The Phaserl


Bernanke’s Bluff

by David Galland, Casey Research

In April of 2011, writing in The Casey Report, I warned readers of a pending shift in the Fed’s accommodative monetary policy. My view at the time was that the shift would result in a rebound in the dollar, which was in a state of near collapse at the time.

Should the Fed not end its quantitative easing on schedule in June, but rather roll straight into a new round of easing (QE3), it will send an unequivocal signal to the market that the dollar is to be sacrificed for political expediency. At which point the waterfall collapse in the world’s reserve currency could very well occur and any potential Treasury bond buyers – outside of the Fed, that is – will begin demanding higher interest rates. Those demands will have to be met, because the day that the Fed is effectively the sole buyer of Treasury debt will be the day the dollar dies.

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