— David DayenReality repeatedly failed to intrude on the situation, as it has in equity markets. Despite two months of war and the blockage of one of the world’s most important waterways for global shipping, the Strait of Hormuz, the Dow Jones Industrial Average has gone up. Nobody wants to worry their beautiful minds about the significant potential damage to the global economy from a bumbling war of choice. Their spirits are too bright with thoughts of bubbles.
Replicated under Fair Use from The Complacent Class by David Dayen.