Since the March 2009 low in the major stock indices, there has been waxing and waning interest in the reportedly low volume on up-moves. Is this just ‘another broken indicator’ or something more?

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The inflation in the Weimar Republic is widely understood to be one of the worst periods of monetary debauchery in the history of the world. Of course, I agree with this notion. However, in the spirit of a true contrarian, I’m interested in one of the great trades that you didn’t hear about: betting on deflation in 1923/4.

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Gresham’s law is the (formerly popular) insight that states: ‘Bad money drives out good’. It occurred (and still occurs in a way) when governments compulsorily overvalued one component of the money supply with respect to the other(s). A sound understanding of this has brought fortunes to alert speculators in the past; it is my contention that it may bring fortunes to them in the future.

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