Jill is back this week with some comments about recent developments in finance-land. She calls out Bernanke, Buffett and Lagarde – with their manic-depressive personalities clashing with doing the right thing. I particularly like how she tells us how this group creates some anxiety, which is never a good answer for markets. Enjoy!
There’s no alternative, this week we have to comment upon Ben Bernanke’s speech to the Jackson Hole assemblage of the great and the good, even though he was, as we expected, careful to avoid saying anything. In fact, such is the extent to which the man has left the confines of this planet that he may really believe that his comments represented a valuable contribution towards the solution of global economic problems. For instance, he strongly recommended that Europe’s leaders should take all necessary and appropriate measures – why hadn’t they thought of that? For some reason, even though they have seen their path ahead lit up so clearly by this pearl of wisdom, the present weekend turns out to be one of the few in recent memory which has not featured an emergency meeting of the Old Continent’s senior politicians and bankers. Perhaps they recognize that they need more time to digest the full depth of his advice.
There is certainly no doubt, because he said it several times, that the current travails may be laid at the door of the Eurozone, and…cont’d