Noland: "[W]hen a central bank actively induces leveraged speculation as an expedient policy mechanism for system stimulation/inflation – as it clearly did in 2002 – it will not easily divorce itself from obliging a small but powerful cross-section of society.

...The system is on track for record Credit creation this year, with resulting massive Current Account Deficits and energized Credit systems across the globe fueling systemic asset inflation and ongoing liquidity overabundance around the world – recent sinking commodities prices notwithstanding. The expansive leveraged speculating community remains at the epicenter of systemic Inflationary Biases, as well as recent commodities selling."