By Tyler Durden – August 4, 2021
By Michael Every of Rabobank
If markets are saying we are heading for the New Normal at full speed, then we are doing absolutely no Build Back Better at all. In which case, watch out for the icebergs of social unrest and populism. If you want an example of that from the last 24 hours, consider that the US Centre for Disease Control has just announced an extended eviction moratorium. While that may allay some immediate economic pressures, it is also blatantly unconstitutional – which is why it had not been done until now. The Supreme Court already stated this is an issue only Congress can act on: and yet the House of Representatives is now already in recess until 13 September.