"Hopelessly Devoted" - IceCap Asset Management September 2011 Market Outlook
From IceCap Asset Management:
While Ben Bernanke may say his mentor has always been Stanley Fischer, here at IceCap we are able to see through this charade. Mr. Bernanke’s inspiration has always and will always be the 1978 cinema classic – Grease. Whether his inspiration is Olivia Newton-John- Travolta or in fact Mr. Fischer, we know that Helicopter Ben is belting out Grease show tunes while in his office, car or bath tub (if Warren can do it, why not Ben?). And although the Chairman of the US Federal Reserve will always claim he is hopelessly devoted to doing what is best, he is actually doing the only thing he knows how to do – print money. Exactly where he got this drive to be a money printer is undeniable – we’ll blame it squarely on the shoulders of the father of modern economics, John Maynard Keynes. Blasphemous you say? Well, step aside sonny, here’s the real story behind the money printing machines from the USA, Japan, Britain and Europe, and why they will continue with this unsuccessful strategy.
Full report (pdf)