Back in August I wrote a post “Don’t play the blinking game with Bernanke“. I will not repeat its content once more, I will just add another chapter.

Bernanke definitely won in the blinking game this year. ECB just pumped a half trillion dollars, while Bernanke pumped just $9 billion yesterday and drained back $5 billion today. So in the global credit pump job Europe is doing 99% of the dilution. And the Dollar is definitely bullish against the Euro.

All the moral hazard and all the inflation is done by ECB, so much for decoupling