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To: nextrade! who wrote (25222)11/13/2004 8:08:09 PM
From: nextrade!Read Replies (1) | Respond to of 306849
 
Credit Bubble Bulletin, Doug Noland

prudentbear.com

Monetary Disorder
November 12, 2004

The U.S. bond market remains the epicenter for liquidity excess. With Fed assurances of continuous marketplace liquidity; guarantees that they will act to support stable and strong markets; and promises that they will forewarn participants to rising rates, the U.S. Credit system has become a bastion of over-liquidity and speculative excess. Strong economic data has had minimal impact on market yields, while weak data incites big bond rallies. Big stock gains are a yawner, while appearances of equity market vulnerability incite major bond rallies. And, amazingly, surging energy prices incited – what else but a bond market rally. Importantly, these bond market rallies created additional liquidity that then stimulated stocks and underpinned the economy. And these dynamics rest at the heart of today’s Monetary Disorder - destabilizing liquidity that has created unstable asset inflation, boom and bust dynamics, and financial asset prices increasingly detached from underlying economic wealth. Financial markets have been extricated from reality.



In short, the Fed has remained ultra-easy because of the systemic risk brought on by unprecedented financial leveraging and speculation. This has only nourished the dysfunctional Financial Sphere to greater Credit inflation, liquidity excesses, and endemic Bubble excess. Fed policy nurtures the Great Credit Bubble. And those merely focusing on the seductively deceiving exploits of the New Economic Sphere and asset prices have no appreciation for the great risk posed by our vulnerable currency and Intransigent Monetary Disorder.



To: nextrade! who wrote (25222)11/14/2004 4:47:56 PM
From: GraceZRead Replies (1) | Respond to of 306849
 
OT

I've recently discovered cycling, pedaling nearly 6k miles ytd while also participating in many races

Good for you. I can remember thinking way back when I first got into it seriously that if I'd started riding before I went to college, I might have skipped college and become a pro cyclist. Back then there weren't many women in the club I could get in a serious ride with, but now the local bike club has a lot of serious woman riders.

training has created the ideal balance, in all aspects of life


Absolutely. I do my best thinking while in motion out on the road or trail. It's great for attitude adjustment since the stress of watching the market tends to accumulate. Not to mention the age defying aspects of training. A good friend of mine is 56 and still wins a lot of local races. He said he was at a start recently where a couple 20 somethings were talking and one guy says to the other, "Watch out for the old guys, they're a lot faster than you think they're going to be." Then of course the "old guy" won the race.