weekend commentary - "pay no attention to that man behind the curtain !"
Russ Winter is either a very knowledgeable international whistleblower, or a conspiracy kook, depending on which financial media you listen to ...
(snip)"Foreign central banks (FCB) have once again written out blank checks for US Ponzi finance. Over the last two weeks their custodial holdings of US Old Maid Cards increased by a whooping $16.1 billion. Their tally of agency bonds is now $506.75 billion, up 162.8 billion in the last year. Welcome to the new defacto Fannie Mae, we should call this "foreign government sponsored enterprise" (FGSE) now. Do FCBs/FGSEs really consider US Bubble inflated housing agency securities to be worthy of a high quality reserve holding, especially one deserving an historic buying binge? I am admittedly surprised to see this market distorting activity going on and on, and don't know the the rationale for it? Could range from a quid pro quo backing of a US promise to protect to the value of USD, to more tawdry explanations, such as large bribes and high class call girls being offered to various central bank apparatchiks? Cynic that I am, I tend to lean toward the later. Frankly, I'd like to know who is getting laid and paid to pull these hat tricks?"(snip)
PS if you'd like some 'perspective' in regard to the basis for todays' commentary, check out
first
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