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The economy is witnessing an unholy trinity of false ideas, weakened institutions, and malign interests converging to stymie its long-term health and resilience.
Today, the U.S. has an asset bubble comparable to Japan’s in 1989-1990, and so how Japan navigated an exit from their bubble can yield stylized insights on what might be in store for the U.S.
The West will face some difficult truths as it confronts this health, economic, energy and financial crisis. We will emerge as a stronger, more self-sufficient and humane civilization.
By many measures the U.S. stock market is in a bubble. Valuations need to be justified by growth. Markets have diverged from fundamentals based on current and future expected performance.