Excerpt from today's Early Look written by Hedgeye CEO Keith McCullough:
...The 1933-1937 period was one of sustained #Deflation. While we’ve seen deflationary shocks in markets in both 2008 and 2015, we have not had to deal with it being pervasive. That’s why consensus continues to chase “reflation” rallies like yesterday’s.
The most basic thesis on the illusion of growth (artificially inflated asset prices) is that central planners around the world can offset the gravity of oversupply and secular slowing with currency devaluation.
