by Nomi Prins
Building from my latest Don’t Get Caught in the U.S – China Crossfire – Game of Thrones Part I (click here) and Part II (click here) featured on The Daily Reckoning – find a Game of Thrones layout of the central banking game of power.
The Fed, led by Janet Yellen, is acting as if it will retain its power forever simply because it’s currently the most power player in the game of global monetary policy. As stated at the beginning of Part I, the Fed behaves as if it has no idea that there are other countries and central banks operating around the world which would love to claim the top power spot.
The People’s Bank of China (PBoC) doesn’t have to convince these other central bankers that it is the best candidate to take over that top spot, it only has to be the best alternative to the Fed. Under the Fed’s monetary lead, stock markets have reached historic highs on a steady diet of artificial money.