tisdag 16 augusti 2011

Några sköna fraser som summerar upp QE2 - ha detta i åtanke när QE3 sjösätts

Här är några sköna utsagor om Fed:s framgångar med QE2 av John Hussman. Ha detta i åtanke när QE2.5 eller QE3 sjösätts senare i år- något som utgör huvudscenariot hos bland annat Goldman Sachs:

  • The Fed was indeed successful in provoking a wave of commodity hoarding that affected global supplies and injured the poorest of the poor - particularly in developing countries.
  • The Fed was successful in setting off a very predictable decline in the value of the U.S. dollar. 
  • The Fed was successful in punishing savers and the risk averse, and driving investors to reach for yield in risky investments that they would normally avoid were it not for the absence of yield. 
  • The Fed was successful in provoking those with strong balance sheets to pay down existing higher interest-rate debt, and in creating an incentive for those with weak balance sheets to issue more of it at low rates, resulting in a simultaneous deterioration of credit quality and compensation for risk in the financial system. 
  • The Fed was successful at boosting the trading profits of the banks that serve as primary dealers, by announcing precisely which securities it would be buying prior to Treasury auctions, and buying them on the open market a few days later from the dealers that acquired them. 
  • The Fed was successful in creating a portfolio of low yielding securities that will be almost impossible to disgorge without capital losses unless the Fed holds them to maturity.
Och om Fed:s senaste penningpolitiska utfästelse: 
The promise to extend zero interest rates for two more years is simply a further attempt - now becoming desperate - to distort the financial markets by dressing up the same pig with lipstick and a flirty dress.

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