This should be our generation’s Pecora commission-like epiphany bringing the outrageous policies and procedures of the Fed and the large banks into the broad light of public view. It is long past time to admit truth and break up the ‘Vampire squids’. What more will it take?
Listen to the audio link of the report here.
Also see Michael Lewis’s article today for some important background: The Secret Goldman Sachs Tapes
Danielle will be appearing at the Canadian Investor Conference in Toronto on Thursday September 25 doing some media interviews and a World Outlook panel discussion with Grant Williams and John Kaiser at 4:30pm. The event will be held at the Sheraton Centre, Toronto on Queen Street.
You can register to attend or learn more about the event here on the conference website.
The Canadian, Aussie and Japanese export currencies all peaked with the 2009 economic rebound in 2011. Currency markets are the largest and most liquid asset markets in the world. Notwithstanding concentrated attempts by large banks and other players, they are least amenable to the control of any one interest group–the closest to the ideal of perfect competition. Despite a mammoth price-pumping confidence (con) game by companies and bankers around the world in the relatively smaller risk markets since 2011 (stocks and high yield debt), export currencies have been moving lower, reflecting the truth about this economic cycle: the recovery coming out of the 2008 recession was short and shallow and ended in 2011. The contraction phase is back, and ‘growth’ assets are so far, wildly over-priced.
Cory’s Chart Corner
