Can the Bluff be Called?

From February 2013; an exploration of the QE fueled multi-asset bubble

There are many clichés which go around — chief among them is a game of two halves, a year of two halves and the like. Last year (2012), was a year of two clear, distinct halves — the kind which would make a cliché happy.

Till the Bumblebee address by Mario Draghi, the year 2012 was a culmination of, not just the profligacy of the previous decade, but a failed system and a failed bailout. Spain couldn’t borrow at a cost which they could afford to repay and the Greeks were perilously close to…