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Blind Faith in Central Banks won't work

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The market is placing all of its faith in the ability of the world's central banks to prop up stocks in the face of declining global growth, Europe's sovereign debt crisis, a slew of downward earnings revisions and the uncertain resolution of the 'fiscal cliff' problem.

We think that investors are making an erroneous judgment that they will come to regret. Despite Bernanke's 'QE infinity' and Draghi's 'whatever it takes', the ability of the central bankers to stimulate the economy at this point in the credit crisis is extremely limited and that, under these circumstances, the 'do not fight the Fed' mantra will not be valid.

(Read the full story at Comstock Partners, Inc.)

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