normalized
The echoes of 1929 abound, but nobody’s paying attention because speculative extremes have been normalized by 15 years of Fed policies.
BY CHARLES HUGH SMITH Speculation has its own expiration dynamics, and they don’t depend on us recognizing speculative excess for what it is. They will unravel the excesses regardless of what we think, hope or deny. The Federal Reserve has so completely normalized speculative excess that these extremes are no longer even recognized as extremes. Rather, …