That’s the gist of my comments today during a Press TV interview available here.
I made the following comment during this mid-morning interview – – prior to the Fed’s latest announcement: “People don’t know what kind of wrenches the Federal Reseve is going to throw into the market or what the Federal Reseve is going to do next to sabotage the value of the dollar.”
Jim, is that the extra-special, Bernanke-led kind of sabotage, “Sabotating” – as in your title? !!
The bastards! They’re messing with spelling now!
What’s the bet that Bernanke and Co. will inflate like a mother between now and this time next year – just in time for the election?
Just off to buy some of my own debt…..
Thanks, Wes – I should clean my glasses between drafting a blog and posting it…
I don’t think Bernanke can get away with it this time — I think he has no credibility outside a few liberal newspapers…
But I been wrong before.
That’s the been the heart of my discussion with a few of my economist friends. My question is how long can Keynesianism hang on if most of the general public buys into it and the global central banks are so tightly connected. NB., I include most of the Gang of 535 in the ‘general public’ category. Our local Congressman wouldn’t understand Econ 101 if the textbook fell out of the sky and smashed his hair sprayed quaff!
The flight to T Bills on Monday and downward DOW slide on the Fed’s (non) announcement this afternoon suggests to me that many investors still buy into this shell game and are simply awaiting the announcement of QE3.
Check that. The Dow’s in the black. I know nothing.
Wes, even worse – you know too much too soon. And being right too far ahead of the herd can be ruinous – at least in certain trading positions.
* I think back to the late 1970s and wonder if a Paul Volcker type could ride in to the rescue here. that would not be sound money or a panacea – but I think global markets would respond well to a sign that the US govt wasn’t intentionally murdering the dollar.
But I could be way wrong on that.
Did you hear Michael Moore’s call to Obama to arrest the head of S&P? What a weird world exists between his ears!
Ya, I thought at first it was a typo – that Moore meant the SEC.
Better yet – why not Fannie and Freddie’s CEOs???
If Obama loses his re-election how will we remove them from the White House ?