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Author: Doug Noland

Doug Noland’s Credit Bubble Bulletin: Putin & The Vigilantes

The main focus for the week was on a slew of central bank tightening measures. But Putin’s speech marked an alarming ratcheting up of geopolitical risk. It essentially guarantees months of Putin hardball and associated uncertainty.

And it’s unclear whether the Fed, ECB, or other central banks are prepared to abruptly shift course and orchestrate another concerted QE program to re-liquify liquidity-challenged global markets. And this is a huge issue. The world could now be in the early stage of history’s greatest globalized de-risking/deleveraging cycle – and a global central bank liquidity backstop is not a policy focus.

Doug Noland’s Credit Bubble Bulletin: Powell Must Clean Up Greenspan and Bernanke’s Mess

At critical junctures, Greenspan and Bernanke consistently veered toward looser and ever more precarious policy courses. Their monstrous egos put our nation’s wellbeing in jeopardy. When circumstances turned tough, they would resort to BS justification for only more outrageous monetary accommodation. Greenspan and Bernanke were both dangerous ideologues and inflationists that handed the keys to our nation’s future to Wall Street.