"The stock market is a very expensive place to discover you know nothing…"

This morning: The G7 agreement is being hailed as a great step forward, but will it ever happen? Janet Yellen's call for higher rates is a clear sign the problem of financial asset inflation will finally be addressed – the question is how painful the treatment and taper tantrum will be? Not addressing financial asset inflation is a far bigger risk than the debt crisis many monetary traditionalists perceive has grown from government pandemic spending.  

Welcome to another week of consequences, mayhem and fun on global markets…

What a great time to be a tax-accountant! The G7 agreement on a "minimum corporate rate of 15%" will have accountants, tax-planners and bankers in a euphoric state as they anticipate dissecting the deal's underpinnings with a fine comb, look for the back doors, engage lobbyists to push for advantageous clauses, and get set to arbitrage every facet of it – if it ever happens and becomes a reality.

If any European country ever receives anything close to a check for 15% of the profits made by a big digital tech company selling in their borders, I shall eat my hat. I've already heard there is a note from an accounting firm suggesting Amazon can wriggle out because of the marginal cost calculations… whatever… something to with governments getting "the right to tax 20% of profits exceeding a 10% margin" – which sound much less than 15% of profits to my mind.