Good morning. Hussman’s PE: still US stocks are expensive

https://www.gmo.com/docs/default-source/public-commentary/gmo-quarterly-letter.pdf

Some interesting charts in this presentation from Newfound Research

https://blog.thinknewfound.com/2017/12/no-silver-bullets-8-ideas-financial-planning-low-return-environment/

“The economics of the Bitcoin payment system”

http://voxeu.org/article/economics-bitcoin-payment-system

Democrats versus Republicans

http://libertystreeteconomics.newyorkfed.org/2017/12/political-polarization-in-consumer-expectation.html

On central bank’s e-cash

https://croakingcassandra.com/2017/12/14/central-bank-e-cash/

And the schedule for the last real trading week of the year

http://www.calculatedriskblog.com/2017/12/schedule-for-week-of-december-17th.html

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