As BOJ Holdings Surpass ¥100 Trillion, It Gets An Ultimatum: "Stop Being Independent Or Lose Your Independence"
December 23, 2012 - 12:22pm
2013, which is still a week away, is already off to a 'crazy pills' bang. Because while the bulk of the politipunditry is shocked, shocked, that it was dead wrong about the Cliff outcome which is now set to ram the country front and center on January 1, the most amusement appears to be emanating from the land of the rising sun, where the brand new PM just issued an ultimatum to the central bank, which can be summarized as follows: stop being independent, or we will change the laws and take away your independence. This is merely the latest attempt by a government - which obviously knows better than the collective known as the market (or was the market before central-banks decided to make a mockery of the term) to define both fiscal and monetary policy, the way Goldman Sachs has been able to do for decades in the US, Europe, and now UK. What, however, guarantees the fun factor this time ...
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