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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: ild who wrote (30358)5/18/2005 3:49:06 PM
From: Crimson Ghost  Read Replies (2) of 116555
 
I think it was Keynes who said something to the effect that it is fine when the markets reflect economic developments, but not so good when speculative market movements dominate the real economy.

Today we have gone Keynes one better.

Not only do speculative market movements largely determine the course of the real economy -- but options (which are essentially nothing more than sophisticated gambling) often determine short-term market fluctuations.
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