wall street obsessed with money printing - what happens to qe from here - gevers wealth management...

8/13/2019 Wall Street Obsessed With Money Printing - What Happens to QE From Here - Gevers Wealth Management LLC

1/13

Gcvnkonr ?8:2

\jaa Rtrnnt Cosnssnf wmtd Kcgny Xrmgtmgl

\jaa Rtrnnt ms cosnssnf wmtd tdn Enfnrja _nsnrvns kcgny prmgtmgl prclrjk. Vdn ^R stcbi kjrints rnbngtlyrjtmcgs djvn onng frmvng oy jgtmbmpjtmcgs jgf nxpnbtjtmcgs ce Enf kcgntjry pcamby. Me \jaa Rtrnnt jgtmbmpjtnskcrn kcgny prmgtmgl tdng tdn stcbi kjrints tngf tc lc up. Dcwnvnr, jt nvng j dmgt tdjt tdn ecugtjmg ce gnwfcaajrs kmldt sacw fcwg mg tdn euturn, tdn kjrints rntrnjt mg turkcma jgf stcbi prmbns ejaa.

dttp0//kcgnykcrgmgl.bck/emans/?8:2/8=/\dng-ZN-ngfs.pgl

Ants acci jt sckn ce tdn rnbngt Enf nvngts jgf jggcugbnkngts jgf dcw tdny djvn mkpjbtnf cur stcbimgvnstkngts.


2/13

\jaa Rtrnnt Cosnssnf wmtd Kcgny XrmgtmglGcvnkonr ?8:2Lnvnrs \njatd Kjgjlnkngt, AABXjln ?

Rnptnkonr ?8:? Vdn Enf Rtjrts ZN2

?8:? fmfgt stjrt cut wnaa ecr mgvnstcrsjgf tdng tdmgls lct wcrsn. _nsuats wnrn pccr njray mg tdn ynjr, jgfkjrints wnrn fntnrmcrjtmgl octd dnrn mg tdn ^R jgf lacojaay. Nbcgckmb rnsuats wnrn jasc pccr mg Jknrmbj, jgftdn Nurcpnjg XMMLR brmsms accinf mt wjs samfmgl mgtc j euaa sbjan fmsjstnr.

Mg ajtn sukknr, jetnr kcgtds ce rukcrs, tdn Enf jggcugbnf j gnw rcugf ce kcgny prmgtmgl cr ZujgtmtjtmvnNjsmgl (ZN). ZN2 js mt bjkn tc on pcpuajray igcwg surprmsnf nvng tdn kcst jrfngt Enf bdnnranjfnrs js Kr.Onrgjgin mkpankngtnf tdn gnw prclrjk mg j kjlgmtufn tdjt fwjrenf ZN: jgf ZN?.

Vdn Enf bckkngbnf ouymgl $4> Omaamcg fcaajrs pnr kcgtd ce Vrnjsury jgf Kcrtljln ojbinf ocgfs. Vc lmvn

sckn pnrspnbtmvn tdjt knjgs tdjt nvnry tng kcgtds tdn Enfnrja _nsnrvn prmgts kcrn kcgny tdjg wjsbrnjtnf mg tdn ajst bngtury.Vdn rnspcgsn mg tdn emgjgbmja kjrints wjs qumbi jgf ornjtdtjimgl. Vdn ^R jgfcvnrsnjs stcbi kjrints scjrnf, mgtnrnst rjtns paukkntnf tc josurf anvnas pusdmgl up tdn vjauns ce ocgfs jgfdcusns mg tdn prcbnss, jgf bckkcfmtmns jgf prnbmcus kntjas jasc `ukpnf mg prmbn.

Cgbn jljmg, jgf `ust amin tdn jfvngt ce ZN: jgf ZN?, \jaa Rtrnnt scjrnf wdng tdn Enf stjrtnf prmgtmgl.


3/13

\jaa Rtrnnt Cosnssnf wmtd Kcgny XrmgtmglGcvnkonr ?8:2Lnvnrs \njatd Kjgjlnkngt, AABXjln 2

Kjy ?8:2 Ong Onrgjgin Dmgts jgf tdn Kjrints Frcp

M g b c g s m f n r mg l w d n t d n r j r n bj a mo r j t m c g c e t d n p j b n c e m t s p u r b d j s ns

m s w j r r j g t n f , t d n Y En f n r j a C p n g K j r i n t [ bc k k m t t n n w m a a bc g t m g u n t c

j s sn s s t d n f n l r n n c e p r c l r n ss k j f n t c w j r f m t s c o ` n b t m v n s m g a ml d t c e

m g bc k m g l m g e c r k j t m cg .

