Kick it off. Sarcasm ahoy.
The G-7 is getting worried about Japan's devaluation experiment, though not in so many words. They were the ones egging Japan on and now they feel guilty. Great. Central bankers play games with our livelihoods and only think about the consequences after they really get going.
Worry isn't the G-7's only job. They also want bank rules that allow for swift resolution of bad banks before they melt down everything. The Cyprus dry run worked and the US/UK joint plan will now go global. The idea is pretty close to what I and others advocated in 2008. The policy elites should give credit where it is due.
Mexico's financial reform plan is winning plaudits. I wonder if this plan is a bunch of eyewash like our own Dodd-Frank regime. Transparency rules are nice but expanding credit is not a cure-all. We learned that north of the border. Expanding small business credit means more Mexicans can open Taco Bell franchises instead of fighting drug gangs.
IPOs are through the roof again. I've noticed lots of market high-water marks in recent weeks. Margin debt is back. Junk bonds are at record valuations and volumes. Now companies are grabbing IPO cash while they can. I shake my head at the suckers who think this can go on forever. No one wants to be the last one circling the chairs when the music stops but I'm already out the door.
Mickey still has no clue, nor do his apologists.
