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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (6622)	1/31/2004 7:06:33 PM
From: yard_man	Read Replies (1) \| Respond to of 110194

excellent!! -- as is the title (ruse is right!!) -- hats off to Noland this time >>Curiously, the biggest reactions to the Fed’s pronouncement were in the currency, gold and commodity markets, along with many emerging debt markets. My own view is that the surprising move away from “considerable period” was, as much as anything, the Fed seeking to use a rubber bullet to instill the fear of death in those speculating against the dollar. The hope is to incite a reversal of dollar fortunes by crafting perceptions that there is an approaching end to flagrant “benign neglect.” And if a hopeful Fed can somewhat calm speculative juices in the stock market, all the better. Attempting to place myself in the cogitating, machinating mind of Dr. Greenspan, I can envisage how he would seek to use his sham bullets for selectively meting out speculator punishment. Surely the last thing he wants to do is to scare the itchy crowd with real projectiles. If there were only a way to dish out some comeuppance to those selling the dollar, fleeing the U.S. to play foreign markets, buying gold, or manipulating the small caps, while pardoning the cardinal players with their leveraged positions buttressing the U.S. Credit system. Now that would be the type of clever, sordid central banking which would bring a smile to John Law. <<