A Disgusting Macro Picture

Sometimes I go wading through old chart lists and sometimes I find busy, colorful charts telling stories. Here is a busy, colorful chart telling a story. They will blame the buffoonish Trump (he should have shut his Tweet hole and avoided all that stock market cheer leading), but when whatever is ahead shakes out he will not be primarily responsible.

The Greenspan credit bubble I can understand. The Trump fiscal reflation I can understand. But what continues to throw me is that I don’t have an answer to the question ‘what long-term distortions did that financial adventurer* Ben Bernanke build into the markets with 7 years of ZIRP, QEs 1-3 and a side order of the macro manipulation known as Operation Twist?’.

t bill yield and spx

* Where “financial adventurer” means unscrupulous protector of asset owners at all costs, including and especially the cost of a massive increase in the gap between the ultra rich and the merely rich and a massive increase between both of those groups and everybody else.

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