Tokyo investors to keep eye on Fed chief's speech this week

Tokyo investors to keep eye on Fed chief's speech this week

I'm sure they will, because they know who's really running the world economy.

Since when is America running anything except running up its debt?

jeff198527

From another post of mine, but it's related to your question.

Mike Whitney:

So the Obama administration is going to do whatever it thinks is necessary to stop further EU-Russia economic integration and to preserve the petrodollar system. That system originated in 1974 when President Richard Nixon persuaded OPEC members to denominate their oil exclusively in dollars, and to recycle their surplus oil proceeds into U.S. Treasuries. The arrangement turned out to be a huge windfall for the US, which rakes in more than $1 billion per day via the process. This, in turn, allows the US to over-consume and run hefty deficits. Other nations must stockpile dollars to purchase the energy that runs their machinery, heats their homes and fuels their vehicles. Meanwhile, the US can breezily exchange paper currency, which it can print at no-expense to itself, for valuable imported goods that cost dearly in terms of labor and materials. These dollars then go into purchasing oil or natural gas, the profits of which are then recycled back into USTs or other dollar-denominated assets such as U.S. stocks, bonds, real estate, or ETFs. This is the virtuous circle that keeps the US in the top spot.

This petrodollar allows the US to "run up it's debt" as you say. Like a mother protecting its young, the US and the Fed will protect this economic system, and Japan is a major player as Bernanke had convinced Abe and the BOJ to pump up this Keynesian idiocy.

http://en.wikipedia.org/wiki/Keynesian_economics#mediaviewer/File:Gdpercapita.PNG

So basically, Yellin will mutter a slew of incomprehensible and likely contradictory phrases filled with euphemisms but lacking real substance.

To translate in advance, "The floggings will continue until morale improves." Gary North will have an accurate translation of Yellin's rambling nonsense shortly after.