Reply #60: I heard a talking-head "expert" on CNBC use the phrase...

[Zenlitened]

... "the world is awash in excess liquidity." Swear-ta-gawd, he said it, Monday morning. I thought I was watching a re-run from a year ago.

A year ago, all the disciples of Dr. Pangloss were using that phrase. Then in August, as you noted, they all admitted to themselves -- nearly simultaneously -- that the "liquidity" was a vast mirage.

Ever since, the Powers That Be have been scrambling not to maintain the illusion -- an impossibility -- but to control the pace at which the illusion fades away.

Amazing to hear this guy reading from a script a year out-of-date!