The Opera Ain’t Over IV

The main purpose of the stock market is to make fools of as many men as possible – Bernard Baruch A friend of mine who worked just under the Cabinet level in the US government during his career once told me to never underestimate the power of the US government when fully mobilized towards a task. At the time, I was a fervent believer in the power of markets even as that belief has been shattered since 2009. US actions in the Persian Gulf illustrate this point. Based on the sharp drop in output in the region, the price of…