The Only Winning Move Is Not to Play

Powell wants to raise rates but has to make sure the banking system that Danny and I knew a little something about is copacetic before he can do it. As a result, we sort of have to create a significant amount of band-aids which we're seeing over the past few days. The ECB raises 50 basis points because credit Swiss got the lifeline from the Swiss bank. They also basically did not give a forecast on what they were doing. So now we have global QE coordination again going on.

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