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I Said QE 3 Isn’t Coming… And the Fed Agrees With Me
I’ve said many times before that QE 3 won’t be coming any time soon unless the market Crashes or a major bank goes under. The reason is that QE (and Ben Bernanke for that matter) have been politically toxic: we’ve already seen that the Fed will be a major political issue in the 2012 Presidential election.
The Fed is aware of this; at least the more astute members who have an interest in preserving their careers.
Kocherlakota-need for more Fed easing 'unlikely'
A top Federal Reserve official who opposed the U.S. central bank's move last month to ease monetary policy signaled Tuesday he may balk again if fellow policymakers opt for still more stimulus this month.
"The data in August did not justify the additional accommodation provided at that meeting," Minneapolis Federal Reserve Bank President Narayana Kocherlakota said in remarks prepared for delivery at the University of Minnesota's Carlson School of Management. "It is unlikely that the data in September will warrant adding still more accommodation."
http://www.reuters.com/article/2011/09/06/usa-fed-kocherlakota-idUSN9E7J700J20110906
Kockerlakota now joins Dallas Fed President Fisher in establishing himself as a hawk: one who opposes additional easing. I fully believe Bernanke will be stepping down within 18 months (even Obama won’t shelter him). When that happens, a more hawkish Fed Chairman will be picked. Looks like Kockerlakota is putting himself in the running for the job.
So all claims that QE 3 is just around the corner needs to consider what will happen if QE 3 isn’t announced in September. What happens if the markets DON’T get the additional easing that the bulls are hoping for?
Have a look at what happened in early August and you’ve got your answer. Indeed, I fully believe we have reached the End Game for Fed Intervention: a time when the Fed can no longer maintain control of the markets. What will follow will make 2008 look like a picnic.
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Good Investing!
Graham Summers
PS. We also feature four other reports ALL devoted to helping you protect yourself, your portfolio, and your loved ones from the Second Round of the Great Crisis. Whether it’s my proprietary Crash Indicator which has caught every crash in the last 25 years or the best most profitable strategy for individual investors looking to profit from the upcoming US Debt Default, my reports covers it.
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The Swiss central bank imposed a ceiling on the franc for the first time in more than three decades and pledged to defend the target with the “utmost determination,” prompting a record drop in the currency.
The Swiss National Bank is “aiming for a substantial and sustained weakening of the franc,” the Zurich-based bank said in an e-mailed statement today. “With immediate effect, it will no longer tolerate a euro-franc exchange rate below the minimum rate of 1.20 francs” and “is prepared to buy foreign currency in unlimited quantities.”
http://www.bloomberg.com/news/2011-09-06/swiss-national-bank-sets-minimu...
What's really scary is this guy really thinks the Fed controls the markets or that QE3 is something that gets announced. Must be one helluva great FREE newsletter
"or a major bank goes under."
Ever stop and think that the fall of Lehman and/or Bear Stearns was a known, planned event? Nice trade on all those deep out-of the money BSC puts by that non-investigated trader, by the way.
Now who's up on the dinner menu in the room full o cannibals?
I hope he's right, fear he's wrong!
QE is welfare for Wall St!
Everyone is entitled now! We live in an entitlement civilization! We all feel entitled to the fruits of someone else's labor!That alone assures that calamity is certainty!
the ecb is doing QE, buying sovreigns on the secondary market, not sure what the japs are doing, and the swiss have decided to print unlimited as well to lower their currency. Anybody know what the Japs are doing? so instead of buying bonds, you do the currency thing when byou figure the swiss will be buying your euro's. same thing if you play the game the right way. the point if you do the trade, the central bank will throw unlimited cash aqt you to invest elsewhere. who needs bernanke right now?
Q3 gold at a top at 1780.. every one knows the system is broken ,,
so phoneix is telling us nothing.. and the fed says lol they are lieing sacks of shit... and every pronouncent has been wrong 100% of time
and why can any person take what they say with a grain of salt lick
buy gold fade graham ,, spend 250 please on silver
<---- QE3 Sept20/21
<-----QE3 Delayed and Graham is consummate Jerkoff
Oh wait, Graham is consummate Jerkoff irrespective sorry too lazy to edit ;)
Until market crashes... or Europe blows up. Should be a turbulent fall.
It's like saying that it won't be light out tomorrow unless the sun rises, or night ends.
Now why anybody bothers to make such predictions...
+1
Indeed
Theyre stick saving the hell out of any market drop, no QE, at least not in the form people imagine in a free money drop over Wall St. At best theyll hand-hold bonds, micromanage rates to skim .001%...whatever.
the stick saves are from the quant funds. they break out of the speed line, the quatnt fund puts it back. esp as it breaks a bit, because then they are buying on your sale. Not sure it's the plunge protection team, I think it's how the manipulation algo's just work. of course since I appear to be the only human who will admit to using speed lines.
###Looks like Kockerlakota is putting himself in the running for the job.
this explanation for mentally impaired..
heres real explanation:
LOOK AT $/EUR rate.. dollar has been up for 5 days in row.. breaking 1.4.. of course FED dont like, so
no QE3, no suuport for economy, so $$$ must be weaker..
if benny will even hint on leaving, market will drop 20% in a blink ...
alx
Then theres the rumors of not only Ben leaving soon, but also charges against him. The free money salad days are over, welcome to the greatest depression.
QE3 is around the door, just watch. The end of the great debt experiment is nearing and everything is pointing towards a big credit crash coming up. The world’s monetary system needs to be backed by gold in order to move forward with a sound financial system that does not allow banks create money out of thin air. Money should not be based on debt, but on sound intrinsic value.
Check out the latest from the Capital Research Institute (CRI): The Debt End Game
www.capitalresearchinstitute.org
yeah the worlds monetary system should be backed by yellow metal dug from the ground....belief that the other side of the trade is good for what it promised is what the monetary systems needs...value of gold is a belief as well...be careful, book some profits
If they wont even let the DOW drop 100 points on a day like today, then no QE is coming.