“The World May All Be Crazy”: High Five On Golf Course Underpins Global Rally

"Investors are taking comfort from the hope that, while the world may all be crazy, it hasn’t completely forgotten the realities of Mutually Assured Destruction."

It's really hard to believe. The number of people adopting the "low bar" analogy I mean. As I noted earlier this morning, the bar has been set so low for US foreign policy that "the fact that Trump met another world leader and didn't cause an international incident is now a notable event." As hard as it is to fathom, the market is now hitting all-time highs based on the following two things: Trump telling airline executives "something phenomenal is coming on taxes" A picture of Trump high-fiving Shinzo Abe on a golf course That's it folks. That's your bull thesis. A completely nebulous tax reform promise that was probably meant as a throw away comment and this: Here with some further color on this exceedingly ridiculous state of affairs is Bloomberg's Richard Breslow. Via Bloomberg Markets have started this week feeling much relieved. The understandable fears that U.S.-Asia strategy might continue their lurch toward direct economic confrontation were given a respite. The phone call with Chinese President Xi went better than feared. And once the picture of the Japanese Prime Minister and American President high-fiving on the golf course was passed around, the sighs of
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