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Of apocalyptic note, the fiat money system died, as the age of the Milton Friedman free to choose floating currency regime and liberalism came to an end December 21, 2012, as republics of carry trade investing fell lower from a seven month banking, debt and currency carry trade rally, introducing the diktat money system and the regime of regionalism and authoritarianism.
Anticipation of QE 4 quicked Inflationism in the last seven months, driving the World Banks, IXG, higher, which supported a risk on momentum trade in World Stocks, VT, VSS, VTI, EEM, VGK, EPP. Bank leaders over the last six months have been UBS, HDB, IBN, DB, SAN, WBK, RBS, LYG, BCS, C, BAC.
It is reasonable to expect that Argentina, ARGT, Banks, GGAL, BFR, BMA, and BBVA, will sell off quickly from their recent rally, as well as Puerto Rico Bank, BPOP, causing as sharp drop in the Emerging Market Financials, EMFN. And it is reasonable to expect that the Japanese Banks NMR, MTU, SMFG, and MFG, will sell off quickly from this week’s rally. The rise in the Japanese Banks, came as Toru Fujioka and Masahiro Hidaka of Bloomberg report, The Bank of Japan expanded its asset-purchase program for the third time in four months, and will reconsider its objectives for inflation as incoming Prime Minister Shinzo Abe urges more action to end price declines. The central bank increased the asset-purchase fund to 76 trillion yen ($906bn) from 66 trillion yen. Abe, whose party swept to victory in this week’s election, will have a chance to reshape the BOJ early next year when the terms of Governor Masaaki Shirakawa and his two deputies expire. He’s pressing for a 2% inflation target, compared with an existing 1% goal.
Destructionism is underway as the dynamos of corporate profit and global growth that supported the Milton Friedman Banker Regime are winding down on the exhaustion of the world central banks monetary authority.
Doug Noland communicates in article Recalling John Law, that Destructionism is the outcome of the fiat money system by providing these quotes:
“There are good reasons to think that the nature of money is not yet rightly understood.” John Law, 1720, with the collapse of the Mississippi Bubble.
“There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.” John Maynard Keynes, 1920.
“Since the time when President Richard Nixon broke the final tenuous link between the dollar and gold in 1971, no major currency, for the first time in history, has any connection to a commodity. Every currency is now a fiat currency.” Milton Friedman, 1991.
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