With the mainstream media crowing proudly of the record 14-day winning-streak in Britain’s FTSE 100 stock index (up 18 of the 19 days since The Fed hiked rates), we thought it worth a look at just what is going on in good ol’ blighty…
Since the Brits voted for Brexit, the FTSE 100 is up an elite-embarrassing 15.5% and is on an unstoppable charge since The Fed raised rates for the second time in a decade…
However, as the lower panel shows, 20 points of that 15 point gain are due to the collapse in the pound. Hedged back to the US Dollar, investors are actually down 5% since Brexit.
We wonder what kind of orgamsic excitement, CNBC Venezuela would have been screaming about during November of last year…
Never mind that the ‘true’ value of the Bolivar was hyperinflating to toilet-tissue-levels… a soaring stock market must mean the socialist utopia’s economy is doing great, right? or is just about to?
