- A Central Banker Just Admitted On The Record: Currencies Are Worthless…
by Phoenix Capita…, https://www.zerohedge.com/
If you want evidence of the Endgame for Central Bankers, you need to look no further than yesterday’s Bank of Japan (BoJ) announcement. In its simplest rendering, Haruhiko Kuroda, the head of the BoJ, stated that the Japanese Yen is effectively worthless to him.
In his news conference, Kuroda reiterated that changes to the bond-buying operations don’t imply shifts to its policy stance, adding that the BOJ’s primary objective is the yield curve on Japanese government bonds, not the volume of its asset purchases. Kuroda also suggested the yen’s recent move may have resulted from broad dollar weakness, particularly against the euro.
Put another way, as far as the head of the BoJ is concerned… it doesn’t matter how much currency he prints: tens of billions of yen, hundreds of billions of yen, even trillions of yen… all that matters is where Japanese bond yields are trading.
This is the literal textbook for Central Bankers around the world: devalue your currency in order to maintain the bond bubble. I outlined all of this in my best-selling book The Everything Bubble: the Endgame For Central Bank Policy... but I have to admit even I was stunned to see the head of a major Central Bank state this explicitly… and in public. But let’s be clear… shredding your currency will work for a while… but eventually doing this unleashes inflation.