The Ultimate QE is the Fed’s Coming Purchase of Real Assets

I was having an exchange with a bunch of market watchers about Stephen Roach's comments to Tom Keene on QE. I agree with Roach that as QE represents ‘what got us into the mess’ it is unlikely to be the magic elixir to get us out. Printing money is not the road to prosperity; it can only ever be a temporary liquidity provision until either more income and cash flow are found or until debt is written down to sustainable levels.

Here are some thoughts on what may eventually be the ultimate QE i....

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