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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Jim Willie CB who wrote (4527)	1/7/2004 12:14:16 PM
From: russwinter	Read Replies (1) of 110194

I got this from my brother who often has a good way of framing things: 1) Japan buys dollars with freshly printed yen ($1.5 trillion dollars left in the kitty.) Dollar gets propped. (2) Japan uses dollars to buy treasuries. Treasuries get propped. (3) Ex-treasury holders take dollars and buy US equities. Equity market gets propped. (4) Net: Japan prints yen and buys equities, with a net prop of all markets. What's wrong with this picture? The markets are flooded with currencies of all shapes and sizes. These kind of interventions could scare the market much the way Bernanke's sanguine comments over the weekend designed to smooth the market had the opposite effect. The big money guys have to be getting nervous about how many more sand bags the Yamamotos of the world can put on the levy. "BOJ", FOMC, "Bernanke", and Greenspan are about to make the transition from noun to verb. "I just got Bernanke'd!"

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