by Nomi Prins
Before we head for summer and the endlessly looming, overcovered fall election, let’s consider the desperate measures the four most powerful central banks have taken this year. Each has pushed its artisanal money policies to the limit, keeping markets, banks and (in their minds only) economies afloat through artificial manipulation, stimulation and value fabrication.
This year’s central bank interventions have exhibited more bipolarity than ever before. Speeches indicate one view one minute, another the next. What is said publicly for global consumption and privately for national intake varies. Infighting is escalating within the hallowed walls at monetary policy meetings.
The Federal Reserve is trying to keep it all together, but cracks in the facade of the stability it is selling are growing wider and appearing with greater frequency. Volatility can be contained intermittently, not forever.