dajmo se malo...

Macquarie analysts have likened the bizarre and inherently contradictory moves in markets to a "twilight zone" which is leading investors to a world where free-market economic thinking will be overtaken by the "nationalisation of credit" and state-sponsored growth.

Monetary policy is beating a path to a world where conventional market signals such as credit spreads and the price of risk will "finally perish" and be unseated by one where states are the drivers of credit, and spending and capital formation is the domain of central banks.

"It would take the form of state-sponsored stimulation of consumption, investment, [research and development] and rescuing what essentially is a bankrupt financial superstructure (ie banks, insurance, life and pensions)," the Macquarie report, authored by Hong Kong-based analyst Viktor Shvets, said. "Whilst similar to FDR's New Deal, it would be a far more distorted world than either the 1930s or the 1960s-70s, with brand new investment signals."

The unusual commentary from Macquarie says this "state driven paradise" will be brought on by ongoing high levels of volatility and "discontinuities" similar to what markets are grappling with today.

"We don't believe these conditions are yet satisfied, but the chances are high that they would be over the next 12-18 months. In the meantime, we still expect half-hearted 'stop and go projects'. Japan is likely to be the first to 'jump' and wholeheartedly embrace this merger of fiscal, income support and monetary policies but others would eventually follow. It is just a matter of time."

Read more: www.afr.com/markets/...713-gq4ilb

kot ze veckrat omenjeno, the second coming of marx & keynes

macquarie ni neka obskurna zadeva, temvec recimo temu avstralski goldman sachs.