Wednesday, June 01, 2011


Economic data coming in as I expected. Realpolitik in Europe and the U.S. continues its role as investment banker for the world. Today's ISM report confirms this with some dismal numbers for new orders and manufacturing.

All of this in light of round after round of QE and "accomadative" monetary policy. Once again, the levers are broke, it is time to re-route the engine.

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