Thus The Wall Street Journal today. “The stock market is reaching toward new highs on the fourth anniversary of the financial crisis,” elaborates the newspaper, “but many refuse to come back.” Ah, fickle investors! The price of gold is also reaching new highs, largely on central bank largesse. Deep down, investors know that new highs of all sorts are nothing but a blip produced by central banks. The old quantitative easing is puffing things up in vain. The real economy is so sluggish that only so-called save havens are of any interest at all. For once, I am with the investors. They are way ahead of the journalists working for financial newspapers on both sides of the Atlantic.