Right now is probably not the best time to buy the US dollar, in spite of the “obvious” and widely accepted fundamental rationalizations for doing so. "
Spartacus Rex wrote: What did George Santayana have to say about "analysts"?
What did George Santayana have to say about "analysts"?
Now that is sneaky!
But but but, the stockmarket rally could have continued with oil over 100 bucks - I mean of course it could.......
German Engineering Association reports that orders down 10%
But the Germans have only got themselves to blame.....oooooo, the 22nd is shaping up to be a right waste of time.....
Germany has a large national debt (don’t we all) and the logical monetarist thing for her to do in that situation is to invest surpluses in research while repaying debt. But without debt to buy, the ECB can’t increase liquidity with which to kick-start the economy….which won’t happen anyway, because QE isn’t really any good at doing that in the first place.
The fact is, we are back full circle once more at the glaringly obvious reality: what the bankers want is not what the citizens need, and the whole idea of QE as a stimulant is a phoney.
The final “as always” in this episode is that RBS owns the upmarket ‘private’ bank Coutts. It’s economic outlook of last week also began in similar vein to that of RBS, noting Draghi’s affirmation that:
“…aggressive quantitative easing (QE, or bond buying) would be the weapon of choice..we have to act against [deflationary] risk.”
But the bit I find myself near-incandescent with anger about is this tosh (my emphases):
‘..we believe the European economy has turned the corner from crisis to what we have termed its “repair phase”….We see supportive monetary policy and weakening currencies acting as significant tailwinds for European earnings and equity-market performance in the year ahead…’
There’s not much code to that load of old bollocks: “What we want, sorry, need, is lots of cheap money for us by pretending just one more heave will do it, and of course lots of lervly, lervly QE will pump up those markets even more so we super-rich can have just one more weffer-theen creaming off of the munneee before everything crashes and we have all the gold”.
“Gold Is Money, Everything Else Is Credit” JP Morgan
zman is banging on about this chart and I do understand but I cannot bring myself to unignore the chap due to his demeanour in previous exchanges and then unignoring him and then having to reignore him. Oh well, such is life.
As Spock would say, "Fascinating, Captain."
And to keep zman honest
Charts are for Farts who lose at Darts
Bankers are wankers,
My tankers have anchors!
Cheers, S. Rex
Greek CPI -2.6% from -1.2%.......just brutal for the Greeks.
My favourite for the day was reading the word Bankfurters somewhere today :)