With the mainstream media crowing proudly of the record 14-day winning-streak in Britain's FTSE 100 stock index (up 18 of the 19 days since The Fed hiked rates), we thought it worth a look at just what is going on in good ol' blighty...
Since the Brits voted for Brexit, the FTSE 100 is up an elite-embarrassing 15.5% and is on an unstoppable charge since The Fed raised rates for the second time in a decade...
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However, as the lower panel shows, 20 points of that 15 point gain are due to the collapse in the pound. Hedged back to the US Dollar, investors are actually down 5% since Brexit.
We wonder what kind of orgamsic excitement, CNBC Venezuela would have been screaming about during November of last year...
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Never mind that the 'true' value of the Bolivar was hyperinflating to toilet-tissue-levels... a soaring stock market must mean the socialist utopia's economy is doing great, right? or is just about to?
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