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Strategies & Market Trends : Heinz Blasnik- Views You Can Use
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From: Eva8/31/2011 11:33:40 AM
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update -- trotsky, 10:07:13 08/31/11 Wed
More Monetary Experimentation Is Coming
If the Federal Reserve has a member that most closely resembles Weimar central banker Rudolf von Havenstein in his naive acceptance of inflationary doctrines, it is surely Chicago Fed president Charles Evans. Upon a few remarks he made in an interview yesterday, the gold price added $40 before anyone knew what had just happened. If Evans were chairman, we'd probably be well along the road to currency repudiation by now. It is astonishing that there is still an utter lack of introspection on the part of the inflationist wing at the Fed following the utter failure of 'QE2'. This policy failed even by the central bank's own constantly shifting set of publicly formulated goals. The FOMC minutes meanwhile revealed that the debate was not so much one between 'hawks' and 'doves', but rather that its central point was which inflationary measures to implement next.
A brief look at the markets, where we note that the weekly chart of platinum looks increasingly bullish.
Meanwhile, in euro-land, Italy finds that at the manipulated interest rate it has the ECB to thank for, there is a dearth of bidders at its bond auctions. You can't fool all the people all the time. The most recent bond auction probably only scraped through on account of preceding sub rosa agreements between the central bank and commercial banks that showed up as bidders, as the ECB began a buying spree right after the auction concluded, effectively acting as a 'backstop' and guaranteeing the bidders a return.
Charts updated.
acting-man.com
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