Cannibal Spirits

Liberty is an ally of freedom. And freedom in markets means that prices go both up and down.

Those who have been following me for a long time know that the term “animal spirits,” often used to describe the appetite for risk-taking in markets, is on my list of the financial world’s bullshit overused phrases and sayings perpetually invoked to explain to the commonfolk why markets only go up in our rigged, inflation and debt-based monetary policy system.