Responses to economic peril not grounded in reality

Commentary: Central banks can't make debt disappear

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This bizarre time resembles a sci-fi epic involving three alternate universes — one real and two political — at each change of scene each universe moving more distant from the others.

Reality first. Today’s reported 163,000-job net gain in July has surprised markets expecting more bad news, and thus triggered a short-covering rally in stocks and a dumping of safety-bought bonds, with market moves magnified by thin attendance during vacation season.