by Andrew Hoffman
Yesterday (Wednesday) morning, I wrote “everything they do now is about market manipulation.” As, having watched the powers that be’s’ “response” to the extreme financial turmoil caused by Brexit – i.e., the same response as to August’s Yuan devaluation, December’s Fed rate hike, and February’s ECB and BOJ NIRP/QE announcements; I realized that the entirety of their “crisis response” regards the support of “favored” markets like stocks and bonds, and suppression of “unfavorable” ones like Precious Metals. To the point that it has become, frankly, embarrassing to watch.
To wit, amidst the unequivocally worst global economy of our lifetimes, featuring record, parabolically surging debt; a full-blown currency crisis; geopolitical instability unparalleled in the post-war era; an expanding European banking crisis, to the point that governments and corporations alike are begging for bailouts; and the lowest commodity prices since the 2008 crisis; no financial shock is unworthy of catapulting “last to go” stock indices like the “Dow Jones Propaganda Average” to new all-time highs. That is, when QE, ZIRP/NIRP, and even “helicopter money” have become official, nearly universal government policies.