by David Stockman
Back in the day, farmers sometimes had to slam their mules between the eyes with a 2X4 to get their attention. Alas, that treatment is being administered to the Fed heads on practically a daily basis by the stock market gamblers, yet these stubborn inflation-deniers pay no attention at all.
In fact, they keep insisting there is no inflation problem, when a virulent monetary inflation thunders all around, and insist that no material financial asset bubbles are visible, when we are in the midst of the most unhinged speculative manias of all time.
For want of doubt, consider the 118% gain today in the close-to-dead movie theater chain business of AMC Entertainment. The Reddit Rowdies and their Meme Mob affiliates truly outdid themselves, bringing AMC’s market cap to an insane $31 billion at its closing peak.