A simple question

If this


led to this,


how could regulators allow this if they were actually serious about stopping fraudulent behaviour?
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Anonymous
admin
November 14, 2014 at 7:45 AM ×

"if they were actually serious about stopping fraudulent behaviour?"

Is this a trick question?

-Whammer

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Polemic
admin
November 14, 2014 at 8:31 AM ×

No no no you must understand the difference. 'Secure'only nicked a billion quid from innocent investors. They at no time manipulated the FX market so their behaviour is perfectly acceptable.

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Anonymous
admin
November 14, 2014 at 9:07 AM ×

Whammer, it was a trick question, you bet?
If anyone noticed it was backdated and set up by the bottom bitch of the Central Bank. Do your research.

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Polemic
admin
November 14, 2014 at 9:38 AM ×

And while we are talking a about the Damn Fine culture we are living in then stick this in your pipe and smoke it .. UK fine British American Tobacco for selling lots of cigarettes to Belgium because people might smuggle them back to the UK..
http://www.bbc.co.uk/news/business-30038328

Why not fine UK car manufacturers for supplying cars to France because people may drive them back?

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Anonymous
admin
November 14, 2014 at 9:42 AM ×

The minutes from the central bankers has been nothing but a case of fraud thats had an underlying boost of liquitiy for months to maintain the fallacy of a committee that wouldnt be stupid enough to throw good money after bad. But what the committee didnt see is that some sectors of the market can behave as I would call it ...like " crazy pussy"..once in for a penny...in for a pound. The players taking part can never stay away from the trough for long in case of falling out of stride with the herd ...watch those docos when the younger one starts falling behind the pack...they begin to feel neglected and hungry and before you know it their sabataging the survival skills of the herd...it is of absolute importance to maintain some level of parturiency within the herd. Sorry about the grammer...its my fault

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Anonymous
admin
November 14, 2014 at 10:04 AM ×

Last but not least to the trapping warehouse in NYC liquidity central bank..PRO COCK TEASERS

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Anonymous
admin
November 14, 2014 at 10:56 AM ×

Sorry guys , thats not the last of it , this is the last of it. You what really keeps me up at night? Watching in slow motion the central banks bottom bitch progessively , and the give away was the backdated question, was already palming me off having aquired liquiditytraders to hedge any collapse in market confidence
..the making of a truly wonderful central bank bottom bitch if there ever was one...come on, do you really think it could have thought that far out alone?
This was well thought out as the taps kept opening wider the game escalated. The end result is me with hoof marks on my back as the herd trample over me to get to the liquidity trough. How that workout for ya!

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Anonymous
admin
November 14, 2014 at 11:50 AM ×

would be more interesting (probably?) in english....

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Anonymous
admin
November 14, 2014 at 11:53 AM ×

No. I rest my case your honor.

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Anonymous
admin
November 14, 2014 at 12:08 PM ×

Let sentence be passed, then (and it will be the most awful as):
You are condemned to copy all the works of Jane Austen by hand....

By the way, NDX price action still very reminiscent of Nov 99....the last domino which hasn't fallen yet : the Stoxx shorters...
Their blood will carry those indices to new highs;
considering this morning's stats, we might have a Dec surprise from the ECB;
Otherwise, if the staff in charge of studying unconventional measures is still asleep, it will be first week of Jan;
I hate to think about the next inflation stats with the rout in oil and , more generally, commodities.
Eur/ Y won't help either
Best

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Leftback
admin
November 14, 2014 at 12:29 PM ×

My simple question for the day:

Given DX 88 today and evidence of tumbling demand for oil and gasoline, how long before we see the first signs of shonky US economic data? For reasons we have discussed here the engine of the US economy (consumer =70%) remains very weak.

Next week sees a raft of US macro data, and signs of weakness there might find quite a few FX punters caught offside. If so are some of those year end performance chaser traders also going to get burned? We are back to the Impossible Trinity again, that can't last long. Liking US fixed income here, we see more signs of slow growth ahead.

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Macro Man
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November 14, 2014 at 12:37 PM ×

LB, if you think the decline in energy prices has much to do with a US demand issue, I have a bridge in Brooklyn to sell you.

If anything, the decline will be a boost to US households...I've just locked in a heating oil rate, for example, that will save me about $1200 from last year if we assume identical volume usage.

You think that sort of windfall won't help main street?

