{"id":711,"date":"2014-10-27T19:17:16","date_gmt":"2014-10-27T23:17:16","guid":{"rendered":"http:\/\/olduvai.ca\/?p=711"},"modified":"2014-10-27T19:17:16","modified_gmt":"2014-10-27T23:17:16","slug":"tapering-exiting-or-just-punting-kunstler","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=711","title":{"rendered":"Tapering, Exiting, or Just Punting? | KUNSTLER"},"content":{"rendered":"<p><a href=\"http:\/\/kunstler.com\/clusterfuck-nation\/tapering-exiting-or-just-punting\/\">Tapering, Exiting, or Just Punting? | KUNSTLER<\/a>.<\/p>\n<p style=\"outline-width: 0px; outline-style: initial; outline-color: initial; font-size: 17px; vertical-align: top; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px 0px 1.2em 0px; border: 0px initial initial;\"><span class=\"dropcap\" style=\"outline-width: 0px; outline-style: initial; outline-color: initial; font-size: 3em; vertical-align: top; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; font-weight: bold; float: left; position: relative; line-height: 0.7em; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 11px 5px 0px 0px; border: 0px initial initial;\"><span style=\"outline-width: 0px; outline-style: initial; outline-color: initial; font-size: 50px; vertical-align: top; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; padding: 0px; margin: 0px; border: 0px initial initial;\">O<\/span><\/span><span style=\"outline-width: 0px; outline-style: initial; outline-color: initial; font-size: 17px; vertical-align: top; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; padding: 0px; margin: 0px; border: 0px initial initial;\">h, that sound you hear this morning is the distant roar of European equity markets puking after the latest round of phony bank \u201cstress tests\u201d \u2014 another exercise in pretend by financial authorities who understand, at least, the bottomless credulity of the news media and the complete mystification of the general public in monetary matters. I rather expect that roar to grow Niagara-like as US markets catch the urge to upchuck violently. Problem is, unlike Ebola victims, they can\u2019t be quarantined.<\/span><\/p>\n<p style=\"outline-width: 0px; outline-style: initial; outline-color: initial; font-size: 17px; vertical-align: top; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px 0px 1.2em 0px; border: 0px initial initial;\"><span style=\"outline-width: 0px; outline-style: initial; outline-color: initial; font-size: 17px; vertical-align: top; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; padding: 0px; margin: 0px; border: 0px initial initial;\">The end of the \u201ctaper\u201d is upon us like the night of the hunter, conveniently just a week before the US election. If the Federal Reserve is politicized, the indoctrination must have been conducted by the Three Stooges. America\u2019s central bank never did explain the difference between tapering and exiting their purchases of US treasury paper. I guess that\u2019s because it has other interventionary tricks up its sleeves. Three-card Monte with reverse repos\u2026 ventures into direct stock purchases\u2026 the setting up of new Maiden Lane type companies for scarfing up securities with that piquant dead carp aroma. Who knows what\u2019s next? It\u2019s amazing what you can do with money in a desperate polity with a few dozen lawyers.<\/span><\/p>\n<p style=\"outline-width: 0px; outline-style: initial; outline-color: initial; font-size: 17px; vertical-align: top; background-image: initial; background-attachment: initial; background-origin: initial; background-clip: initial; background-color: transparent; background-position: initial initial; background-repeat: initial initial; padding: 0px; margin: 0px 0px 1.2em 0px; border: 0px initial initial;\">&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tapering, Exiting, or Just Punting? | KUNSTLER. Oh, that sound you hear this morning is the distant roar of European equity markets puking after the latest round of phony bank \u201cstress tests\u201d \u2014 another exercise in pretend by financial authorities who understand, at least, the bottomless credulity of the news media and the complete mystification [&hellip;]<\/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":[281,303,305,506,661,662,780,834],"class_list":["post-711","post","type-post","status-publish","format-standard","hentry","category-economics","tag-europe","tag-fed","tag-federal-reserve","tag-markets","tag-qe","tag-quantitative-easing","tag-taper","tag-us"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/711","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=711"}],"version-history":[{"count":0,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/711\/revisions"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}