Wednesday, May 23, 2012
QE's Long Shadow Is Getting Shorter
With Europe hitting the skids, EURUSD at multi-year lows, and the US equity market down a whopping (and terrifying) 9% from its March highs, it seems the market remains increasingly hopeful that this time will not be different in that the Central Banks of the world will print and save us once more. As a reminder we suspect the ECB can't (collateral is non-existent for the most needy sovereigns/banks) and won't (Germany and the AAA-Club vehemently opposed to losing this game of chicken),
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