“What it introduces is the problem of the currency to the extent that the Fed is buying what isn’t desired by foreign holders,” said Bill Gross, co-chief investment officer of Pacific Investment Management Co., in an interview on Bloomberg Television on March 19. “The Fed can keep interest rates where they want to keep them, at least for a 6- to 12- to 18-month period of time, but it will have consequences down the road.”
Plus, that 1985 low point was a coordinated international strategy.
This ain’t.
And — chutzpah alert:
TARP beneficiaries Goldman Sachs and Citigroup are telling people to buy euros.
Brad DeLong has an interesting idea: Why doesn’t Bernanke buy undervalued private bonds instead?
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