Risk On, Risk Off and the Spanish/Chinese Tug of War
“…[T]he entire notion of the overwhelming benefits associated with central bank liquidity buying time for structural reform comes with a serious flaw: intervention ensures the marketplace an extended period to (relatively inexpensively) hedge risk exposures and speculate on particular outcomes…I worry when markets so confidently presume that policymakers can avert so-called ‘tail risk.’” [...]
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