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Anonymous
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November 14, 2014 at 12:44 PM ×

@Lb : that would guaranty a return of the "bad news is good news" crowd;
As previously mentioned, I strongly advocate reading the costantino brescianti turroni book on post WWI germany; one thing which is striking: everyone was amazed that stocks kept going up through bad economic news and civil war in silesia (rings a bell?)
Best

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Leftback
admin
November 14, 2014 at 12:55 PM ×

That's all absolutely true, MM, as long as Main Street continues to have employment. Chinese demand and USD are the main reasons for energy price declines. Still, someone pointed out here this week that RBOB is falling even faster than wtic and that did make me wonder. Refiner stocks are also being sold now, and that reminds me of 2008 when everyone said at first they should be bought b/c of falling input costs.

The US economy is still fragile, and the very rapid rise in USD may well be already having some effects at the margin on the order books in a variety of industries, in addition to those involved in the oil patch.

Comparisons to 2008 are asinine, usually, but the USD spike and the fall in commodities and carnage in EM equities are three phenomena that are being repeated. A modest two quarter US economic slowdown wouldn't actually be the biggest shocker if you think about it. Most of the growth we have seen in the last few years has been generated by currency manipulation, anyway. 1937 isn't the worst analogue, you know.

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Anonymous
admin
November 14, 2014 at 12:57 PM ×

@ MM: 18.9 M barrels / day on which we save 20$ ,during a year ; that's a grand total of 138 Bln $ in a 17 Tln economy....
significant?

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Leftback
admin
November 14, 2014 at 1:17 PM ×

1937 was different in that the US changed tack in its fiscal policy rather than monetary policy, but the results aren't necessarily different. Rapid rises in the value of one's currency for whatever reason usually have a deflationary effect.

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Macro Man
admin
November 14, 2014 at 1:33 PM ×

Anon @ 12.57; insofar as that works out to roughly a 1% boost to personal consumption, the answer is 'yes.'

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Anonymous
admin
November 14, 2014 at 1:42 PM ×

Probably not totally insignificant, I won't disagree; still fixed investments and credit creation stats are the key for a late third stage ignition;
add a bit of M&A fever next year and some serious money flows into the US (same as after the 1997/1998 EM scare) and the cocktail will be ready for the rollercoaster of a lifetime

Best

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Macro Man
admin
November 14, 2014 at 1:45 PM ×

I would concur that you need credit expansion for animal spirits to truly return. By the same token, in the absence of a credit expansion (and consequent bust), calls for any sort of spectacular meltdown (it's 2007 again, innit!!!) look well wide of the mark.

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Anonymous
admin
November 14, 2014 at 2:10 PM ×

Acc to Citi, there’s been a metaphorical eruption in EURCHF turnover over the past hour on EBS. Now at 1.2014.

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Anonymous
admin
November 14, 2014 at 2:12 PM ×

Despite the end of QE, asset purchases are far from over. Over the next five years, the Fed will purchase $1.068 trillion in Treasuries.

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Anonymous
admin
November 14, 2014 at 2:20 PM ×

Import Price Index DOWN 1.8% YoY in Oct , Sept revised lower from NEGATIVE 0.9% to NEGATIVE 1.1%

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Nico
admin
November 14, 2014 at 2:26 PM ×

i spend every winter in Hawaii - there is a developing misery here that is striking amid such postcard backdrop

not even Hawaii can hold its head above the perfect water with the gabillions spent by tourists. Wealth distribution simply doesn't work

the US is a total disaster in infrastructures - for the same level of debt at least Spain, Uk France upped airports, top railways bridges and roads

you see US national debt level vs. the level of equipment here and think you're in Hungary at best, or Tunisia

to my knowledge noone has taken a nation-wide stance exposure decrying the hold up of the century in the US. Where the fuck is the voice of a generation

Jesse café américain is one of the best blogs out there (with you dude) and he does just that, decrying the pillage of American by its cronies and oligarchs, day after day

Amen
Aloha

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Anonymous
admin
November 14, 2014 at 2:49 PM ×

Nico G

It's all about the cost of unionized jobs and environmental regulations. This story on the 500 million dollar paint job of a bridge in New York and various regulations are a good example:

"City prevailing wage law dictates that painters using power tools on city public works projects earn $51.50 an hour, plus a "supplemental benefit rate" of $29.16 an hour. Time-and-a-half overtime kicks in after seven hour days, or on weekends."

http://www.nydailynews.com/opinion/500m-paint-job-bridge-brooklyn-bridge-cost-spruce-article-1.179265

Hard to imagine how much of that 500 million will simply disappear via fraud especially if a couple of ex Citi traders are steering the contracts.

