read the web and I could not help but notice this graph <a href=\"https:\/\/www.theguardian.com\/business\/live\/2017\/feb\/16\/world-stock-markets-record-highs-ftse-trump-inflation-business-live\" target=\"_blank\">on the Guardian web site<\/a>:<\/p>\n<p><a href=\"http:\/\/www.taxresearch.org.uk\/Blog\/2017\/02\/16\/this-looks-like-it-will-end-in-tears\/screen-shot-2017-02-16-at-10-00-50\/\" rel=\"attachment wp-att-36332\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-36332\" src=\"http:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2017\/02\/Screen-Shot-2017-02-16-at-10.00.50-550x294.png\" alt=\"Screen Shot 2017-02-16 at 10.00.50\" width=\"550\" height=\"294\" srcset=\"https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2017\/02\/Screen-Shot-2017-02-16-at-10.00.50-550x294.png 550w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2017\/02\/Screen-Shot-2017-02-16-at-10.00.50-768x410.png 768w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2017\/02\/Screen-Shot-2017-02-16-at-10.00.50-300x160.png 300w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2017\/02\/Screen-Shot-2017-02-16-at-10.00.50-562x300.png 562w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2017\/02\/Screen-Shot-2017-02-16-at-10.00.50-200x107.png 200w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2017\/02\/Screen-Shot-2017-02-16-at-10.00.50.png 1214w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><\/p>\n<p>This, as they explain, is a chart of the Cyclically Adjusted price\/earnings ratio (CAPE), formulated by economist Robert Shiller which is now very near its 1929 peak, itself only exceeded just before the dotcom crash of 2000.<\/p>\n<p>Now, of course charts do not prove anything, and I have \u00a0track record of saying markets are over valued. But then, that's usually when they are because fundamentals are being misvalued.\u00a0And right now that is definitely the case, in my opinion.<\/p>\n<p>I have a strong suspicion this will end in tears.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I know what I said earlier, but trying to do nothing means I read the web and I could not help but notice this graph<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2017\/02\/16\/this-looks-like-it-will-end-in-tears\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-36331","post","type-post","status-publish","format-standard","hentry","category-economics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/36331","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=36331"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/36331\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=36331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=36331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=36331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}