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Our Destructive Tendency to Print (or, Why the Markets Bolted Yesterday)

Wednesday, October 6, 2010, 1:15 PM
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Stocks soared, bonds caught a huge bid, and commodities of every description took off - grains, energy, metals, gold, and silver.

What happened?  Was it suddenly determined that everything was worth more all at once?  No, what happened is this:  The markets are figuring out that what we have been predicting here for several years is, in fact, the direction in which the world is actually headed.  Printing is being selected over austerity.

 

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