The well respected Mr. El-Erian is totally baffled that the stock and bond markets have done well in the first half of 2014. He cites:2.9% 1st Quarter GDPPolicy MissesGeopolitical DramaJapanese Poor Macroeconomic StanceAdditional Loosening of Credit (a la 2008)Declining Lending Standards (a la 2008)Eroding Bond Covenants (a la 2008)Increasing Appetites for Debt and LeverageThe Bank of Settlements (BIS) - the central bank of central banks described"The current environment is worthy of caution, like all financial booms that sprinkle the fairy dust of illusionary riches." The longer this goes on the harder the fall could be. Full article => http://origin.library.constantcontact.com/download/get/file/...
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