Quotable

“Hope always seems to spring eternal in liquidity-driven financial markets. That is very
much the case today in the aftermath of the biggest liquidity injection in modern
history. Unfortunately, along with that hope comes an acute sense of short-term
memory loss – notably, a failure on the part of the broad consensus of investors to grasp
the toughest lessons of the Great Crisis and Recession of 2008-09. This is a dangerous
combination for increasingly frothy financial markets. - Stephen Roach

....full comment HERE.