by David Stockman
The starting point for understanding the delusional fantasy of the present moment is this: The mainstream narrative is so corrupted by greed, sloth, group think and will to power that it has become a risible caricature of itself. In plain English, what is held to be true by the powers-that-be is flat-out unreliable, unhinged and unsustainable.
For instance, bubble vision is jawing giddily this morning about the new stock market forecast from Goldman’s chief equity strategist, David Kostin. According to this overpaid genius, the silver bullet of a Covid vaccine is now assured owing to the Pfizer announcement (but see the debunking below), so we will soon be back to normal and the stock market will soar to 4,300 on the S&P by the end of next year (2021).
So back up the trucks!