Don’t bet against the Fed. In fact, don’t bet against any stock market that has a central bank behind it, ready and willing to crank up the money printing presses. If you add fiscal stimulus – like tax relief or grants to the “real” economy – you probably have an unstoppable combination, and even if you, here on the southern tip of Africa, have lost your job, your pension is probably looking OK right now.

Take the EU, which is hoping to get consensus on a €750bn spending programme to resuscitate the eurozone economy after countries in the region unfurl themselves from a horror winter. Japan’s cabinet has also just approved a further $1.1-trillion stimulus programme, topping up efforts already in place...

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