More fools than money?
“More money than fools or more fools than money.
When there is more money than fools asset prices go up.
When there are more fools than money, asset prices go down.”
When there is more money than fools asset prices go up.
When there are more fools than money, asset prices go down.”
– Louis-Vincent Gave, Founding Partner & CEO, Gavekal Research
Already, the world monetary base, which rise at a 4% annual rate in this cycle, first turned negative last June and has now declined 6.6% year over year. Much of this is caused by the drop in the U.S. monetary base (Chart 2, page 2) caused by the reduction in the Fed’s Treasury holdings.
A Gary Shilling
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