From the heavens they came, dropping free moneys on all of those who are still allowed to trade the futures. Our holiday greetings and many thanks go out to “Heli-Ben” and his global air force of Japanese B-52 cash money bombers. Ben, you have inspired us all to take this baby right back up to 10,000 feet again. Never mind the naysayers calling ole Greenspan the “Grinch”… let’s deck the halls with 0.01% three-month US Treasury rates and “Re-flate” some of them Bushy bubbles!
All the while, lumps of cost of capital coal have seemingly found their way to Russia and Pakistan. Both were forced to actually raise rates in recent weeks. This has been horrible for Russian equity investors, and a non-event for the folks in Karachi, where they just keep the stock market closed, rather than get “stoned” by their populous.