You can fool some of the people some of the time
You can fool some of the people some of the time, but you’ll never fool the markets all of the time
Can someone “do the math” as President Obama urged Congress? How do you re create the ten million jobs lost in the USA since 2007 with $447 billion of dollars? How do you pull these rabbits out of hats whilst keeping the debt ceiling under the radar, (which may be breached on Monday), the deficit reduced without taxing the ultra wealthy (many of whom sat in Congress last night air clapping) until the pips squeak? How do you justify the fact that the USA has already been through two rounds of punishing asset purchase schemes (quantitative easing) and huge bailouts that have so far left the USA economy completely hollowed out and at the point where no new jobs have been created in August, this in an economy that needs to create 250,000 a month to stand still? Finally, was a slight of hand conducted last night; will this jobs act be the next QE, or will it be QE 3.5 after the next round of asset purchase creates zilch, other than breathing space for the banking and political elite?
Moving aside the choreography and poise of the neuro linguistic programming, the Obama jobs act speech was everything many had expected, high on tub thumping rhetoric low on detail. The noble statement that armed service personnel should not have to “fight for jobs” once they return with post traumatic stress disorder from “fighting for their country” won applause. However, those who’ve spent two years in the unemployment queues in the USA may see things differently; ” hey man, at least you’ve been getting paid for the past two years on our illegal crusades, get to the back of the queue, we’re all out of sympathy in Hooverville..”… Read the full story
http://blog.fxcc.com/you-can-fool-so...ll-of-the-time
Source: FX Central Clearing Ltd. (FXCC BLOG)