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November 14, 2014 at 3:00 PM ×

@ LB at 1:17 PM

/DX rally has pretty much nothing to do with measured in/deflation in the US. As hard as it is to stomach now is the time to start or add to commodities positions for the time when M2 velocity does pick up.

See here: https://mikeashton.wordpress.com/2014/11/06/dollar-rally-does-not-demand-deflation-duh/

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Anonymous
admin
November 14, 2014 at 3:17 PM ×

I agree that SP needs a correction and USD is too damn high. But do we really need to repeat those dooming predictions in every post? The strong dollar and weak gasoline price will certainly help retails in this holiday season, while hurting export.

Profit margins at multinationals probably are still good given lower energy price more than offseting strong dollar.

My only question is how much of this low gas price is priced in the current levels of USD and SP? Judging from forex and sp movement right now, I would guess that not much room is left for price levels to catch on the 'good' future.



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Anonymous
admin
November 14, 2014 at 4:07 PM ×

It's quite hilarious...
Frankly how can you send some cash to Cyprus? He should be banned from being a doctor.

It makes me think of a greater version - quite common in Ivory Coast where I grew up...
The "bill multiplicator"... in french "un marabout multiplicateur de billet"... He washes the bills with a magic dark liquid and you get 10 times the initial bills. So usually the marabout does it with 50$ and puts 500$ of his own money, then the victim comes back one week later with 5000$... :-)
See http://news.abidjan.net/h/491516.htmlfor a recent case, but it is very very old stuff.

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Anonymous
admin
November 14, 2014 at 4:45 PM ×

Macrott, you can riddle me with bullets I'll never say yes to that. I fuckin choose who and what trade I go in. NO?

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abee crombie
admin
November 14, 2014 at 5:03 PM ×

Now I know why Bill Gross was so upset to leave... 260m. And I dont feel so bad for Mo either

Cah-Ching!

MM, have you considered Newport ;-)

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Mr. T
admin
November 14, 2014 at 5:40 PM ×

I don't think lower-oil-price-is-good math is as easy as people think. Lets use previous posters math of ~140B/yr in savings to the consumer. Assuming stable output of ~10million/day thats $70B/yr in reduced revenues for domestic production. Consider that E&P, like much of manufacturing jobs has a multiplier on sales through the entire economy, probably at least 2x and potentially as much as 4-5x (when you consider job creation, capex, community development, supporting roles etc). It does not take much to have net benefits of lower prices have a net negative effect on the economy.

Things might be different if increased retail was buying stuff locally sourced, but thats just not the world we live in. The multiplier on retail is going to be substantially lower than the multiplier on production.

The real question here is do these prices (or at what price) do the plans and projects for US E&P get reduced, and how much. If oil settles at $50, its probably a disaster for the industry. $80, my gut says its fine and the technology curve for shale will allow profitable adaptation, but future projects like TMS are likely out.

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Anonymous
admin
November 14, 2014 at 6:18 PM ×

Thanks bottom bitch.
You know how to set a market between players

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Anonymous
admin
November 14, 2014 at 6:19 PM ×

WAS TIZIONSIAustralia's biggest coal exporter #Glencore will suspend coal business for three weeks THUS STALLYGO

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Anonymous
admin
November 14, 2014 at 7:04 PM ×

Ladies and Gentlemen there will be no closing argument today due the state of amazement of stupidity witnessed among our commentors and you executioner of that very same stupidity.

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Leftback
admin
November 14, 2014 at 8:08 PM ×

@Marshall Jung.

Dead right, in fact. Already well loaded with commodity stocks, including EMs, and happy to accumulate more. Deflation/disinflation scares are always an outstanding opportunity to own real assets and the means of production at bargain prices.

Still, it is painful to watch DX creep higher. We threw in the towel on shorting IWM for the time being. One can fight the market at times, but not theta.

Btw, anons. LB is not a doom and gloom artist or a cheerleader, but simply reflects what he sees in middle income America, which isn't booming, or crashing, but stumbling along as best it can.

