The Phaserl


The Great Unwind Has Finally Arrived

by Bill Holter, Miles Franklin:

50+ years of credit creation and living beyond our means year after year is finally coming to an end. Ben Bernanke spoke on Wednesday regarding “tapering” treasury and MBS purchases sometime next year, the market then immediately reacted. Stocks were sold, bonds were sold, commodities were sold and so were silver and gold (much more on this shortly.) Did the Fed actually do anything? Did they tighten at all? Has their balance sheet shrunk or even stagnated at all? The answer(s) are an emphatic NO! The bloodbath last week was merely “front running” on the fear that the Fed will back away and stop administering the crack credit doses that the financial community have become accustomed to. Basically free money and trillions of dollars of it. Can you imagine what will happen should the Fed ACTUALLY slow down or stop giving out free cash so that banks can cover up losses?

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