Well, equity action in the United States wasn’t exactly riveting today. The S&P 500 closed up two hundredths of a single percentage point. Whoop-de-freakin’-do, Janet. Maybe the twin reports from China (whose reputation for honest accounting is unequaled) at 7:00 PST this evening will shake things up.
Well, the central bankers are really beginning to fail in a very public way. Kuroda has obviously made a complete shitshow out of the senior citizens colony known as Japan. Yellen has, so far, been given a free pass by the blinkered, pig-ignorant American public, who are too busy watching the Kardashians, but trust Tim on this, she will have her comeuppance.
Draghi, though, has become an embarrassment beyond my powers of elocution. Exhibit A is Deutsche Bank, shown below. As you can plain see, the stock price is – – and please let this sink in – – far lower than it was during the worst depths of the Financial Crisis. Try to imagine Goldman Sachs or JP Morgan being a single-digit stock these days, and you get the picture (of course, Yellen would never let that happen to the tribe. But I digress).
In any event, Draghi has mortgaged the future of his grandchildren, great grandchildren, and further descendents (his own infertility and/or impotence notwithstanding……..stay with me on this one) in exchange for the brief illusion of recovery. He. Will Fail.
When I saw this article yesterday, I could hardly believe what I was reading. I have never in my life read such naked hubris from a central banker. You just know this remark will be quoted in history books decades from now.
Well, this headline just tumbled in…….
…..providing more evidence of what a total farce “Abenomics” has been. These clowns have plunged Japan way over one quadrillion (yes, that is a word, and that is the amount) yen into debt, and what they have to show for it is an old age colony whose economy will never, ever regain the glory of the 1980s and 1990s.