Danube,
You are right. Looking at XJO versus DOW from a currency point of view, we have outperformed by a long shot.
The DOW, although having rallied considerably from March lows, has been on the back of a sharply falling $US.
So in real terms, US equities haven't really put on as much tangible value as it may appear.
Now the argument for inflation might make sense but the deflation debate has some merit too.
What would be interesting is is the Gold Standard came back into play. That would really stir things up and would put fiscal money into a different league.
Is the US deflating the dollar to help their deficit burden? China isn't happy with this and either will the US long term as a weak dollar means a weak economy.
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Danube,You are right. Looking at XJO versus DOW from a currency...
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