Great Reset Akin to 1929 US and 1989 Japan? On a one year basis to April 13, it's a meh market - #gold and #Bitcoin are up almost 40%, roughly 5% for the S&P 500, T-bonds are flat and #crudeoil is down almost 30%? What's all the fuss? Outlook: - The mantra of everyone wanting free trade as long as they run surpluses with the US since WWII is over - Fiscal and monetary stimulus, offshoring and corporate profits have reached an apex as evidenced by sticky inflation and the most expensive US #stockmarket vs. GDP, and rest of the world in about a century - #Commodities are in a #deflation from the #inflation cycle with added headwinds from mean reverting beta - There was one #cryptocurrency in 2009, now #Bitcoin has millions of dependents and trades about 3x the volatility of the S&P 500 and gold. If beta keeps reverting lower, so goes highly speculative cryptos - Gold has only three #preciousmetals dependents Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/sue9ebt1um0w {BI COMD} #macroeconomics @BBGIntelligence