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With apologies to EJ if he has covered this and I'm just not a good enough student to remember...
I thought these were two good essays:
Sol Palha care of Safe Haven conjecturing on the method behind the madness of the EU's apparent fumblings:
http://www.safehaven.com/article/169...-hidden-agenda
Take away: engineering a ~ 25 % decline in the Euro is worth a bit of drama, no? Helpful description of our present moment: currency wars.
Brady Willett of Fall Street plays Bernanke's dramaturge:
http://www.fallstreet.com/may2710.php
(Hat tip Jesse.)
"Don’t be fooled into thinking that Bernanke’s silence when it comes to the recent market storm is the result of him surmising that the Fed has reached its intervention limits. To be sure, whether it is insolvent corporations or governments inflicting damage on the U.S. economy and financial markets the story is much the same: the Fed would rather print the dollar into oblivion and sing that every financial disaster is ‘contained’ than ever confess that it has lost control.
And while such printing may eventually lead to a dollar crisis, skyrocketing interest rates, inflation, or even hyperinflation, remember that we are often reminded by Bernanke that his sole reason for being is to avert a repeat of the 1930s. Years from now, with his legacy under severe attack, Bernanke will take the stage, channel the words of Lynn Anderson, and sing:
I beg your pardon I never promised you a rose garden"
I thought these were two good essays:
Sol Palha care of Safe Haven conjecturing on the method behind the madness of the EU's apparent fumblings:
http://www.safehaven.com/article/169...-hidden-agenda
Take away: engineering a ~ 25 % decline in the Euro is worth a bit of drama, no? Helpful description of our present moment: currency wars.
Brady Willett of Fall Street plays Bernanke's dramaturge:
http://www.fallstreet.com/may2710.php
(Hat tip Jesse.)
"Don’t be fooled into thinking that Bernanke’s silence when it comes to the recent market storm is the result of him surmising that the Fed has reached its intervention limits. To be sure, whether it is insolvent corporations or governments inflicting damage on the U.S. economy and financial markets the story is much the same: the Fed would rather print the dollar into oblivion and sing that every financial disaster is ‘contained’ than ever confess that it has lost control.
And while such printing may eventually lead to a dollar crisis, skyrocketing interest rates, inflation, or even hyperinflation, remember that we are often reminded by Bernanke that his sole reason for being is to avert a repeat of the 1930s. Years from now, with his legacy under severe attack, Bernanke will take the stage, channel the words of Lynn Anderson, and sing:
I beg your pardon I never promised you a rose garden"