Deaths and cases have been exploding for weeks now... markets clearly are ambivalent.
We have an epic case of winners and losers in the real economy.. but markets clearly are ambivalent..
I think that the central issue is a bit deeper than the obvious.
My thinking, is that G's and CB's have basically come out, and implicitly said "It really doesn't matter WHAT happens, we will backstop everything!!!!"
So basically the message is, that there is no risk.
And if there is no risk, then borrow and invest like there is no tomorrow!!
I think the only discussion now is this. Can G's and CB's actually paper over any and all fiscal and economic challenges, without any serious unintended consequences, into perpetuity?
Or not?
I think they might be able to in the short term
But probably not in the long term...
But for now, it looks like they have and they can, so its party on like its 1929...
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