China is the latest to join the money printing binge, this time printing the equivalent of $81 billion. The goal: to fillip an economy that grew in August at “only a 6.9 percent” annualized rate. If the US economy were growing at 6.9 percent, the Dow would be at 25,000.
The world’s central bankers are true believers when it comes to Keynesian economics. The Chinese are no different. However, at least the Chinese government implemented programs that encourage the Chinese people to buy gold and silver, something not seen in any other country.