The business headlines are dominated by today’s “stampede,” of course, so it is interesting to look back at Frank Shostak’s article from last week (Has a New Bull Market Begun?): “Since January of this year the growth momentum of adjusted money AMS [Austrian Money Supply] shows a visible rebound. The yearly rate of growth jumped from 1% in January to 5.5% in May. An expected lowering of the Federal Funds rate target this month is likely to strengthen the growth momentum of adjusted money AMS further. All this should provide strong support for the stock prices of various non-productive activities at the expense of wealth generating activities.”
The New Bull Market
