KINGSTON, NY, 17 February 2016 — After equity markets worldwide suffered one of the worst starts of a new year in history, stocks suddenly rebounded. For example, the Nikkei closed out last week at its lowest level since October 2014. But what economic fundamentals spiked prices higher this week? Was it the dismal news that Japan’s economy contracted 1.4 percent in the last quarter? No. What boosted  stocks prices was the twisted rationale that despite the Bank of Japan firing two rounds of blanks from its “monetary bazooka,” the lousy Gross Domestic Product number was cause to launch yet another round … Continue reading False Faith, Not Hard Data