With monetary easing set to end, it’s a game of chicken as investors see how close they can come to timing the inevitable downturn
by Gary Biddle
Milton Friedman: Monetary policy is very powerful but also very blunt. Whereas it can stimulate capital investment by lowering nominal interest rates, it flows readily into speculation and beyond shores.
The 25 per cent increase in the US M2 money supply this year and similar stimulus by other central bankers (10 per cent in China and 11 per cent in the EU) have caused investor euphoria to levitate share and real estate values.
Source: SCMP
https://www.scmp.com/comment/opinion/ar ... p-bull-run