Fear and Loathing
We've been impressed by the VIX index lately. Down from an unwelcome highs in August of 48, and a mile away from 15-17 in the first quarter, there was a sudden dive to 28 on the 13th of October. This was the exception though and the 30 level seems unwelcomely resistant latterly. We will breath out when it stays below 30.
Just when you begin to feel cheerful, an economist steps up. In this case it's the esteemed Roger Nightingale who is unimpressed by the Bank's QE3 injection (£75bn) and prefers a growth model. In a speech to APCIMS he warns of the strong possibility of a lurch into depression in the UK. Neither does he spare the politicians.
Maybe we should not introspect too much. As the poet has it:
"Where but to think is to be full of sorrow
And leaden-eyed despairs;"
[Keats: Ode to a Nightingale]