'The history of monetary fiascos is replete with out of control inflations .. it’s almost surreal to witness them in real time.'<blockquote>'..These days, “money” is the domain of the government debt and central banking nexus. The monetary black plague is back and it has spread globally like never before. Yet it’s virtually invisible and comes with a surprisingly protracted incubation period.
When his “Mississippi Bubble” scheme was faltering in 1720, John Law moved to devalue competing hard currencies. He was desperate to keep investors and, particularly, the manic crowd of speculators in his monetary instruments in order to stave off Credit collapse. The Fed, BOJ, BOE, ECB and others have been working desperately to keep investors and speculators fully engaged in global debt, equities and risk markets. With near zero interest-rates and Trillions of monetization, “money” is being methodically devalued around the world. Federal Reserve devaluation is forcing savers out of “money” and into risk markets, apparently believing that asset inflation will spur wealth-creation, risk-taking and economic activity. The Bank of Japan is devaluing yen-denominated “money,” hoping a weaker yen and expectations for higher inflation will jumpstart the Japanese economy.
These central bankers seem oblivious to the fact that they are on a perilous course that risks a crisis of confidence in “money,” not to mention global risk markets. The history of monetary fiascos is replete with out of control inflations. Once the money printing gets heated up, there is a strong proclivity for one year of elevated money printing ensuring only more intense pressure for even greater printing the next. Actually, this dynamic has been in play for years now. After having carefully studied these types of dynamics, I’ll confess it’s almost surreal to witness them in real time.'
- Doug Noland,
Kuroda Leapfrogs Bernanke, April 5, 2013</blockquote>
Context<blockquote>
'..they clearly have no interest in advice from Axel Weber.'Competitive Easing Madness; Japan to Double Monetary Base; Draghi Signals More Easing; Yen Plunges, April 04, 2013
More Monetary Quackery, April 5, 2013
Every Central Bank Is Trying To Debase Their Currency, April 5, 2013
Marc Faber : The problem is that 92 percent of financial wealth is owned by 5 percent of the population</blockquote>