S&P jumps to record high as global economies grind to a halt. Miracle or more “free money”? The latter.
With Germany’s insolvent Deutsche Bank leading the pack screaming for help, EU leaders are promising financial assistance to failing banks wrought with trillions in toxic assets.
Not to be outdone, after passing the Fed’s “stress test” two weeks ago, the US Big Six banks have been cleared to sell their own shares and repurchase them. This would normally be an admittance that the system is too weak to support itself but then again who’s watching.
Look for Japan to “loosen” monetary policies in the coming days as well.
Never in US history have we seen a more dangerous time to be in stock markets as asset prices remain highly overvalued with no hope for economic success in the near future.
Get out while you can!