“Let them eat iPads…”

In the headlines this morning: https://morningporridge.com/stuff-im-watching

My comments on poverty in San Francisco went viral y’day. Over 200,000 views on Zerohedge – and over 1000 comments. (Not all of them very polite. Some quite rude and some amusing.)

The wider issues of why the richest economy on the planet has allowed such squalor, degradation, and inquity is a tough one to address. Sadly, solving depravation doesn’t seem to appear on Mr Trump’s “Make America Great Again” agenda. Neither is it on the list of boastful philanthropic projects espoused by dot.com billionaires in their gated communities – they seem to believe poverty is something that happens elsewhere and anything else can be solved with robots and algorithms… broken people are just externalities.

The consequences of not addressing creeping poverty and income inequality are too great to ignore. It needs to be solved (and not just in the USA). To paraphrase a greater American: “We do these things because they are difficult..” 

Meanwhile, back in the real world..

What’s happening in the markets? I’ve long been predicting the end of QE would cause bond yields to rise, and stocks to tumble. Without Central banks as the distorting buyers of first and last resort prices should correct downwards. Seems I was wrong again.. There is too much money in the world.. apparently.