[...] let's move on to what I see as an equally positive development; given that fiat currency, a root cause of a significant amount of the world's evils, past and present, is in the early stages of a vast, crippling attack that will destroy its rapidly weakening grip on humanity further; and eventually, totally and permanently.
In yesterday's "
historic market manipulation setting the stage for catastrophe," I summarized how global market rigging is getting so egregious,
everyone is starting to talk about it. Tuesday, legendary investor Asher Edelman, whom Gordon Gekko himself was modeled after, said "I don't want to be in the market because I don't know when the plug is going to get pulled...(as) the government's 'plunge protection team' is the only thing propping up the current market rally." Whilst yesterday, Bloomberg analyst Richard Breslow espoused that "people love the Plunge Protection Team conspiracy theory when looking at equities. Well that's exactly what is happening in bonds, right out in the open."
Perhaps someone should tell him that by
definition, suppressing interest rates is fixed income "plunge protection." However, what he is clearly suggesting - as I have, since October 2014's "
end of QE - LOL," is that the Fed engages in as much
covert bond monetization as it does
overt; in the same manner that said equity PPT - i.e., the President's Working Group on Capital Markets - is as active
covertly as the Chinese, Japanese, and Swiss "national teams" are
overtly. I mean geez, look at the past two days of Shanghai Equity trading. Wednesday, after China was downgraded by Moody's, to just two notches above junk status; and Thursday, after Chinese commodity prices crashed, the Yuan surged, and the potentially horrific ramifications of said downgrade - on the nation's
unparalleled, parabolically-rising debt - came to light. Yes, the "dead ringer" that has become as ubiquitous in China since its own "
point of no return" two years ago, as it has been in the U.S. for
at least five years.
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