By David Scott | Monday 17 July 2017
There are a number of things you don’t want to hear a central banker say. One of these was recently spoken by Janet Yellen when she said “I don’t believe we will see another financial crisis in our lifetime.” That has to be up there with Irving Fisher’s seminal observation of 17 October 1929 when he said "Stock prices have reached what looks like a permanently high plateau" or John Maynard Keynes’ equally adept forecast from 1927 that "We will not have any more crashes in our time." We are in the Mother of all bubbles and in relation to equity and bond markets we can define these bubbles by longevity (how long has the Bull Run lasted), or valuation (how expensive is the market now).
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