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That's a central banker's job--just as the party seems to have reached a nice "high" and beckons "higher." To keep serving drinks sets the stage for a higher high maybe, but also a nastier hangover. That's boom and bust.

Joe the Bat guides readers to expect 100% to 1000% percent returns, if I read the link he cites correctly. That's the sort of "irrational exhuberance" that AG has been making noise about for several years. He was backed against the wall of a liquidity crisis during the Asian meltdown and the Russian crash. So the party ran longer than he would have liked and the hangover is turning out to be nastier than it would have been had he taken the punch bowl away a little earlier. That's all part of the long pull. There will be parties again for better or for worse.

To make sense of the current Japanese market mess, debt bomb, etc., it helps to look not at the Fed, but at what the Japanese have done and not done. But I don't see much in the way of specifics presented by those who are pushing the doomsday scenario.

Put documented and verifiable claims on the table and we can all have a look. Proclamations of doom don't help anyone make sense of anything.


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