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Slowly, like a capsizing ship, global stock markets are rolling over while bond markets are rallying in the face of a persistent inflation that augurs a long term period of high interest rate austerity.

We have seen no market crash yet – indeed, the stock market has exhibited strong bullish pulses at times over the last year.  Yet, reviewing the tea leaves, that long dreaded, recession-driven bear market may finally be at our door.

What caught my eye this week in this news was the visit of Prime Minister Narendra Modi to the White House and Capitol Hill.  There is also mounting evidence of a meltdown in the commercial real estate market.