I haphazardly forgot to mention that yesterday also marked the fiscal year end for the Japanese government. There is wide speculation in the financial press that as the BOJ rethinks things, China will now be fitted for the 'buyer of last resort' sombrero as the Fed continues its unabashed accommodative stance.
How much can Beijing absorb? How much are they willing to? What happens if they unpeg the yuan? Whoa, what happens if they don't? China has doubled their foreign exchange reserves in the past 2 years, from $150 to $300bb, but what are they going to continue to do? Anybody want a 10-year?
Uh oh... did we cough up our fiscal autonomy to the boys out East? Have Greenspan and his gofer Franklin Raines (CEO of the hydrogen bomb that is Fannie Mae) done something rash? Is tulip-mania right around the corner?
Can we have a do-over?