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

.2 • •0.3 -Ti MSCI World • 1,175 - 1,075 - 975 •0.4 • •0.5 - Index • 875 •0.6 • - 775 675 •0.7 2008 2009 2010 2011 Source: Citigrotp, Bloomberg. 2012 Unfortunately, the ECB can't create jobs Employment percent change, O0O, saar 3% .3% 2005 2006 2007 2008 2009 2010 2011 Source: Eu

FX, PURE Equity/Mixed Shelfs: N/A Other Newspaper Articles & Stories WSJ WSJ< WSJ< mod=ITP_moneyandinvesting_0> WSJ< WSJ WSJ Heat Rises on Central Banks Spanish Economy Contracts More Sharply RBS Braces Itself for a Libor Deal U.S. and Germany Seek Renewed Effort In Crisis, a Rare Swede Spot Gree

plans to give the ESM a banking license to give it access to unlimited ECB funding are gaining support (although Germany still opposes). Headline on Bloomberg saying Merkel adviser Bofinger advocates ECB buying of government bonds getting some attention but note this is not a new opinion from Bofinger. So

G10 Central Banks are typically tightening. In the last Fed tightening cycle, all G10 Central Banks tightened. (ii) In addition, in this cycle many Central Banks are still leaning toward further accommodation, including not least in encouraging their own currency weakness. The US is one of the few countries

90, Euro area and US Q4-07 Vertical lines indicate the peaks in easing for long term real rates Source: Deutsche Bank Research, Haver Analytics LP, Bloomberg EFTA01476084 Finance LP, ECB, Federal Reserve, Bank of Japan, Eurostat, BEA, CAO Similarly, the output gap has mirrored the dynamics of credit,