J p r n k j t u r n t m l d t n g m g l c e k c g n t j r y p c a m by b c u a f a nj f m g t n r n s t

r j t n s t c r m sn t n k p c r j r m a y o u t w c u a f j a sc b j r r y j su o s t j g t m j a r m s i c es ac w m g l c r n g f m g l t d n n bc g ck m b r n b c v n r y j g f bj u s m g l mg e a j t m c g t c

e j a a e u r t d n r .

J r n f u b t m c g m g s t m k u a u s w c u a f g c t d j p p n g m g j g j u t c k j t m b,

k n bd j g m s t m b p r c l r j k . J g y b d j g l n w c u a f f n p n g f c g t d n m g bc k m g l

f j t j . Enfnrja _nsnrvn Bdjmrkjg Ong Onrgjgin(Rcurbn0 Oacckonrl.bck)


4/13


Kr. Onrgjgin kjfn tdms rjtdnr vjlun stjtnkngt mg tdn sprmgl. Jatdculd gc jbtmcg wjs jbtujaay tjing oy tdn Enfjgf tdn knjgmgl ce dms stjtnkngt wjs scknwdjt cpjqun, tdn kjrints rnjbtnf vmcangtay. Rtcbi kjrints octd dnrnjgf jrcugf tdn wcraf paukkntnf, mgtnrnst rjtns `ukpnf, ocgf prmbns jgf lcaf prmbns frcppnf sdjrpay. Nvng j

dmgt oy tdn Enf tdjt tdn lusdnr ce gnw kcgny kmldt sacw fcwg bjusnf turkcma cg \jaa Rtrnnt. ]cu kmldtrnknkonr cpngmgl ycur @ugn mgvnstkngt stjtnkngt jgf onmgl qumtn fmsjppcmgtnf js tdn kjrints djf cgn cewcrst kcgtd rnturgs mg qumtn sckn tmkn.

Rnptnkonr ?8:2 Vdn Enf Bcgemrks kcrn Xrmgtmgl

(=/?8:20 Vnrkmgja cg tdn Gnw ]cri Rtcbi Nxbdjgln trukpntmgl tdn gnws tc nxbmtnf trjfnrs.)

Kr. Onrgjgins sprmgl stjtnkngt wjs wmfnay mgtnrprntnf js knjgmgl tdjt tdn Enf wcuaf sccg tjpnr crjggcugbn j sacwnr rjtn (out GCV j bnssjtmcg ce) kcgny prmgtmgl. Vdn Enf Cpng Kjrint Bckkmttnn (ECKB)djf j sbdnfuanf knntmgl tcwjrfs tdn ngf ce Rnptnkonr. Kcst kjrint jgjaysts jgf nbcgckmsts jssuknf tdjt tdnknntmgl wcuaf rnsuat mg jg jggcugbnkngt ce j fjtn ecr tdn stjrt ce tdn tjpnr.

Ong Onrgjgin jgf tdn ECKB stjrtanf tdn kjrints jgf tdn nxpnrts cg \jaa Rtrnnt oy jggcugbmgl mg banjr jgf gcugbnrtjmg tnrks tdjt ZN2 wcuaf bcgtmgun ugjojtnf, jgf tdjt tdnrn wcuaf on gc tjpnr, jt anjst gct ecr tdn

ecrnsnnjoan euturn.

D c w n v n r , t d n Bc k k m t t n n f n b m f nf t c j w j m t k c r n n v mf n g b n t d j t

p r c l r n s s w m a a o n su s t j m g n f o n e c r n j f ` u s t m g l t d n p j b n c e m t s

p u r b d j sn s . J b bc r f m g l a y , t d n Bck k m t t n n f n b mf n f t c b c g t m g u n

p u r b d j s m g l j f f m t m c g j a j l n g b y k c r t l j l n - o j b i n f s n bu r m t m n s j t j p j b n

c e $ 6 8 o m a a mc g p n r k c g t d j g f a c g l n r - t n r k V r nj su r y s nb u r m t m n s j t j

p j b n c e $ 6 > o m a a m c g p n r k c g t d . dttp0//enfnrjarnsnrvn.lcv/gnwsnvngts/prnss/kcgntjry/?8:28=:4j.dtk


5/13

\jaa Rtrnnt Cosnssnf wmtd Kcgny XrmgtmglGcvnkonr ?8:2Lnvnrs \njatd Kjgjlnkngt, AABXjln >

Cgbn jljmg, tdn kjrints sdct up wmafay jt tdn jstcgmsdmgl gnws. Js wn jpprcjbd tdn ngf ce tdn ynjr, tdn Enf djslmvng eurtdnr dmgts jgf lumfjgbn tdjt ZN2 wmaa bcgtmgun cg mts prnsngt bcursn, jgf tdn ^R stcbi kjrint djsrnspcgfnf oy scjrmgl tc gnw jaa-tmkn dmlds.

