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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Yves Smith</author_name><author_url>https://www.nakedcapitalism.com/author/yves-smith</author_url><title>The Hissing Sound of Air Leaving the Economy | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="kZKHmXeHFe"&gt;&lt;a href="https://www.nakedcapitalism.com/2013/04/the-hissing-sound-of-air-leaving-the-economy.html"&gt;The Hissing Sound of Air Leaving the Economy&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2013/04/the-hissing-sound-of-air-leaving-the-economy.html/embed#?secret=kZKHmXeHFe" width="600" height="338" title="&#x201C;The Hissing Sound of Air Leaving the Economy&#x201D; &#x2014; naked capitalism" data-secret="kZKHmXeHFe" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>There's a remarkable amount of optimism in the US financial media given the underlying health of the economy. Of course, the sort of short term investors that have come to dominate securities trading had been in a "risk on/risk off" pattern for a protracted period before commodities weakness and the remarkable run of the Nikkei has led to some renewed focus on relative values of various macro plays. But the markets are still dominated by an underlying faith in the willingness of central bankers to protect the backs of investors and limit any downside (while, ironically, many of these same investors howl about ZIRP and QE, which were clearly intended to goose the value of financial assets and real estate, with the hope that would lead to more consumer spending).   And why shouldn't the professional investors (as opposed to widows and orphans who can no longer rely on low risk bond investments to produce adequate income) be pleased as punch?</description></oembed>

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