After listening to countless experts and reading various pieces of research, it seems that the end of the world is nigh. The sense of doom and gloom must be the deepest it’s been for years.
Concerted action from the Fed and other central banks to inject liquidity this week has generated a quasi-conspiracy theory. I received notes from two chartists stating that the Fed acted to stop the S&P 500 breaching a key level on the downside; and I don’t know how many times I heard that the central banks are accepting junk as collateral for their repo tenders when they are not.
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