That the Fed has been boxed in by unleashing destructive monetary policies to "fix" decades of prior policy mistakes, is something we have been warning about since our first day. And, with every passing day that the Fed and its central bank peers pile up error upon error to offset prior mistakes, the day approaches when this latest bubble, which some have dubbed it the"central banks all-in" bubble, will burst as well: Friday's shocking announcement of NIRP by the BOJ just brought us one step closer to the monetary doomsday.
However, the one saving grace for the central banks was that as long as none of the market participants who benefited from these flawed policies dared to open their mouths and point out that the emperor is naked, nobody really cared: after all, why spoil the party, especially since virtually nobody outside of finance knows, let alone cares, about monetary policy or why the Fed is the most important institution in the world.
The BOJ spring a surprise - will it mean a stronger dollar or not?
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