There Will Be No Tapering

`` I believe that not only will the Fed not engage in a program to reduce monthly QE stimulus because it is primarily being used to finance a bigger than anticipated Government spending deficit and to maintain operational liquidity at the too big to fail banks, but that ultimately the Fed will have to once again increase the level of liquidity it is putting into the system as outlined above. The recent big decline in the U.S. dollar index, which is now below its 200-day moving average, further supports my thesis in that the sell-off in the dollar reflects the market now anticipating at the very least that there will be no tapering.''