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THINGS THAT MAKE YOU GO

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but that would only upset the thaasophobes


SOURCE: MATT GROENING

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if you happen to live in this part of the world

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02SEPTEMBER2012

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human phobia is a learned response that a few




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beings, may go some way towards explaining
the obsession the world seems to have with

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has been a war waged on the downward half



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eventually be uninhabitable or a forest without



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By far the biggest fear of the past several years


THINGS THAT MAKE YOU GO

Hmmm...

5.

1797
1800

1805

1810

1815

1820

1825

1830

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fall
fall 

fall 
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lower fall in the level




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1835

1840

1845

1850

1855

1860

1865

1870

1875

1880

1885

1890

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opposed to it being something that must be
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hats lining up for either jobs ... Without a forceful policy



response,
we
would
have
had
a

we?
 much worse outcome.,
But what are the origins of


to keep even the most sanguine of men awake

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is no less dangerous than when they break to

the downside and yet nobody seems to have

any great desire to pop bubbles while they are


None other than Ben Bernanke explained this


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nario, neither would the expansions and that
Benny and the Feds had done over the past sev

By now, you may well be wondering just what
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1895

1900

02SEPTEMBER2012

THINGS THAT MAKE YOU GO

Hmmm...

6.

1901
1905

1910

1915

1920

1925

1930

1935

1940

1945

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the end of the Great Depression in 1933, the


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1950

1955

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viewed through the prism of history, they are

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of us living through this turbulent period of

on, people will observe what we have labeled
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fear the lessons learned through
the mistakes we made will far
outweigh those lessons learned



1960

1965

1970

1975

1980

1985

1990

1995

SOURCE: ZEROHEDGE




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we take a look at nominal GDP on a logarith



Oddly enough, the man at the


helm of the US Federal Reserve
as we navigate these stormy seas


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will not be kind to him, but for


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during the 1930s was that the Federal Reserve

2000

2005

02SEPTEMBER2012

THINGS THAT MAKE YOU GO

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pedal, and that to 
happen again, all he had to do was, well, print


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Clearly, it stands to reason that QE1 was imple


SOURCE: BLOOMBERG

02SEPTEMBER2012

THINGS THAT MAKE YOU GO

Hmmm...






Bernanke was hardly likely to make the same


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 now, would you?
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QE2 would begin, the bond market slid pre/



though by the end of the experiment, they had
&

The end of QE2 brought
arrows show the movement ... Now, it isnt the kind of

in the of US 10-year

thing that is talked about at
treasurys whilst yellow arcocktail parties at the Marriner 


^W- S. Eccles building, but the rise

in US government bond prices 
&

just happened to coincide with W


This must have been bafa sudden rise in the worlds un- 

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derstanding of two things...
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were through the DepresE
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02SEPTEMBER2012

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materially higher than at the beginning of QE1,
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 as
Bernanke had been 

THINGS THAT MAKE YOU GO

Hmmm...

9.

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fear was that of missing out and there had nev
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there?

What must have been going through the mind


of Ben Bernanke?
Here was a man who knew what he
needed to do to 
and yet all he seemed to have done was to get

US unemployment was stubbornly refusing to

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in bond markets with the US able to borrow
money all the way out to 7 years before having
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SOURCE: BLOOMBERG

02SEPTEMBER2012

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THINGS THAT MAKE YOU GO

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QE3 IS coming
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but soon and when it does,

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the ECB, the BoE and
the PBOC with the
BoJ tagging along

why not? Not

02SEPTEMBER2012

10.

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get its head out
of its a**

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THINGS THAT MAKE YOU GO

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11.

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Gold

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OK.... so a 
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Normally that talk alone would have been



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fear of falling that all of us are born with? Well,

want of trying and in the next few months they
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Jon Stewart
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tell me whose idea of a joke it was to make the


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Until next time...

SOURCE: BLOOMBERG

02SEPTEMBER2012

11

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