The central banks of the West announced today that their temporary swap lines would be made permanent. Like QE itself, the meaning of this emergency…
There are known knowns; there are things we know we know.We also know there are known unknowns; that is to say, we know there are…
Mr. Incredible: You mean you killed off real heroes so that you could *pretend* to be one? Syndrome: Oh, I’m real. Real enough to defeat you! And…
The pursuit of greater predictability and transparency in Fed communications is a mistake, particularly in the context of broad guarantees concerning world-shaking policies. We learned…
“We’re gonna win the game. I guarantee it.” – Joe Namath, 3 days before Super Bowl III “Our torments also may in length of time…
More evidence that QE is no longer an emergency government policy, but is now a permanent government program. epsilon-theory-its-always-something-september-29-2013.pdf (508KB)
High hats and arrowed collars, white spats and lots of dollars Spending every dime, for a wonderful time If you’re blue and you don’t know…
“It is my understanding that the Constitution of the United States allows everybody the free choice between cheesecake and strudel.” – Sky Masterson (“Guys and…
“Tattaglia is a pimp. He never could have outfought Santino. But I didn’t know until this day that it was Barzini all along.” – Don Vito Corleone
Same with Emerging Market growth narratives. It was Developed Market monetary policy all along.
The strong Narrative around Central Bank Omnipotence, which solidified in late September 2012, is now clearly weakening in late August 2013. There are two strands…