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The stock market seems to believe the government can solve all of our problems with paper money and bureaucratic mandate. My bet is, it doesn't work... at least, not for long.
At some point in the next few years, our creditors are going to stop believing in our ability to pay our debts in honest money. I don't know what will break first, but we can't go on printing money to prop up our banks and spending money we don't have to prop up our culture of entitlement.
In this chart, the second top in stocks we saw in 2007 doesn't exist. It's like the bull market of 2002-07 never happened.
You don't even need to know that an increase to the monetary base of this magnitude could be catastrophic. All you need to know is the government has created over 100% more of it than existed a year ago – the fastest increase of all time, by a huge amount.
Investors wanted more than 7% annually on top of Treasury-bond yields to own REITs. That's the widest spread of all time.
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