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theta
admin
November 14, 2014 at 10:24 PM ×

Quite sad story. The irony here is that this "company" was not regulated (obviously), so not within the remit of the FCA, the SEC etc, but the actions of the regulators (including, and especially the recent fines) seem to have the opposite of the desired effect (i.e. to restore confidence in the financial services industry).
For example I read in the article: "David Kane, a Houston oil industry technical support manager, says he found his way to Secure because he had stopped trusting bankers and brokers after the 2008 financial crisis. " !!!
Can you believe that? He doesn't trust (regulated) bankers and brokers, so he hands over his money to a non-regulated ponzi scheme. Now imagine the average Joe reading about the huge manipulation of the FX market by the big banks and thinking: "Hmm, I better not exchange my money for holiday money with the bank, they will rig the market and I will lose loads, I better go to the bloke down the street or to securefxrates.com".

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theta
admin
November 14, 2014 at 10:26 PM ×

That said, I can't believe the money is gone. They didn't transact in cash, but through banks. Yes, in remote countries, etc., but still within the international banking system. I'm sure the money can and will be traced and I hope the victims will get at least some rebate on the very steep tuition fees they paid.

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theta
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November 14, 2014 at 10:30 PM ×

"By the same token, in the absence of a credit expansion (and consequent bust), calls for any sort of spectacular meltdown (it's 2007 again, innit!!!) look well wide of the mark"

Do corporates' buybacks (especially funded with debt issuance) count for credit expansion? Arguably this accounts for a significant part of the last couple years' rally. Could we be in wave 5 already?

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Polemic
admin
November 14, 2014 at 11:27 PM ×

Back to mr t and oil. I agree that it is complex and those money multiplier arguments are well structured. But if we are thinking the function of good or bad for econ high or low oil prices then cant we just argue ad absurdum? ie would the economy be better off if oil was free or worse off.. and in reverses if it was billions a barrel? On top end substitution kicks but on the free oil side i really cant get my head around how a whole society if worse off if energy is free.. thats a utopian dream isnt it?

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Polemic
admin
November 14, 2014 at 11:30 PM ×

Ok.. MM.. this comment page now full ... new post please.. just a full stop will do. As i note post to comment word ratio is pretty impressive towards the commenters.. perhaps like a performance from a maestro you just come on take a bow.. walk off and the noise of applause and chatter from the cheap seats goes on for hours..

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Anonymous
admin
November 15, 2014 at 1:22 AM ×

@Polemic, I'm with you. In short run, free oil would cause some dislocation/disruption to the economy, no doubt. But in general, paying for energy is just a drag on the overall economy, and we'd be much better off if all our energy costs went to zero.

-Whammer

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Anonymous
admin
November 15, 2014 at 3:07 AM ×

After market analysis dictates that no fixed income is allowed back in the books, son believe me that realm is nothing but a jonah.

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Anonymous
admin
November 15, 2014 at 3:21 AM ×

Let me honest with the market and its family of technical etfs, I don't won't to get into a fight over which way the trend is going...but this one no one will win.

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Al
admin
November 15, 2014 at 12:18 PM ×

It is fairly obvious that 'they' set up this fraudulent website purely so there would be a clamour to regulate more, especially t'internet. ;-)

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Anonymous
admin
November 15, 2014 at 3:17 PM ×

Sing it: Macro MacroMan...... I want to be a Macroman.

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Anonymous
admin
November 15, 2014 at 3:19 PM ×

So. MA-Cro

I do that everyday. Surprised Pol hasn't done something with it already.
[or maybe i missed it]

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Anonymous
admin
November 16, 2014 at 1:50 PM ×

Weakest currency YTD? Yen? Euro? Neither.

Swedish krona ( -13.4% )

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Anonymous
admin
November 16, 2014 at 7:17 PM ×

Goldman: S&P companies will pay out $1.1 trillion to investors in the form of stock buybacks (up 18% YoY) and dividends (Up 7% YoY) in 2015.

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Polemic
admin
November 16, 2014 at 10:22 PM ×

Huh? to what? which song? .. you hum it and I'll parody it .. but dunno which one you are taking about .

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amplitudeinthehouse
admin
November 16, 2014 at 11:12 PM ×

Reading the market analysis over the weekend..result?

Get me out of that trade right now son.
NO.

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amplitudeinthehouse
admin
November 16, 2014 at 11:40 PM ×

Oh, by the way to Anon 2.22..that tattoo suits you man.

