Doug Noland: Memories - of 2012 and 2007

``In a global financial backdrop I view as the most fragile since 2012, we've now seen 2012-style aggressive concerted central bank stimulus measures. It will be imperative to closely monitor the various effects. One of these days, such measures will not have their desired impact. We might be getting close... The Treasury reported its monthly TIC (Treasury International Capital) data this past Tuesday. September saw a record $164bn inflow into U.S. "Net Long-Term Portfolio Securities." I was reminded of the then record $136bn inflow in May 2007. With faltering Bubbles and "hot money" again on the move, we don't have to look that far back for an insightful example of how aggressive monetary measures (responding to a faltering Bubble) fueled precarious "Terminal Phase" excess. ''