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July 2021: Record Household Equity Exposure
The Backdrop: Currency Weakness- My May 2021 newsletter discussed the topic of fiscal-driven inflation, which is what the US is experiencing at the moment. Due to stimulus effects and a rapid growth in the broad money supply, consumers have more money in their pockets to spend, while the production of certain supplies and services remains constrained in various ways. That combination results in prices going up for whichever goods and services are constrained, until those prices go up enough to curtail demand. That May newsletter issue examined how transitory or not-transitory the price inflation could be, with the ... (full story)