Ever since COVID-19 collided with the enormous bubble governments have been using to re-float the financial sector since 2008, booming equity markets became compatible with wholesale economic implosion. That became clear on August 12 in London and New York.
ATHENS – On August 12, something extraordinary happened. The news broke that, in the first seven months of 2020, the United Kingdom’s economy had suffered its largest contraction ever (a drop in national income exceeding 20%). The London Stock Exchange reacted with a rise in the FTSE 100 by more than 2%. On the same day, when the United States was beginning to resemble a failed state, not merely a troubled economy, the S&P 500 hit a record high.
ATHENS – On August 12, something extraordinary happened. The news broke that, in the first seven months of 2020, the United Kingdom’s economy had suffered its largest contraction ever (a drop in national income exceeding 20%). The London Stock Exchange reacted with a rise in the FTSE 100 by more than 2%. On the same day, when the United States was beginning to resemble a failed state, not merely a troubled economy, the S&P 500 hit a record high.