In this week's Off the Cuff with Mish & Chris podcast, Mish and Chris discuss:
- Market Euphoria
- Stocks explode higher for irrational reasons
- The Fiscal Cliff Fake-out
- No spending cuts, no curbs on the rich
- Japan: The Ticking Time Bomb
- The leading candidate for currency collapse
Well, it's now 2013, and the stock market is partying like it's 1999.
Why? Because the Fiscal Cliff has been averted. For a little while longer. Without tackling any of the runaway spending issues. And by passing new taxes that won't target the elites as we were told they would.
But who cares? Game on!
Chris and Mish simply shake their heads at it all. All this relief and euphoria as capital rushes back into risk assets – all because taxes are going up (on everyone, by the way), which won't be stimulative to the economy in and of itself. And because we've managed to find a way to make $12 – $15 billion of the $600+ billion in proposed cuts??
Meanwhile, on the tax side, it is income earners who will feel the pain. The 1% we hear so much about – those with vast holdings – will continue to enjoy low taxes rates on their primary sources of cash flow: dividends and capital gains.
So, why exactly are we so thrilled this deal has been struck?
Halfway across the globe, Japan teeters ever closer to its date with sovereign insolvency. Its currency, the yen, has lost 11% of its value vs.
by rje 
