I wouldn’t be surprised at all if today is the new September 3, 1929.
On the monetary front, we have a 12-year-old mega-bubble of fiat credit, stock buybacks, bloated balance sheets, and “infinite liquidity”.
On the “real” front, we have a global economy with record forced unemployment, decimated supply chains, and whole industries on the verge of bankruptcy.
On the psychological front, we have multitudes of economic and financial illiterates with access to essentialy free day-trading technologies who shamelessly proclaim that value investing is old hat.
On the political front, we have an unprecedentedly consolidated oligarchy of big business in cahoots with politicians and monetary central planners, which has no scruples whatsoever when it comes to pushing relentlessly for the inflation of ever more spectacular asset bubbles (thereby playing the ever more dangerous “greater fool” game).
And on the technical front, the Nasdaq hyper-bubble has just reached the 10000 resistance, which, together with the February high, forms a rough, but very telling double top.
Today may be the new September 3, 1929. I may be wrong about it, but I wouldn’t be at all surprised if I am not.