In all honesty, I do mean to beat this one particular dead horse. In fact, I intend to pulverize it until there is nothing left but the smallest particulate matter. This is everything that is wrong with how things are right now. Either they are willing to put out what could only be legitimately classified as outright propaganda (lies), or they are so thoroughly incompetent they don’t know what else to say.
Those are the only two choices. I’m not sure right now which option would be worse.
Bloomberg (where else?) dutifully outlines (from June 15) the deceased equine in question:
As Treasury Secretary Steven Mnuchin increases issuance to plug swelling budget deficits, the department’s choice of maturities has had some unintended consequences. America’s fiscal stewards have chosen to lean short, ramping up sales of bills and short-dated notes. The approach has created distortions in funding markets that have curbed the Fed’s ability to control its key rate and influenced the debate over the size of its balance sheet.
We are actually being asked to believe that the fate of the entire global economy just as it is about to take off into a recovery now eleven woeful years in the making rests solely on the market outcome of this one thing:
Yeah, no. Either they are lying or they have no other account. It’s an enormous problem whichever way. Both leave the world without any answers, and therefore no solutions.
Eurodollar Event #4 it is.
The reason for so much repetition in these incomplete reflation cycles is that by offering absurd, benign explanations for these serious problems as they regularly appear authorities and “experts” shut off (nearly) all otherwise necessary mainstream investigations toward what might be real answers (eurodollar). No need to look at what might be going on with gold (again), the FOMC says it’s just T-bills. Nothing to see here.
