Of course, none of this matters a jot to the markets. They're efficiently
signalling nothing but blue sky today - the Hand as unseeing as it is
invisible.
Funny; if technology really is responsible for rising productivity, it makes
sense to drop rates again, so that capital investment might be resuscitated,
and productivity thus rejuvenated. But the monetarist's way to combat high
wages in times of decreasing productivity and upcoming tax cuts should be to
hike interest rates, no?
Wouldn't be Greenspan for quids ...
Cheers,
Rob.
