The Robinhood Rally, by Kevin Duffy

The stock market feels a lot like a mania, and manias generally don’t end well. From Kevin Duffy at lewrockwell.com:

As cities burn and statues topple, the Nasdaq races to all-time highs.  As unemployment explodes to levels not seen since the 1930s, gambling on dicey stocks soars.  As private property becomes less secure, titles to property are bid higher.  As businesses struggle to reopen, it’s business as usual for the great bull market in financial assets.

If the statisticians at the CDC are to be believed, 0.01% of the U.S. civilian labor force has died of the coronavirus in 2020.  For a risk that compares to driving an automobile, much of the population was scared out of their wits and a third of the economy put on life support.

The Big Lie

Official narratives have proven far more contagious (and lethal) this year than any virus, and the supporting lies keep getting bigger.  Upon arrival of an unknown health risk in late February, the authorities promoted a top-down one-size-fits-all solution of universal isolation.  The centralization of knowledge was assumed and market solutions not even considered.  As “non-essential” businesses were shut down, corporate debt markets locked up and stocks lost one-third of their value.  To deal with the economic mess, only top-down government solutions saw the light of day, this time at a price tag of over $5 trillion in borrowed and printed money (with plenty more on the way).

With the death of George Floyd on May 25, caught on video for the world to see, the narrative shifted overnight from gray lives matter and “shelter in place” to “black lives matter” and protest in public.  Never mind that Floyd had enough fentanyl in his body to kill him and that the officers on the scene may have acted to save him.  The mainstream media went into overdrive, promoting the well-rehearsed narrative of systemic racism.  Keep in mind, 30% of the top 30 highest-paying celebrity endorsements last year went to blacks (even though they account for 13% of the population).  Consumers generally don’t buy products endorsed by people they hate.

Continue reading→

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.