Epstein Secrets

for normalcy among individual investors, money managers, CEOs, corporate treasurers, pension funds, regulators, etc. Through massive money creation, Central Banks have provided the veneer of normalcy which has allowed the private sector to get moving again in the US, or at least in the case of Europe, to stop

ank. • PMIdata are index levet Housingprice to income. cementpiodudion and steel productional.° as of Dec.2011. All theother dataareas of Feb.2012. Michael Cembalest Chief Investment Officer "What a dirrenee a day makes", Dinah Washington, 1959, Mercury Records "Banks Deleveraging and Real Estate", Morgan Stanl

s sire. 1987 except for8razil.China (1995). 2.3 2 8 Zerophilia and your family spending The term zerophilia is how we describe the inclination by Central Banks to rely on quasi-zero interest rates as a means of reinvigorating both financial markets and private sector demand. Fed logic: impairing the real va

ty. To be clear, zero policy rates forever is not our base case, but increasingly, reality is not looking like anyone's prior vision of the future. Michael Cembalest Chief Investment Officer Municipal bonds, cash and 60 Minutes Total return index,12/19/2010= 100 107 106 105 104 103 102 101 100 99 Sep-

for normalcy among individual investors, money managers, CEOs, corporate treasurers, pension funds, regulators, etc. Through massive money creation, Central Banks have provided the veneer of normalcy which has allowed the private sector to get moving again in the US, or at least in the case of Europe, to stop d

* PMI data areindexlevel. Housingprice toincome, cement production and steel productionare as of Dec. 2011. All the other data are as of Feb. 2012. Michael Cembalest Chief Investment Officer “What a diffrence a day makes’, Dinah Washington, 1959, Mercury Records “Banks Deleveraging and Real Estate”, Morgan Stanle