Yesterday I made the mistake of opening the Financial Times. I was met with this stupidity: #790233
Today I opened the Financial Times, and was met with yet another stupidity, if you can believe it.
Sharma has found a bubble. Not bitcoin, not AI, not tech -- BUT ALL OF AMERICA'S FINANCIAL MARKETS.
But one definition of a bubble is a good idea that has gone too far. ... The idea of America as an exceptional nation, superior to its rivals and therefore destined to lead the world, seems passé to most observers. ... It’s as if America is the only nation worth investing in.
Eh, yes. That's um, exactly how bubbles work (#785459).
Author cites U.S. percent of global GDP and implies that because its global share of finance/stock markets is larger, U.S. is a bubble.
Like, what? No, schmuckface. Globalized capital centralize into the best and cheapest and most liquid place. Money wants to be one. America is the banker of the world, like Britain was (well past its peak as an economically and politically dominant force fair enough).
China is a prison, Europe a museum. Aside from exiting to bitcoin, the dollar -- and America -- is all there is.
Not two months ago did The Economist run the cover story "The Envy of the World", because the guys across the street in London are similarly duped...? No, they did because America is doing well, economically speaking.
(Not enough everyday people believed it to reelect the incumbent president, but that's another story (#764497).)
But to believe that America's entire financial market is balooney because
a) America somehow has lost influence in the world ("all the observers say so!"... yeah, which schmucks are you listening to?),
b) its stock market is proportionately larger than its economic clout,
c) oh but all the unfairly treated, deserving, fast-growing countries in the Global South?
Ah, please.
Go away. Just gooo aaaaway.
/J