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“We Should Have Known Something Was Wrong”

October 10, 2015

“We Should Have Known Something Was Wrong”

Remember when stuff such as the following was written exclusively on “conspiracy” tin-foil blogs by deranged lunatics who could not appreciate the brilliance of the neo-Keynesian system and central-planning by academics, in all its glory? Good times.

Here is Bank of America’s Athanasios Vamvakidis channeling Tyler Durden circa 2009

The real cost of QE

QE was not a free lunch after all

If only it was that easy to print our way out of a global crisis. Eight years after the crisis, we are still debating about whether the recovery has gained enough of a momentum to allow exit from crisis-driven policies and start hiking rates from zero. The world economy has actually lost momentum this year (Chart 1), deflation risks have increased (Chart 2), and EM indicators and overall market volatility have reached crisis levels (see Chart 3). All this is despite unprecedented expansion of central bank balance sheets (Chart 4). Things may have been worse otherwise, but in hindsight we believe relying too much on unconventional monetary policies was not a free lunch after all.

We should have known something was wrong

The Fed “taper tantrum” could have been the first warning that QE had gone too far. The Fed’s announcement in June 2013 that they would consider tapering QE, contingent upon continued positive data, triggered a sharp market sell-off, particularly in EM. The aggressive search for yield, which intensified after the Fed announced QE3—or QE infinity as markets called it—came to a sudden stop. QE was not for infinity after all. The Fed tried to reassure markets that QE tapering was still policy easing and that its end would not imply rate hikes immediately, but the markets apparently thought otherwise. A key takeaway was not that QE had already gone too far, but that announcing its tapering may have been a mistake. The Fed waited until December to start tapering, although the market had already priced its beginning in September.

…click on the above link to read the rest of the article…

Zero Hedge–A Maturing Fight Club Community or Just An Excuse to be Rude and Abusive

May 26, 2015

Zero Hedge–A Maturing Fight Club Community or Just An Excuse to be Rude and Abusive

The title of this essay asks a fair question. For quite a few who comment here on Zero Hedge the ‘Fight Club’ theme appears to be a convenient excuse to verbally bash heads and insult people, in essence to act like the school yard bullies some wanted to be and perhaps might even have been. For others, well………where else can you throw a temper tantrum in public and not be forced to deal with the embarrassing social consequences directly to your face? We’ve all had our moments and I’ve certainly had mine.

Deep down inside all of us is a petulant little boy and girl trying to get out, only for some he or she is more difficult to hide than others. It seems quite a few people who comment here find Zero Hedge the perfect place to let it all hang out and not be forced to clean up their mess afterwards. I suspect the wide open nature of Zero Hedge, meaning no rules and definitely no adult supervision, is the perfect breeding ground for egomania and naval gazing narcissism to run wild and uninhibited. And maybe that’s all we can ever really expect from a virtual Internet mosh pit. 

From my point of view Zero Hedge (ZH) is singularly unique in the blogosphere (or anywhere else for that matter) and I’ve often wondered if the readers who visit or comment on The Hedge have ever attempted to look beyond the oftentimes stark brutality on display here and discern what’s really going on in the background. On the surface there appears to be three virtual worlds within Zero Hedge, first and foremost the avatar world of Tyler Durden and Fight Club (FC) that super secret place from which Zero Hedge’s creator posts a steady stream of articles exposing financial and political manipulation, corruption and other assorted skullduggery.

…click on the above link to read the rest of the article…

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