Gold -The Asset of the Millennium
Jan. 1, 2000 marked almost the exact top of the biggest stock market bubble to date.
To start, the fact that the millennium opened with stocks historically strong means that they haven’t had that great a quarter-century.
Jim Reid, Deutsche Bank AG’s resident financial historian, to make a fascinating study of the century’s financial returns so far. (The charts are from him.)
It can be irritating to hear pundits hyperventilating about risks of disaster and the unsafe foundations of finance, but there are reasons why they do.
We don’t know how this story ends, but anyone shown these figures 25 years ago would have been horrified, and predicted very serious trouble.
Beyond the rise of global debt and printed money, the other most startling development has been the rise of China.
Deng Xiaoping
John Authers Bloomberg 13 november 2024
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