Been away from the base station in Singapore for the last nine days. Left on Sept. 8th for India and been in South Tamil Nadu, first visiting temples in Tanjore – Kumbakonam – Mayavaram belt and then spending time with parents in Madurai. Hence, the all-quiet on the blogging front. Tamil Nadu continues to shine with its creativity in sycophancy, scaling unprecedented highs.
Yesterday, I caught up with some of the headlines on the website, www.prudentbear.com.
- 09/15/2011 08:15 AM
- 09/15/2011 08:14 AM
- 09/15/2011 08:13 AM
- 09/15/2011 05:15 AM
- 09/14/2011 07:56 PM
- Washington Post
- 09/15/2011 05:31 AM
Yet, the stock markets have been rallying. Investors are being fed fairy tales and make-believe stories. This whole issue of the European Central Bank tapping other central banks for US dollar liquidity is actually a sign of distress. But, somehow, it has been made out to be a grand success story and, for now, investors have lapped it up. Or, alternatively, the investors are central banks themselves and their Sovereign Wealth Fund cousins.
Good friend Jim Walker has sent a great missive on this to his clients.
Post-script: I agree with Martin Wolf that UBS has done reformist oriented regulators (very few of them, though) a huge favour that no amount of rational arguments had succeeded in making.