This is by far the dumbest society in U.S. history. Far too dumb to survive. Now placing their full faith and credit in printed money, the secret to effortless wealth. All under the abiding assumption that they were the first generation intelligent enough to think of it...
There is nothing new under the sun for the hairless monkey. Forever bidding up their own assets and making up stories to go along with the party. When this supernova explodes at all time highs, "unexpectedly", modern day finance will be remembered for nothing more than convincing people to believe things that are absolutely not true. Imagined realities as Hugh Hendry calls them. An indictment of the collapsed morality of this decadent society that must prey upon its own fellow citizenry instead of making an honest living. Prechter was right, the true stock market rally ended in 2000. Subsequently, we've been living through two decades of Japan-style deflation, funding simulated prosperity and non-stop asset bubbles.
Here we see U.S. stocks divided by U.S. debt
In Elliott Wave (Social mood) parlance, 'b' waves are phony waves, built upon unsound fundamentals. They are fueled by debt accumulation, instead of real wealth. In this case funded by money printing to monetize a debt bubble.
An MMT Super Bubble inflated by rampant fraud, asinine levels of hubristic ignorance, and non-stop bullshit.
Granted, there are those who view Elliott Wave Theory and technical analysis in general to be financial astrology. These fundamental purists prefer to gaze into their Magic 8 ball and predict where earnings will be one year hence. They are always right, until it really matters, at the end of the cycle. And then they implode spontaneously and spectacularly, without the slightest warning ahead of time. For some reason extrapolating the recent past into the indefinite future comes with its own "predictive" limits.
Especially in the hands of the willingly deaf, dumb, and blind.
For my part, I take all fundamental and technical ideology with a large grain of salt mine. My overriding goal is to avoid extrapolating infinite stupidity into the indefinite future. In a Ponzi World, EVERY cycle will last just long enough to convert the last holdouts to imagined realities. Which is why the longest expansion and bull market in U.S. history, is now at the "mid-point" of the expansion.
Because when the last fool is found, where else could it be?
It doesn't help when they are the ones running the entire gong show.
Anyone who thinks this melt-up into this week is a coincidence, is dreaming:
"We got them greased up one more time. This can all end now"
