The immediate matter at hand is the post-Slummers frontrunner being groomed to replace Confetti, Janet Yellen, and why her. This need somehow make sense of why Helicopter Ben is being put out to pasture.
To be honest I am still having trouble fathoming how Yellen will be sold to the Senate when by all appearances she embraces thinking widely believed even more reckless than Confetti's. This defies the president's attack on the endless cycle of "boom and bust," as well as the bi-partisan knifing of the Fed Caesar a few months bank. That's why we simply must suppose the dead man walking might not even make it to the end of his term. A bloody crisis might be required to get Yellen in.
With Yellen we would have but a virgin policy for which sophistry rationalizing an even more destructive variety of Confetti's fascism could be sold to naive, trusting souls who still do not see how the Federal Reserve since August 15, 1971 has become orders of magnitude more deadly than al Qaeda. She appears amply qualified to be the lever by which the hyperinflatinary blowout of the United States a la Wiemar Germany 1923 could be achieved. Yet it's not like there aren't dozens of Confetti clones out there equally qualified to destroy the United States specifically and the nation state more generally in a flood of liquidity. Why so obvious a counter-intuitive choice as Yellen when Confetti has become so widely perceived a disease?
Then, too, what to make of all the arrangements that have been made throughout the trans-Atlantic facilitating grand theft bail-in? This question is particularly relevant given that we certainly are not alone perceiving our position is at the threshold of hyperinflationary blowout. This risk in fact is rather widely known. Must we for the moment, then, simply suppose a deception continues being manufactured, one whose end remains unclear, particularly as regards mechanics that might come into play between now and January?
That Confetti is a dead man walking remains certain. Also worth remembering is that during his Senate confirmation for a second term a record setting dissent was registered. So, any Confetti clone might find the Senate tough sailing yet again, particularly were tumultuous markets buffeting the nominee's confirmation hearings. Indeed, Senate rejection of the nominee could accelerate a nascent market rout and put us on course for the most rapid consolidation of physical and financial assets ever, this via bail-in. The prospect of a hyperinflationary bailout driven market setback now is raised by intentions indicated the other day by the central bank of Venice [on the Thames], suggesting QE there no longer is needed—evidently Her Royal Bankruptcy's subjects are better starved of any urge to stage a republican revolution—and actions taken today by India's central bank. Conditions necessary to discredit the Confetti zoo of monetarist monkeys evidently are being cultivated in fact.
Notwithstanding today's witching hour we see quite the bump in volume of shares exchanged on the NYSE these past couple days. Let's suppose this is meaningful confirmation a deeper setback could be in store between now and the end of October at the very least. While technical measures have reached absolute, positive extremes from which their reversal seems likely, many as well are registering negative divergences coincident with the market's advance to new highs, post-March 2009 bottom, so there's a very good case for supposing a sizable pullback is in order here.
Whether the ultimate top to the market's advance off late-August bottom was reached Wednesday when Confetti said "Psych!" still is uncertain, though. With regards to relative strength (top panel) and momentum (bottom) the market's present state could be like that mid-May, and so we might not see any success maintaining the market's buoyancy, such as could lift major indexes to nominal new highs. The odds of failure, as such, appear heightened in fact, given three central bank surprises this week.
At any rate these next few months appear all the more likely to see heightened volatility, which condition has been on our radar for some weeks now. We'll be keeping an eye on Team Fraud's paid actors in the U.S. Senate for a better sense of sentiment toward the president's Fed chair nominee to replace Capo Confetti. Already there are reports of the White House making inquiries with Senate staff gauging their task of sellin' Yellen. Or are they just developing the language for scripting her rejection? We're probably the only observers asking this question to be sure. So many vulnerabilities, so little credible effort to sufficiently address these. A lot could happen, while Venice on the Thames and her satellites appear to be making sure it does.
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