From the Outside In: Polish Bond Auction Failure

Thursday, September 10, 2009, 10:39 AM
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In the continuing theme of keeping our eye firmly fixed to the periphery of the financial universe, watching for clues that things are about to change, we note that Poland recently suffered a bond auction failure.

Why doesn't Poland just print up the money from their central bank and buy them themselves, like the US and the UK?

I don't really know.  When the Federal Reserve does this, there seems to be no impact on the dollar, interest rates, or bond prices, so perhaps the Polish central bankers should go to the US for a tour of the facilities and learn which buttons they need to push, and in which order, to accomplish the miracle results the US has enjoyed.


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