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After nearly three decades of stagnation, Japan in 2013 went all-in, ordering its central bank, the Bank of Japan, to buy pretty much every bond on the market with newly-created yen. The BoJ’s balance sheet — a rough proxy for the amount of money it has created and dumped into the economy — soared at […]

 

Fed To Markets: You’re STILL Too Easy To Fool!

These days no matter what the Federal Reserve actually says, the markets respond like dogs sensing a piece of bacon coming their way. This is so for several reasons: 1) The world is vastly overleveraged, which terrifies investors and traders with even a modest historical perspective. The resulting insecurity makes them long for a higher […]

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China: Major Devaluation Coming

The whole “market economy” thing is turning out to be a little trickier than China’s dictators expected. To set up the story: After the 2008 crash the country borrowed about $15 trillion (an amount that dwarfs the US Fed’s quantitative easing programs) and spent the proceeds on history’s biggest infrastructure program. This pushed up the […]

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