Lemme tell ya them guys ain't dumb
--Dire Straits
Nice followup from yesterday's missive by Bill Gross. He notes, "$54 trillion of credit in the US financial system based upon trusting a central bank with nothing in the vault to back it up. Amazing!"
What the Fed and other central banks are doing is pure Ponzi, with big time inflationary consequences.
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Zero-bound interest rates, QE maneuvering, and “essentially costless” check writing destroy financial business models and stunt investment decisions which offer increasingly lower ROIs and ROEs.
~Bill Gross
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