Akciové trhy - ďalšia bublina

Mnohí veria, že po oživení v tvare "V" sa globálna ekonomika vracia do normálu. Akciové trhy rastú a s nimi aj ceny akcií. Avšak nie je to len ďalšia umelo nafukovaná bublina pred prasknutím?

There will be a V-shaped recovery. Everything is headed back to normal. At least, that's what you'd believe if you just look at the way stocks have surged.

But the 'real' economy is telling a different story. And it's one that could spell a very sticky ending for the current rally Money printing by the central banks across the world has worked. Sort of.

The free and easy money being dished out by the world's central banks is finding its way into assets, particularly financial assets such as stocks and bonds. That's great for asset prices, as the surge in stock market since March has demonstrated.

But so far, it's not having much impact on the 'real' economy. In other words, the money is being pumped into financial assets, but it's not being loaned out to businesses and individuals to fund business expansion and investment, or increased consumption. In fact, businesses and individuals are still in cutback mode, and show no real sign of coming out.

So it seems we're having a surge in financial assets that has no backing in economic reality. There's a name for that – a bubble. "Instead of getting consumer inflation from all this central bank liquidity, we are seeing asset price inflation and we all know that usually does not end well for investors".

24.09.2009