Mt ms mkpcrtjgt tc gctn tdjt tdnrn jrn bnrtjmgay ctdnr ejbtcrs mkpjbtmgl tdn kjrints, jgf tdnrn ms gc wjy tc igcwecr bnrtjmg cr tc prcvn tdn neenbt tdjt kcgny prmgtmgl djs cg stcbi prmbns. Gnvnrtdnanss, mt fcns snnk banjr tdjttdnrn ms j knjsurn ce bjusn jgf neenbt cbburrmgl jgf js mgvnstcrs wn wcuaf on wmsn tc cosnrvn jgf try jgf sdjpncur mgvnstkngt jpprcjbd jbbcrfmglay.

Rc \djt Djppngs tc ZN erck Dnrn3

Vdn Enf djs mgfmbjtnf tdjt cgn ce tdnmr prmkjry kjgfjtns jgf lcjas ecr ZN ms nkpacykngt. Me nkpacykngtmkprcvns ngculd, tdjt kmldt on cgn ce tdn ejbtcrs tc jbtujaay stjrt j tjpnr. Rc dcw ms tdn Enf fcmgl jt tdnmr lcjace mkprcvmgl nkpacykngt gukonrs3

Ms Enf Xcamby \crimgl3

(znrcdnfln.bck)

Ojsnf cg nkpacykngt rnsuats sc ejr, ZN2 kmldt djvn j acgl wjys tc lc. Rckn nbcgckmsts djvn `cinf tdjtojsnf cg tdn ajst emvn ynjrs nkpacykngt gukonrs wn jrn mg ecr ZNtnrgmty.


6/13


Ong Onrgjgin ms Anjvmgl

" K c g n t j r y p c a m by m s a m i n ay t c r n k j mg d m l d a y j bbc k k c f j t m v n ac g l

j e t n r c g n c e t d n n b c g ck m b t d r n s d c a f s e c r t d n e nf n r j a e u g f s r j t n d j s

o n n g b r c s s nf . "

@jgnt ]naang (mg wrmttng tnstmkcgy tc tdn ^R Rngjtn)

Jgf wdjt jocut tdn gnw Enf Bdjmr jgf tdn fnpjrturn ce Kr. Onrgjgin mg @jgujry ce ?8:63 Mt accis amin tdnsubbnsscr wmaa on @jgnt ]naang, j acgl tmkn Enf Lcvnrgcr. ]naang ms j Inygnsmjg nbcgckmst wdc stufmnf jt]jan ugfnr Gcona wmggnr @jkns Vcomg, jgf wdc djs rnpnjtnfay strnssnf tdn mkpcrtjgbn ce lcvnrgkngtja jbtmcgtc rnfubn ugnkpacykngt.Ks. ]naang ms bcgsmfnrnf vnry fcvmsd oy nbcgckmsts. Mg ctdnr wcrfs sdn ejvcrs ZN, kjmgtjmgmgl acw mgtnrnst

rjtns, fnembmt spngfmgl, jgf jppaymgl ajrln jkcugts ce lcvnrgkngt stmkuaus tc try jgf sjvn tdn nbcgcky. M tdmgice dnr js onmgl kcrn Onrgjginmsd tdjg nvng Ong dmksnae ms. Me sdn ms bcgemrknf, mt ms vnry prcojoan tdjt wnwmaa snn kcrn ce tdn sjkn pcambmns tdjt Kr. Onrgjgin djs onng mkpankngtmgl smgbn tdn emgjgbmja brmsms emrststjrtnf mg ?884.

Dmldnr Mgtnrnst _jtns Durt Ocrrcwnrs

Kcst smlgmembjgtay tc bcgsmfnr ms tdn mkpjbt ce ZN cg mgtnrnst rjtns. ZN ms VDN tcca tc supprnss jgf squjsdmgtnrnst rjtns. Me ZN wnrn tc sacw fcwg cr bnjsn, rjtns wcuaf qumbiay jgf mgnvmtjoay lc up.

]cu kmldt tdmgi tc ycursnae wnaa wdjts wrcgl wmtd tdjt, M wcuaf jpprnbmjtn dmldnr rjtns cg ky sjvmgls. Me

ycu jrn rnjfmgl tdms, jgf/cr jrn j bamngt ce cur emrk, ycu djvn kcst aminay onng j amenacgl sjvnr sjvmgl ms tdnsnbrnt tc onbckmgl wnjatdy jgf tc emgjgbmja subbnss, jgf yns mt ms trun, dmldnr rjtns bcuaf ongnemt sjvnrs.

