Which one of these four charts makes you laugh the most?
これら４枚のチャートの中でどれが一番笑えるだろうか？
Stocks decoupled from Earnings expectations...
株式は収益予想と乖離している・・・
Stocks decoupled from Macro data...
株式がマクロデータと乖離している・・・・
Global Stocks decoupled from global bonds...
世界株式が世界債券と乖離・・・
Global Stocks perfectly coupled with Global Money Supply (and Global Central Bank balance sheets)...
世界的株式は世界的マネーサプライ（そして世界的中央銀行バランスシート）と完全に合致している・・・・
At what point does Jay Powell look himself in the mirror and realize what a farce his entire life's work has become. どの時点でJay Powellは鏡に写った自分を見て彼のライフワークが如何に茶番であるかを知るだろう。
最後の二段落だけ訳しておきます。 Stock Euphoria Stunts Gold Adam Hamilton April 19, 2019 3257 Words The great euphoria emanating from these near-record-high stock markets is breathtaking. Traders are again convinced stocks do nothing but rally indefinitely. That everything-is-awesome mindset has stunted gold’s latest upleg, since there’s no perceived need for prudently diversifying stock-heavy portfolios. But that psychology can change fast, as we saw a half-year ago. Gold investment roars back as stocks roll over. The word “euphoria” is widely misunderstood, often confused with “mania”. The latter is when stocks rocket vertically in blowoff tops, and is defined as “an excessively intense enthusiasm, interest, or desire”. The US stock markets certainly aren’t in a mania. At its latest high last Friday, the flagship US S&P 500 broad-market s...
