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

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To: regli who wrote (60003)	5/1/2006 2:55:12 PM
From: pogohere	Read Replies (1) of 110194

If he's wrong about liquidity, and the sources of same remain viable and/or the central banks continue to print, he'll have missed the boat altogether. From Don Coxe latest "Basic Points:" "What has evolved is history's fastest-ever sustained growth in Real, Effective Liquidity. Despite tightenings by most central banks worldwide, despite flat or even inverted yield curves, liquidity has been lush. In all previous liquidity cycles, once the Fed began tightening, supply from other global sources also became constrained. Such legal constraints as exchange controls, or requirements to notify local central banks of currency shifts prevented large-scale rapid transfers of liquidity globally. The equivalent of worldwide canal systems has been constructed and maintained 24/7."

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