Global Daily: Tariff Derangement Syndrome(s)

Stocks continued to hit all-time highs yesterday even as the balance of op-eds in financial media talk about the collapse of the liberal world order and threats to liberal democracy itself. Both can be true simultaneously, but caveat emptor on the asset and op-ed side. German stocks sold off when Hitler assumed power then rallied until the Battle of Stalingrad… at which point those trades literally blew up; and if every op-ed writer who deserved it got real egg on their face, the price of that staple would be soaring again. Yet today Bloomberg claims stock traders fear missing out on this rally more than any looming tariffs, “because markets.”