From zerohedge.com comments section. Seemingly very spot on commentary:
My comment below is direct to the both of you and to any others who are looking forward to some kind of dollar debasement via QE X.0:
There isn’t anyone at the (nominal) helm who didn’t understood from the very git-go that the only possible way out was a resumption of organic credit growth. All the fraud, lies, deceit, corruption and violation of centuries old jurisprudence were justified (at least in their minds) by national security concerns.
The power-elite have always know that there was a black whole comprised of many different elements, one of which being title insurance, related to challenges in re-securitizing the ponzi. More importantly, they knew that they had at most two years in which to blow another bubble, anywhere/any kind, to get the herd moving once again in a speculative fashion.
If they had succeeded, there ain’t a person alive (except for chronic complainers who are never happy) who would be bothering about “ancient” history while desperately trying to get in on the new party happenings.
QE was never meant to actually monetize anything. It was only part of a coordinated attempt, combined with control of mass media, expert triggering of key emotional drivers (eg optimism), appeals to authority/leadership, you name it, the whole gamut, aimed at manipulating overall general market psychology.
Their two years is now up – they have failed. What we are seeing now is the roll-over. Events are going to start accelerating faster as we appear to be a tad late with our appointment with destiny.
Just to re-iterate:
- No one is going to get a free house. Live for free? Sure; it many take years, but eventually all of these mortgages will be rolled back to the point where clean title can be (re)established. Effect of the slow down in the r/e marketplace & overall economy – disasterous.
- QE – Ain’t gonna happen. The American people are now awake and are not going to stand around with puds in hand while the dollar and their remaining (if any) collective savings are evaporated. There’s a lot of moaning about passive sheep, but humans are volatile creatures – look out when the mob begins moving in force.
- There will be no more bailouts, there will be no real QE (other than small scale targeted manipulation eg POMO). Rather, we are going to enter a new period of staggered defaults, first on unfunded mandates, then onto entitlements, and then eventually debt instruments.
This ride is only just starting. Please note that today, right now, are the good old days.