Hussman Funds - Reversing the Speculative Effect of QE Overnight

`` In the blink of an eye, short-term market rates and fed funds are back to 0.25% as they were in 2009, and the remaining stock of zero-interest [money] has suddenly contracted below the 2009 level of $2.3 trillion because total U.S. bank reserves are eligible to earn interest, and even base money outside the U.S. banking system is eligible for 0.25% interest via RRPs. From the standpoint of investors, the overall effect is just as if the Fed had suddenly reversed every dollar of quantitative easing since 2009 ($1.7 trillion).... My impression is that one doesn't want to be holding a significant position in risk-assets when investors figure out what just happened.''