Responses to economic peril not grounded in reality
Commentary: Central banks can't make debt disappearBy Lou Barnes, Friday, August 3, 2012.
This bizarre time resembles a sci-fi epic involving three alternate universes -- one real and two political -- at each change of scene each universe moving more distant from the others.
Reality first. Today's reported 163,000-job net gain in July has surprised markets expecting more bad news, and thus triggered a short-covering rally in stocks and a dumping of safety-bought bonds, with market moves magnified by thin attendance during vacation season.
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