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Daily Reckoning/Addison Wiggins/7-15-2020
“That’s when a capitalist economy is taken over by the financial markets. Economists no longer regard economic data as a measure of the health and wealth of the nation but for what impact they might have on the financial markets. Late Degenerate Capitalism has reached a new level of absurdity. If an economic number comes in worse than expected, it’s often great news for the markets, because it means the Federal Reserve will keep pumping money. Is it any wonder that the gap between the stock market and the economy has never been wider? You could drive a fleet of 18-wheelers through it.”
USAGOLD note: A reminiscence of the late Dr. Kurt Richebacher, a market prophet …… His views and analysis still ring true today.