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Har Fast

Kaletsky Implies It's All Getting Better...

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Might be interesting to revisit today's article in 12-18 months' time.

Worries about rising bond yields, zombie banks, deleveraging, fiscal deficits/money printing are all overdone, he says. Be more worried about bank crises, union-led inflation.

Interesting he also talks about "new asset bubbles" - I don't recall him ever admitting that there were bubbles in, say, housing or credit?

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Well to the degree that there are some signals which could be read more positively recently then he's right as six months ago absolutely everything was the darkest of black... at least now there is sufficient change for a sort of "how green are these shoots" type debate... it doesn't mean it won't get worse before it gets better though... which is what stupid bears don;t seem to grasp, clining pitifully to the belief that unless everything in your world is not truly dark then you are not a bear... its possible to be a thinking bear.

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its possible to be a thinking bear.

Quite. My issue has been that Kaletsky and others have generally been, imo, too willing to discount the downside risks which, when they do materialise, are then dismissed as "avoidable accidents". In other words either themselve unforeseeable, or due to the unforseeable incompetence of others. I'm not sure how much detailed analysis goes into these columns, but it doesn't really come across in the articles themselves, which have tended to have a "la la la, fingers in ears, I'm not listening" feel to them. Perhaps that's the editor's orders to "keep it simple" for readers. Shame, if so, in what should be the "quality" press...

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He is my ultimate contrarian indicator. Whilst perusing this morning, for one terrible moment, I though he might say "There are no green shoots and we is all fuk'd innit" If he had said this, I would have instructed Mrs sbn to register with the EA and start pooling the SBN reserves. THAT is an indicator of how much reliance I have on this man to always state the exact opposite of the truth.

Edited by sbn

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