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January 25, 2012

Concrete Boots

The FOMC delivered right on cue. About eight months ago... not long before the end of the Fed's second counterfeiting operation... most people were anticipating a QE3 program to quickly follow QE2. Because commodities were due to sink into a 2.5-year cycle low sometime in late 2011... a process which usually spans about 6 months... my opinion was that the Fed would ...

 

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