Ascoltate bene cosa dice Marc Faber.
Sono d’accordo con lui soprattutto quando afferma che se l’S&P500 tornasse a quota 800 Helicopter Ben inonderebbe il mondo di liquidità ancora di più, usando l’opzione nucleare (Buy stocks direttamente dagli exchanges).
Ma cosa accadrebbe in questo caso ai Treasury Bonds ?
Attualmente la liquidità presente – quella che non serve a sostenere i mercati – sta finendo direttamente nel Gold.
Ma come afferma lo stesso Faber :
[…]There will come such a time in the near future, when the flight from risk assets, engineered by the Fed, will become as pervasive as today’s dollar carry trade.
Ultimately the Fed is more interested in low rates than 100x+ P/E’s (one hopes, or else a gaggle of retarded monkeys can do Bernanke et al’s job better).
And with Treasury QE done, and MBS being gamed to the point where the FRBNY is doing all it can to obfuscate just what is really going on in that particular market, one can be sure that Bernanke will be all too happy to sacrifice equities at the bond altar.
Faber su gold e T-bonds
After all, as conventional wisdom will have you know, bonds are about 10x bigger than equities.
With the upper class already reaping the benefits of a stock market bubble (and likely having long taken profits), at this point it is merely those who are truly gluttons for punishment (and/or the Fed itself) that are buying into stocks.
Thus even the liquidity glut may have trouble making headway from this point on : if the Fed is faced with the S&P and Gold both at 2,000, you can be sure stocks will be sacrificed post haste. […]
Non ci resta che aspettare le prossime settimane per capire quello che succederà.
