``If Bernanke DOES announce some new massive QE 2 program the subsequent spike in equities will only last a short time before stocks enter a free-fall ... In contrast, if the Fed DOESN’T announce a new QE 2 or some similar monetary intervention, we are very likely heading into another deflationary collapse similar to that of Autumn 2008. Looking at Treasuries, the bond market seems to be favoring this outcome. Indeed, if you only looked at US Treasuries you would think stocks were already in a free-fall akin to that of October-November 2008.''

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