When The (Economic) Freaks Become The Norm

Extreme market intervention by central planners has been going on for so long that the distorted conditions it produces are considered normal.  The Cyclically Adjusted Price Earnings Ratio (CAPE Ratio) of the S&P 500 is currently more than double its historic average.  But no one, save a few grumpy old farts, is alarmed by this.  Like a freak at a freak show, it all seems perfectly normal.