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Interest rate promise intact howard
I will never understand how the current financial situation can be reversed. The U.S. is being forced to balance against its fiscal cliff. The government faces massive budget deficits, and it cannot continue to be borrowing money at this rate. How could we be so sure that the economy would recover again?
A good example is the credit crunch of 2008. At that time the credit-rating agencies predicted a "great credit crunch" in China. But instead, they did extremely well, and credit default swaps soared. China had just turned into a debtor nation. In the past two years we've seen credit default swaps skyrocket as well. And the Fed's commitment to zero interest rate policy is only a fraction of the total amount of money that China needs to be able to meet all its obligations.
For all these reasons, it would be a mistake to expect that an easy fix will come about this time. All the big banks will likely agree to the "hardening of the screws" and it may be several years before they fully realize that. But one thing we know about the banks is that they will take whatever happens as they're informed that "the risk will diminish." This, of course, means that they'll be happy to lend more money to China at high interest rates, knowing they'd have to pay back whatever they borrowed, knowing that their credit-worthiness is at risk.
For now, though, the world seems to be in uncharted territory, so let's enjoy the ride.
The best part: as this post shows, the only way for the markets to survive a collapse is to ignore the central banks' announcements at this time.
Let's do it!
If you enjoyed this post, you can subscribe to my free e-book "The Bubble, The Crash, & The Crash Course on Financial Engineering - Volume 2 - the Federal Reserve & the Mainstream Financial Industry" for more in-depth insights and solutions to today's economic concerns.
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Kerry also warned of a serious threat posed by Islamist militants trying to establish a base in Somalia to mount an attack on the West African nation.
'There are indications that extremist groups who have planned some of the worst attacks in the region are using the vast oil reserves to raise funds. We are working with the African Union and others to prevent that from happening,' he said, suggesting a move against crude from Iran.
The White House and Pentagon have launched a broad counter-terrorism strategy that will include drone strikes against suspected terrorists in Yemen and Somalia.
U.S. officials are looking at new technology for using remotely piloted aircraft to destroy explosive devices, according to officials briefed on the proposal.
The Pentagon plans to use a Predator, a heavily armed drone that has been used to target militants in Somalia, to target Islamic State extremists within the region, the officials said.
Obama said it was a smart strategy that would have'significant implications' for the international fight against extremists in Yemen, which he described as 'the world's largest security threat.'
'These actions will create a stronger, more resilient and resilient Yemeni leadership that has the resources and the will to challenge al Qaeda's attempts to seize the country from Yemenis,' he added.
The White House last month said President Obama would seek to take military action against Islamic State in Syria at a meeting with the top U.S. commander in the country on Tuesday.
At the time, White House spokesman Josh Earnest said Obama wanted to begin the new phase of his strategy on air strikes.
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