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Big Picture Musings

By Richard Russell


Let’s step back and look at the big picture. Since WWII, the world has been on a leveraging and inflation ride. This powerful trend ended around the year 2000. From there the markets digested a change. The market built a five-year top, during which the fundamentals changed. From that time on, the trend changed to deleveraging and deflation. This can be seen dramatically in the collapse of oil, copper and many commodities. 


This has affected Europe dramatically. Europe is deflating, Russia is a basket case and Japan has been battling against over a decade of deflation. Finally Europe has had enough. The European Central Bank (ECB) is approving 1.3 trillion in bond buys. Thus the ECB is following the lead of the Fed in instituting Quantitative Easing (QE). The world monetary system is now dealing with a flood of liquidity. I have thought that this ocean of liquidity would levitate ... Log in or subscribe to continue reading.

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