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amplitudeinthehouse
admin
November 17, 2014 at 12:23 AM × This comment has been removed by a blog administrator.
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amplitudeinthehouse
admin
November 17, 2014 at 1:29 AM ×

To the blog administrator, well you wouldn't have to delete posts if the driving force behind this bull market calls it a day and cancelled all offers at buy the dips.
For what it's worth..it's no good and we should accept we are wrong and withdrawal to the bench and wait for a better opportunity.

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JohnL
admin
November 17, 2014 at 1:43 AM ×

Pol, I think this is what they had in mind.
Macho

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Macro Man
admin
November 17, 2014 at 3:18 AM ×

I've warned you before. Pointless profanity-laden nonsense is not welcome, and will now be deleted as I see fit. It adds less than nothing and I don't want it.

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amplitudeinthehouse
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November 17, 2014 at 3:53 AM × This comment has been removed by a blog administrator.
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Leftback
admin
November 17, 2014 at 3:55 AM ×

Well then, changing the topic slightly, now we know why Kuroda brought out his huge bazooka. Japan is in recession, and not an inverted yield curve in sight. We did warn you that things were a little different on the other side of the looking glass.

Interestingly the result of a negative GDP shocker was a stronger yen after bouncing off 117 and now we are seeing Spoos sold as well. Curiouser and curiouser.

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amplitudeinthehouse
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November 17, 2014 at 3:56 AM × This comment has been removed by a blog administrator.
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Anonymous
admin
November 17, 2014 at 6:22 AM × This comment has been removed by a blog administrator.
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Anonymous
admin
November 17, 2014 at 9:46 AM ×

Does a Japanese snap election or otherwise favour the incumbent with the economy sucking so much wind ? Not so sure it does.

The elderly voter block may cause some angst.

And btw. Anyone long Nikkei for all the wrong reasons..... well...

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amplitudeinthehouse
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November 17, 2014 at 10:32 AM × This comment has been removed by a blog administrator.
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amplitudeinthehouse
admin
November 17, 2014 at 11:43 AM × This comment has been removed by a blog administrator.
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amplitudeinthehouse
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November 17, 2014 at 11:59 AM × This comment has been removed by a blog administrator.
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amplitudeinthehouse
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November 17, 2014 at 12:08 PM × This comment has been removed by a blog administrator.
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amplitudeinthehouse
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November 17, 2014 at 12:28 PM × This comment has been removed by a blog administrator.
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Polemic
admin
November 17, 2014 at 12:33 PM ×

Amps I think you need to do a couple of things.

1) Change the strength of your preferred intoxicant.
2) Try writing without one analogy or metaphor. Keep what ever message you are trying to impart clear and precise, because not everyone is from the planet you are currently on.

At this rate it looks as though the men in white coats will have to take you away even if MM doesn't do it just for this blog.

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amplitudeinthehouse
admin
November 17, 2014 at 12:42 PM ×

Okay,
KISS, I'll apply the keep it simple stupid method.
This market is a great teacher..and thinking it isn't will make a clown out of ya.Now we don't won't to be a family of clowns here do we?

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amplitudeinthehouse
admin
November 17, 2014 at 2:40 PM ×

When this bull run ends , and it will end one day..if your not going to pick up a skerrick of knowledge yourself then don't go and send any garbage trade ideas my way.

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Leftback
admin
November 17, 2014 at 3:14 PM ×

Amps,

We don't want to lose you permanently, but at times it can be a bit tricky to decipher your wisdom. Let's all keep it simple and not get too excitable, and it will be one big Macro comment family....

best,

LB

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amplitudeinthehouse
admin
November 17, 2014 at 3:35 PM ×

LB, I'm trying elucidate that punters should not send garbage tips into my inbox if they themselves are not willing to show up and explain why I should back it..which as a matter of fact the last tip failure was due to my faulty selection process..but hey, I've paid for it and there's no need or want to have another try at..it's a dromedary if I've ever backed one.
If they keep sending this tip to my inbox ,the bounce back is going to get harder and harder.

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Polemic
admin
November 17, 2014 at 3:51 PM ×

So anyone else seen the Lucy Kellaway sour grapes attack on FX traders in the FT that seems to revolve around apply 1980's social behaviour to her FX memories in a mkt she didn't get and criticising the traders grammar?

http://www.ft.com/cms/s/0/511ad09e-6be2-11e4-b939-00144feabdc0.html

Surprised she didn't blame them for Ebola too.

