by Ambrose Evans-Pritchard at the UK Telegraph:
More here.
by Ambrose Evans-Pritchard at the UK Telegraph:
Fed doublespeak sends stocks soaring again! Don't these central bankers ever tire of their machinations and manipulations?
LET'S PLAY A GAME! It's called Identify the Bubble!
In this chart just released by JP Morgan, which of these stock market bubbles is NOT considered by Wall St to be a bubble today?
Hint: It's the BIGGEST one!
Hint #2: It's the CURRENT one!
China's PMI data overnight was weak. This from Reuters:
This is somewhat of a surprise! Both the US Dollar and gold are rallying. Gold was up $30 just a few minutes ago!
The US Dollar:
The Santa Claus rally is over! Fund managers are selling stocks briskly this morning in order to lock in gains for 2013. Tuesday's "window dressing" rally was just for show! Dow was down about 150 points just a few minutes ago.
Chicago PMI disappoints
Consumer confidence leaps most in six months
Case Shiller Index suggests another housing bubble
... for the kazillionth time this year!
Grant Williams wrote a brilliant piece, with a few excerpts here and a link to John Mauldin's website:
That Was the Weak That Worked
On
the one hand, Bernanke would want to leave the Fed with the wind-down
of his expansionist policy underway so that he would have the kind of
plausible deniability that history has gradually been stripping away
from Alan Greenspan. ("Hey, don't blame ME. We were exiting QE when I
left office!") On the other hand, though, he wouldn't want to hand Janet
Yellen an impossible situation.
The solution? Taper Lite
"All the goodness of the Taper with no bitter aftertaste!"
... and the markets, after the scares in May and June, LOVED it!!"
Or what I call it: The Taper ... that isn't!
Bernanke
is trying to evade accountability for what's coming, while giving
Yellen the green light to keep the monetary heroin going.
Later, after the market collapse again, he'll then deny all responsibility!
Just like Greenspan has done, including just within the last few weeks.
Then,
after having KILLED free markets and capitalism, they'll declare that
free markets and capitalism don't work. As if their endless state
interventions were somehow some form of capitalism.
We will need
to hold them accountable when that happens. What they have been doing
is NOT capitalism nor free markets. It's progressivism. It's statism.
It's fascism. They have the same roots.
"Errrr ... sorry to spoil the party, but a couple of things here:
Firstly,
the reason the market spiked is that the Fed's Taper turned out to be a
paltry $10 bn a month and not the "whopping" $20 bn a month that had
been floated by various Fed mouthpieces back in May
cough-cough-cough-hilsenrath-c ough." /Jon Hilsenrath, the Fed's "voice"
at the Wall St Journal, who I refer to as Bernanke's whore./
from
the article, quoting "Bernanke's whore", who released the Fed's
"translation" (this is only a tiny quote, while Hilsenrath's entire
explanation was much longer) just seconds after the Fed's statement. My,
how fast he types!
"(WSJ): The Fed went to great lengths to send
the message that interest rates are staying low even longer than the
Fed indicated earlier. It said today that it will keep interest rates
low "well past" the time when the unemployment rate reaches 6.5%."
As I said, the Taper... that isn't!
"Thirdly,
they managed to communicate that this policy will be reversible at the
drop of a hat should things start to look as though the vaunted
"recovery" is nothing more than a mirage conjured by their actions."
"...the
markets reacted just as you would expect, once they realized that they
had faced down the Fed in the summer and forced them into a taper that
is essentially a non-event."
Again, the taper... that isn't! This so-called QE taper is worse than mere mistake. It's deception! It's PROPAGANDA!
I will next post a graph that shows what a farce -- a HOAX -- the Fed's
QE taper really is! It's just more debt monetization, while calling it a
return to normalcy. It's really a SCAM!
This is not unusual for the end of the year. I'm not trading with volume so paltry. Trading signals are unreliable and risky!