THIS TIME IS DIFFERENT (FOR QT AT LEAST)

The 'tourist walks through how this cycle's QT setup differs from the last one

We are about to hit that stage. You know what I am talking about; dire warnings how Quantitative Tightening will unleash the three-headed dog of Hades on markets.

Usually, I would be sympathetic to this argument. After all, years ago, I came to the same conclusion as Stanley Druckenmiller [JUST A DUMB MONEY MANAGER] about the effects of QE; bond negative…