Transition Economy - Earnings: SPB, DR, EIF, PBH, AW
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Markets are in the early stages of adjusting to a new and less visible safety net. This is an important transition comparable to only a few others since the early 1900's.
The need to finance reparation from two world wars gave rise to Keynesian economics. The benefit of Keynesian policies coupled with technology has been the driver of economic growth since. This is now in transition.
The key market transitions since the turn of the last century are apparent from a chart of the Dow Jones Index. This covers the period from before WW I to present. Comments this week cover each of the major turning points, including the transition currently in process. This is potentially positive in the longer term, near term the politics of trade could test central banks.
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