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The Bubble of Stupidity!
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«Money is not an invention of the state. It is a spontaneous social institution.» Carl MengerWe lived a time when the financial markets have lost all coherence.What has just happened in Japan is the best example: yesterday, on the same day when the 30-year bond marked historic peaks, the Japanese stock market celebrated a rise of almost 4%. In a free market, both would be contradictory.The expensive bonds are the unequivocal sign of expectations…
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