Poetic Justice, Part 1: The Corporate Profit Squeeze

This pendulum swing will be terrible for stock prices

The past few years were — we were told — an emergency in which all had to sacrifice for the greater good.

So how did corporate profits rise by $1 trillion during that same time?

Charles Hugh Smith, whose excellent substack recently launched, just posted an explanation for this seemingly impossible (or at least counterintuitive) event. I’m just going to p…