Dan...
As always, a good analysis by Roach, but I must quibble with one aspect of his views. Greenspan is intentionally creating the asset bubble(s) as the only way to escape an almost certain deflationary scenario that faced him a little over a year ago. While he is fully cognizant of the risks of doing so, he is equally aware of the certainty of the deflationary economic collapse had he not embarked on the Greenspan Gambit. Greenspan apparently is willing to fight the current battle and when the ever increasing asset bubbles do burst, he (or his successor) will then fight that battle.
As I have often noted, I do not think he will ultimately be successful in the Gambit, but to date he has already been more successful than I would have ever thought. Nonetheless, I continue to believe it will all end quite badly, to the detriment of our national economy and way of life.
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