Ambrose Evans-Pritchard had a memorable line in a posting July 27th which is apropos after Friday's stock market rally despite so much bad GDP news yesterday:
As David Rosenberg at Gluskin Sheff reminds us eloquently every week, the bond markets are telling us that we are already in a deep and intractable depression – which does not preclude Japanese-style rallies, technical recoveries, and bursts of growth, all within a Kondratieff Winter.
