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The last duty of a central banker is to tell the public the truth
Alan Blinder  
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Grumpy Old Permabear
Published : February 07th, 2012
160 words - Reading time : less than a minute
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Keywords :   Central Bank |

 

 

 

 

Suddenly, a growing number of commentators are suggesting that the worst is behind us -- in housing, employment, manufacturing, the auto sector, the technology industry, and elsewhere in between.

 

Aside from the fact that, historically at least, bursting bubbles have generally been followed by drawn-out and messy overshoots to the downside (e.g., more than four years), while genuine bottoms have, historically at least, gone unrecognized until well after their arrival, I have one question: why are share prices approaching intermediate term highs at the same time that bonds yields are hovering near record lows?

 


 

(Source: The Globe and Mail)

 

The truth is that it doesn't make any (economic) sense -- unless, of course, you attribute the development to unprecedented central bank intervention. In that case, the notion that things are returning to "normal" would seem to be a complete crock of sh*t (if you'll pardon my English).

 

I know -- I'm just a grumpy old permabear. Grrrr.

 

Michael J. Panzner 

 

 

 

 

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Michael J. Panzner

Michael J. Panzner is a 25-year veteran of the global stock, bond, and currency markets and the author of Financial Armageddon: Protecting Your Future from Four Impending Catastrophes, published by Kaplan Publishing.
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