O^V ocrrcwnrs jrn tnrrmemnf ce dmldnr rjtns js dmldnr mgtnrnst rjtn bcsts bcuaf frmvn tdnk nvng fnnpnr mgtcfnot.


7/13

\jaa Rtrnnt Cosnssnf wmtd Kcgny XrmgtmglGcvnkonr ?8:2Lnvnrs \njatd Kjgjlnkngt, AABXjln 4?> ??:st Xajbn RN

Rumtn :8?

Mssjqujd, \J=48?.=8?.6468Ejx0 6?>.=8?.646:

Nkjma0 wlnvnrsHlnvnrswnjatd.bck

Vdn vmnws jrn tdcsn ce \maamjk Lnvnrs, Lnvnrs \njatd Kjgjlnkngt, AAB, jgf sdcuaf gct on bcgstrunf js mgfmvmfuja mgvnstkngt jfvmbn. Jaa mgecrkjtmcg msonamnvnf tc on erck rnamjoan scurbns9 dcwnvnr, gc rnprnsngtjtmcg ms kjfn js tc mts bckpantngnss cr jbburjby. Jaa nbcgckmb jgf pnrecrkjgbn mgecrkjtmcg msdmstcrmbja jgf gct mgfmbjtmvn ce euturn rnsuats. Mgvnstcrs bjg gct mgvnst fmrnbtay mg jg mgfnx. Xanjsn bcgsuat ycur emgjgbmja jfvmscr ecr kcrn mgecrkjtmcg.

Rnburmtmns jgf jfvmscry snrvmbns ceenrnf tdrculd Bntnrj Jfvmscr Gntwcris AAB, knkonr EMG_J/RMXB. Lnvnrs \njatd Kjgjlnkngt jgfBntnrj Jfvmscr Gntwcris AAB jrn gct jeemamjtnf.


10/13

\jaa Rtrnnt Cosnssnf wmtd Kcgny XrmgtmglGcvnkonr ?8:2Lnvnrs \njatd Kjgjlnkngt, AABXjln :8

^R Kcgny Ruppay, ^R Fcaajr, jgf Mgeajtmcg/Fneajtmcg \jtbd

"Gnmtdnr j wmsn kjg gcr j orjvn kjg amns fcwg cg tdn trjbis ce dmstcry tc wjmt ecr tdn trjmg cetdn euturn tc rug cvnr dmk." - Fwmldt F. Nmsngdcwnr

^R Kcgny Ruppay Jf`ustnf Kcgntjry Ojsn

(dttp0//rnsnjrbd.stacumsenf.crl/ernf?/lrjpd/3s%>O:%>F%>Omf%>F;JKOGR#


11/13

\jaa Rtrnnt Cosnssnf wmtd Kcgny XrmgtmglGcvnkonr ?8:2Lnvnrs \njatd Kjgjlnkngt, AABXjln ::

^R Fcaajr Xrmbn (FT]) ^RF Mgfnx Knjsurnf jljmgst Ctdnr Burrngbmns

(dttp0//ojrbdjrt.bck/bdjrt.pdp3syk;FT]88&styan;tnbdgmbja&tnkpajtn;&p;KB&f;D&sf;8:%?E8:%?E?888&nf;

&smzn;K&acl;8&t;AMGN&v;:&l;:&nvgt;:&ajtn;:&c:;&c?;&c2;&sd;:88&mgfmbjtcrs;&jffmgfmbjtcr;&suok

mttnf;:&epjln;&txtFjtn;#`ukp)


12/13

\jaa Rtrnnt Cosnssnf wmtd Kcgny XrmgtmglGcvnkonr ?8:2Lnvnrs \njatd Kjgjlnkngt, AABXjln :?

Mgeajtmcg/Fneajtmcg -]njr tc Fjtn Xrmbn Mgbrnjsn mg Bckkcfmtmns jgf Ojsmbs js Knjsurnf oy Euturns

(dttp0//www.emgvmz.bck/euturnsSpnrecrkjgbn.jsdx3v;:


13/13

\jaa Rtrnnt Cosnssnf wmtd Kcgny XrmgtmglGcvnkonr ?8:2Lnvnrs \njatd Kjgjlnkngt, AABXjln :2

Unacbmty ms j knjsurn ce dcw qumbiay kcgny ms spngt. Dmld vnacbmty ms typmbjaay j prnbcgfmtmcg ecr mgeajtmcg

(dttp0//rnsnjrbd.stacumsenf.crl/ernf?/snrmns/KPKU

wall street obsessed with money printing - what happens to qe from here - gevers wealth management...

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