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Fed can't stop easy money if Bank of Japan and ECB won't, Pento says
5:18p ET Saturday, November 16, 2013
Dear Friend of GATA and Gold:
Market analyst Michael Pento, in commentary posted today by King World News, elaborates on the point made by GoldMoney research director Alasdair Macleod in his commentary this week (http://www.gata.org/node/13252) -- that the major central banks are forced to coordinate their interest-rate policies.
Pento writes: "If Janet Yellen were to start tapering the Fed's quantitative easing program while the Bank of Japan and European Central Bank kept their monetary policies intact, the dollar would soar. This would cause the new chairman to panic about deflation (deflation is public enemy No. 1, according to this new era of Keynesian central bankers) while the stock market crumbled due to downward pressure on earnings from U.S.-based multinational corporations. Of course the chances of getting the Fed, Bank of Japan, and European Central Bank to agree on tightening monetary policy in the near future are about the same as their target rate on interest rates -- zero."
Pento's commentary is posted at the King World News Internet site here:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/11/16_T...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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