I had to comment.

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amplitudeinthehouse
admin
November 17, 2014 at 3:57 PM ×

I'm cleaning the inbox of all traces of dromedaries.
No more losing energy and effort when it's better served elsewhere..
If someone doesn't like it that I'm not willing to saddle up and ride along on a dromedary..bad luck, you know my inbox address.

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Saul Bollox
admin
November 17, 2014 at 4:00 PM ×

Pol,

"Barrow Boys and Lager Louts in Laddish Behaviour Shock, says Posh News Bird"

Stone the crows, guv.

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Leftback
admin
November 17, 2014 at 4:07 PM ×

In other news, Brent looks weak again today, and it's Mourning in America as the magnificent locomotive that is the US economy had a -0.1% IP print.

Still, the USD continues its run unabated as Dr Aghi once again wins the Eurovision Jawboning Contest this morning with his entry "Get Down On It, Got My Bazooka Workin'".

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Macro Man
admin
November 17, 2014 at 4:12 PM ×

One wonders how well Ms. Kellaway would look if one were able to monitor all of communications (on and off the record) over a period of years and cherry pick the worst of them.

Again, I would love for the hand-wringing moralists to come up with an actual number for the true societal cost of the FX fixing scandal.

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Anonymous
admin
November 17, 2014 at 4:44 PM ×

Seems the only economy in the U. S. is the stock market. Only 37 percent of the U. S. population has a full time job.

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Anonymous
admin
November 17, 2014 at 4:46 PM ×

AllianceBernstein’s chief market strategist Zlotnikov: Reducing Equity Overweight , anticipating “higher market volatility” next year

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Anonymous
admin
November 17, 2014 at 4:52 PM ×

Forbes

U.S. Government Largesse 2008-2014

Fannie and Freddie mortgage market support: $5.7T

Federal total deficits: $8.3T

State & Local deficits: $1.5T

Fed bond purchases : $4T
Total $19.5T

"That $20 trillion in US government support bought us just $2.7 trillion in total GDP expansion..."

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Anonymous
admin
November 17, 2014 at 5:15 PM ×

JGB CDS cost rises...

http://imgur.com/WqhamuU

Forbes:

Since the end of 2012, the central bank of Japan bought $1.5 trillion of bonds and currently owns a 23% of Japan’s public debt.

When is too much too much?

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CV
admin
November 17, 2014 at 6:02 PM ×

"When is too much too much?"

The answer to that question will make you toss and turn! The BOJ/GPIF move is simple. They need to exchange low yielding JGBs for high yielding foreign assets to kickstart the income balance on the current account ... only way to do that without a bond market crash is for the BOJ to do the bid ...

Expect them to up the allocation of foreign assets to much higher than 25% in the next 12 months. See it is a hedge fund with its own printing press ... essentially, that is what it is.

Claus

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Anonymous
admin
November 17, 2014 at 6:26 PM ×

Country A buying Country B's stock market is the modern version of mutually assured destruction. It's only natural that country-B is the worlds military superpower.

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Anonymous
admin
November 17, 2014 at 6:32 PM ×

That Forbes stuff makes me crazy. The question that it doesn't answer is "compared to what"?

If the alternative is to "let it all burn", then no thank you.

- Whammer

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Anonymous
admin
November 17, 2014 at 9:09 PM ×

I didn't know the Village People did that. I was actually thinking of the Sinitta one.

Funny what you learn on here. Cheers TMM!

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Anonymous
admin
November 17, 2014 at 9:15 PM ×

That Lucy Kellaway is honestly the first person I have ever heard say an FX dealing room is boring. Must have been a right cow to work with.

My best mentors were all boorish mean bully boys I'll have you know. Not including amplitude.

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Anonymous
admin
November 17, 2014 at 10:11 PM ×

Current $SPX HV5 of 0.93 is lowest actual vol since Jan 30, 1969 (0.84)

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Anonymous
admin
November 18, 2014 at 1:48 AM ×

Wild night in Japan...

http://www.bloomberg.com/quote/NKY:IND

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Polemic
admin
November 18, 2014 at 5:22 AM ×

Yes.. I ve just been rereading and scorecarding an old Japan post from spring 2013 when we questioned if targetting inflation would work. http://polemics-pains.blogspot.co.uk/2014/11/japan-well-thats-what-happens-when-you.html

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