From Ed Yardeni, president and chief investment strategist at Yardeni Research Inc.:
“Investors around the world are shocked, shocked that the monetary wizards may have run out of magic tricks to revive global economic growth. Even the wizards are admitting that their powers to do so are limited.” “No Happy Ending for Investors in Central Bank Fairy Tale,” bloomberg.com, 10/14/14
SLL, Robert Prechter, David Stockman, and a number of commentators on Zero Hedge have been saying the same thing for years, but now it looks like the mainstream has discovered the emperor has no clothes. Maybe in a few years they’ll even admit that debt monetization and fiat money ultimately retard rather than promote economic growth, although they do promote asset bubbles and deflationary crashes.
