Doug Noland - Today's New Paradigm

``... The internet represented a transformational technology advance... what might be the current new paradigm? At a macro level, the most obvious candidate is ‘secular stagnation' -- a world where growth, inflation and interest rates are likely to stay low for the foreseeable future. Fixed income assets are the obvious beneficiaries."... as I've been emphasizing lately, an end-of-cycle dynamic has speculative opportunities now quickly transformed into Crowded Trades. Understandably, the bulls see timid central bankers ensuring that this game runs unabated. I suspect heightened market volatility is signaling that de-risking/de-leveraging could emerge at any moment. It was another rough week for the dollar. And what about that move in gold...''