Market Watch has the article ‘Good luck! We’ll all need it’: U.S. market approaches end of ‘superbubble,’ says Jeremy Grantham.

“We are in what I think of as the vampire phase of the bull market, where you throw everything you have at it,” Grantham wrote. “You stab it with COVID, you shoot it with the end of QE and the promise of higher rates, and you poison it with unexpected inflation – which has always killed P/E ratios before, but quite uniquely, not this time yet – and still the creature flies.”

That is “until, just as you’re beginning to think the thing is completely immortal, it finally, and perhaps a little anticlimactically, keels over and dies,” said Grantham. “The sooner the better for everyone.”

I have been waiting for this since 2009. Which just proves that you cannot time the market. I disagree that the inflation was unexpected. I knew the MMT community was unwise to focus on the fact that there wasn’t the inflation that people expected. I urged them to explain why there wasn’t inflation, and what could change that would bring the inflation on. There were plenty of explanations to be had through the economic lens of MMT. MMT proponents were silly to ignore the obvious.