I am happy, bored, and frustrated all at the same time.
My frustration is one I share with everyone who believes that fundamentals (a.k.a. 'reality') matter. This frustration is fueled by the endlessly-propped financial markets in which good news and bad news are both good and worse news seems to be even better. No matter what the latest headline might say, it seems to ignite a new round of buying of stocks, bonds, and anything else that the central banks deem worthy of dressing up.
Such is life where central banks print without restraint, buy everything in sight, and grossly distort markets to lofty heights despite deteriorating fundamentals.
I am bored because it feels as if there's little traction to open a wider dialog about just about anything. It's as if we're in limbo, even as extremely important things are happening all around us. The national and global dialogs seem intent on avoiding discussing anything substantive. Real issues have been put on the back burner relative to getting the economy growing again. Climate change, energy policy, and our national spending priorities are drowned out by a daily fascination with watching the central banks try to conjure real growth by printing.
However, despite all this, I am happy because this gift of extra time before the next downturn is finally coincident with some nice weather, allowing me to advance all sorts of resilience-oriented projects around the homestead. I am thrilled with what I am still able to accomplish in terms of bringing greater abundance and beauty to my local area.
Let's discuss all three in order – and end on the 'happy' note.
Frustrated
Although it should be no surprise to anyone (although apparently it was to some), central banks have openly admitted to doing more than cheering our elevating stock markets; they have been out-buying them – with their fresh-printed, thin-air cash. Score (another) one for the usually derided folks who insist that our markets are directly manipulated by central banks to achieve various policy aims.
Although this is spun as a necessary move towards diversification by central banks, we should remind ourselves that central banks are able to create money out of nothing. This provides all the diversification they could ever need.
Because who needs returns when you print money itself?
by hrunner 
