Dollar: the tail wags a dog

The small Central Banks decide destiny of the world. The unwillingness of the central banks to toughen monetary policy in response to the impetuous growth of inflation leads to falling of real interest rates. Unprecedented from the 1970th! On the one hand, it reduces the cost of service of loans and allows the governments to increase them; with another — inflates bubbles in the markets of assets and strengthens risks of financial instability. Not for nothing S%26P 500 it was noted by eight new records in a row that did not happen to it with 1997. Correction of a share index damped an ardor of "bulls" on EUR/USD, having returned interest to...