It’s now officially a 3-way race to the bottom between the dollar, the euro, and the yen.
It started on September 6th with the ECB announcing a new, UNLIMITED bond-buying program. A week later, the US Federal Reserve officially announced QE3, another open-ended (de facto limitless) bond buying program. One week after that, the Bank of Japan announced it was adding another 10 trillion yen ($128 billion) to its already massive bond buying program.
The mainstream financial media calls this a ‘coordinated offensive’, as if these central bankers are brigadier generals in combat. What a bunch of baloney. (though maybe this would make Ben Bernanke the COBRA Commander from GI Joe…) If they really want to use a military analogy, it’s as if these central bankers are waging war on their own economies… and SAVERS.