Readers who pay frequent attention to their portfolios and the general level of stock markets will have noted , perhaps with some concern, the sharpest sell off in equities for quite a while at the start of the week. Bond yields fell (making bonds worth more), which seems odd given that nearly everyone invited to comment seems to accept that we in for some serious inflation.
The mainstream media put the equity sell off down to concerm about the Delta version of the Covid-19 virus. That was obviously spurious given that the sell off was global and dramatic without there being any really new news on that subject. So there must have been another reason. I decided to wait and see what happened next, having a fairly good idea of what was really going on. That is why this post is a little late.
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