Remember my post back date July 26 regarding the Yen? Would like to see the 115 breakout area hold which should bode for much higher prices. Yen carry trade unwind, de-risk, de-lever call it what you want continues.
Under the file of you just can't make this stuff up. I happened to catch a blurb on CNBC's Fast Money yesterday in which one of the resident pundits Steve Cortes had this gem;
"I think that the Fed chairman needs to start speaking more positively about the economy, otherwise, he's actually reinforcing the very deflation he's trying to prevent, because it creates such retrenchment."
The show's host Melissa Lee responded with a supriseingly, un-CNBC line of
"Yeah, but If he's not positive about the economy, why should he speak positively about the economy?"
Mr. Cortes, unsatisfied with simply being a member of the Simon Hobbes 'Keeping Up Appearances Club" and obviously not content with sticking one shoe in his mouth, felt compelled to insert the other by saying this,
"Because he wants prices to rise, it can be self-reinforcing. In other words, if he constantly talks doom and gloom ... we can actually be caught in a Japan-style deflationary trap that we otherwise might not be in. And the Fed's starting to debate this."
Hey Steve Cortes, I have an idea... why not click your heels 3 times and think to yourself there's no place like home, there's no place like home.
Pundit on CNBC people. Yet another example of the purported 'smart money'. Sorry Steve, unless of course its simply your book and your bonus talking.
Good speculating to you all and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".
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