“we are not at war with ISIS or Russia, but the ECB.” Beppe Grillo

By Andrew Hoffman: Major, major tremors in the global financial system; and ironically,
the epicenter of the “Big One” may well be Switzerland. This tiny
nation, most famous for its neutrality, is on the front line of the “Gold Wars”; and as we wrote in yesterday’s “call to the Swiss,”
its eight million people have the opportunity to slay the evil banking
Empire with just four million or so votes. Then again, the best things
often come in small packages; and the worst, too, like, Cyprus – a
nation of just one million, which itself caused momentous shock waves.
Heck, the lowly Florida Marlins, owned by Darth Vader’s sports world
equivalent Jeffrey Loria, are about to pay Giancarlo Stanton – following
one fantastic season – $325 million permanently shattering the cost
structure of professional sports to the detriment of millions of
unsuspecting fans. I’ll get to the “most prescient statement ever made”
momentarily”; but beforehand, want to discuss why my initially planned
title was “you can’t make this stuff up” – featuring, in our mind, the
“peak hubris” of this, the final chapter of history’s greatest “emperor
has no clothes” story.
In doing so, I must start with the ramblings of St. Louis Fed
President James Bullard, who yesterday reversed his stance on delaying
QE, following the past month’s historic PPT market goosing – in doing so, telling us all we need to know of the Fed’s true mandate. That is the explanation
of his change of heart is what makes this “foolishness moment” so
poignant – in citing “higher inflation expectations” over the past
month.
Higher inflation expectations? Really?