Talk about a collosal waste of money...
Some of the more industrious among us might want to tally up the total sum of money used to shove the Yen lower on the foreign exchange markets by the Bank of Japan as well as the ECB and the Fed. As stated many times, intervention can NEVER reverse a market trend; it can only postpone it.
As a point of reference, the continued strength in the Yen is tending to keep Yen-gold on the defensive, in contrast to gold priced in terms of most of the other world major currencies.
"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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