Hallelujah, the US stock market is once again at an all-time high thanks to a little help from our friends at the Federal Reserve.
Every summer, central bank officials from around the world gather in Jackson Hole, Wyoming (which, if you haven't been, is REALLY spectacular. Jackson Hole, that is, not the Fed conference.)
The event was held last week. And the main event was a speech from the new(ish) Fed Chairman Jerome Powell.
His tone was decidedly 'dovish', as the commentators on CNBC will tell you. Dovish is code for "We're going to keep interest rates low for as long as we can."
And on that news, the market soared. That's all anyone needed to know.
Everyone loves low interest rates.
Low interest rates mean that we don't have to be responsible anymore. We can borrow from future prosperity in order to consume today.
We can buy a bigger house than we should realistically be able to afford…
or go into debt to pay a record high price for a university education that teaches young people to value safe spaces over intellectual curiosity…
Low interest rates help companies continue down the most absurdly destructive paths, like going deeper into debt to finance businesses that burn through billions of dollars each quarter.