On secular bear markets and more on the primacy of monetary policy

Just after I posted today, I ran across two posts from March that I wrote on government and private debt that are related to theme of today's commentary on potential housing bubbles in Germany and Sweden. I am writing here to more tightly couple the primacy of monetary policy and equity market multiple expansion or contraction.
The gist of today's commentary was that housing bubbles in Europe are the outgrowth of the same policies that led to housing bubbles in the periphery and the U.S. last d...


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