{"id":19958,"date":"2016-04-14T13:33:00","date_gmt":"2016-04-14T18:33:00","guid":{"rendered":"http:\/\/olduvai.ca\/?p=19958"},"modified":"2016-04-14T13:33:00","modified_gmt":"2016-04-14T18:33:00","slug":"they-have-decided-we-cant-handle-the-truth","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=19958","title":{"rendered":"‘They’ Have Decided “We Can’t Handle The Truth”"},"content":{"rendered":"

‘They’ Have Decided “We Can’t Handle The Truth”<\/a><\/h3>\n
It\u2019s a fun conceit of science fiction to\u00a0contemplate the existence of alternative universes<\/strong>.<\/div>\n

As Bloomberg’s Richard Breslow points out, when you think they exist in the same time and place, it leaves the realm of the paperback section of the airport newsstand and is better discussed in the Diagnostic and Statistical Manual of Mental Disorders.<\/p>\n

This is his full lament:<\/p>\n

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If you need yet another stark example of the\u00a0fantasy storytelling\u00a0<\/strong>we amuse ourselves with,\u00a0juxtapose today\u2019s Monetary Authority of Singapore policy statement with the storyline that the Asian stock market rally intensified on renewed optimism over the global economy<\/strong>. Singapore is a proxy for trade and “economic growth ground to a halt last quarter.”<\/div>\n
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We all know why equity markets are zooming.\u00a0<\/strong>The Bernanke put is standard operating procedure: globally. Whatever is out there\u2019s got central bankers spooked.\u00a0To use the cliche, they\u2019ve decided we can\u2019t handle the truth.<\/strong>\u00a0But it\u2019s impossible to fight a manticore you can\u2019t see.<\/div>\n<\/blockquote>\n
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<\/a><\/p>\n

The IMF just portrayed the global economy in decidedly downbeat fashion.\u00a0<\/strong>Things really are looking much better in Canada, but Governor Poloz took the glass half-empty approach. For G-20 watchers, he also bemoaned the strengthening currency.<\/p>\n

Back at the ranch, Fed speakers keep talking about the rate hike pipeline.\u00a0It\u2019s easy to talk tough when you\u2019re standing behind your mother.\u00a0<\/strong>And they wonder why futures traders just can\u2019t believe them.<\/p>\n

A 10-year Treasury bond yielding 1.76% is not normal.\u00a0Should you take advice from bond bears or the blowout auction?\u00a0\u00a0<\/strong><\/em><\/p>\n

Appreciating currencies of negative interest rate economies that are threatening to do more, may be explained by the unintended consequence factor, but\u00a0represent policy failure.\u00a0<\/strong><\/p>\n

I\u2019m the optimist.\u00a0I think we can find a way to solve our problems. But it\u2019ll never happen while we continue to dissemble and implement policies that aren\u2019t working.<\/strong><\/p><\/blockquote>\n<\/div>\n

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Source: Bloomberg<\/em><\/p>\n<\/div>\n

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‘They’ Have Decided “We Can’t Handle The Truth” It\u2019s a fun conceit of science fiction to\u00a0contemplate the existence of alternative universes. As Bloomberg’s Richard Breslow points out, when you think they exist in the same time and place, it leaves the realm of the paperback section of the airport newsstand and is better discussed in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[83,1719,1450,366,7006,4212,1250,4318],"class_list":["post-19958","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bloomberg","tag-bond","tag-equity-markets","tag-global-economy","tag-richard-breslow","tag-singapore","tag-truth","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/19958","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19958"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/19958\/revisions"}],"predecessor-version":[{"id":19959,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/19958\/revisions\/19959"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}