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

To: glenn_a who wrote (20078)	10/17/2004 12:10:52 PM
From: russwinter	Read Replies (1) \| Respond to of 110194

Glenn, I think you have perfectly described what a balanced and responsible monetary policy would look like, at least in theory. If the key CBs and governments weren't now so dominated by sycophants, I'd say it could happen that way. But apparently I have a peculiar psychological and intellectual make up at least for these times? It comes from growing up in a plain spoken, straight forward place and time (Kansas in the 1950's and 60's), and around relatively smart (in a different sense)people. Now I know KS isn't the "Show Me State, Missouri, but it's close. Anyway not to digress, but the point is that I was brought up on axioms like, "Put up or shut up, "Put your money where your mouth is", "Where the rubber meets the road", "All talk and no show", "Action not words", "That fucker is a talker, not a doer", and my modern pop culture favorite, "Show me the money". I guess that just makes me odd doesn't it, and because I'm so "odd", I can only operate on what I see happening in real time, and try and be somewhat agnostic about it. Now if suddenly Paul Volcker became the Fed chief, I might change my tune in a hurry. If I woke up tomorrow morning and saw the BOJ and Fed raising rates substantially (normalizing), and the Fed engaging in big reserve drains, and actually some outspoken truth (would recognize the problem) about insurgent inflation and runaway credit expansion, and so on, I would take notice. But that's not what's happening, not even close, as instead you get more money printing, delays in normalizing rates, and a bunch of lies and misdirections about true economic conditions. So for me, it's actions, not words that count. We are getting to the point where other people (Kansans and Missourians no doubt) are going to figure this out too, and then will we get THE crack up boom panic.