Inflation does not lubricate trade but by rescuing traders from their errors of optimism or stupidity

Optimism and stupidity are nearly synonymous.

There's a feeling that U.S. inflation may be under control, and this helped U.S. markets. The optimism may spread on to the opening of European markets.

The reflation trade is back on. We are seeing more optimism about the global economy.

Meetings are a great trap. Soon you find yourself trying to get agreement and then the people who disagree come to think they have a right to be persuaded. However, they are indispensable when you don't want to do anything.

People of privilege will always risk their complete destruction rather than surrender any material part of their advantage