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07-11-2007
Dollar vs oil, a perfect inverse correlation
| Central banks still seem pretty reluctant to coordinate intervention on foreign exchange markets that would be badly needed, each day unwisely contributing to ever higher prices in Commodities that is only marginally justified by an increase in demand. Gold at 825 dollars an ounce is only reasonable if one depicts a scenario of satgflation such as the one that prompted Volcker to an unprecedented hike of us rates back in the seventies. It is not by keep lowering interest rates that Fed will manage to bail out badly managed banks. Never in modern history institutions have been so irresponsible in dealing with real economy, never so dependent on the interests of financial institutions. |