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But the error of central banks for most of their existence has been in the opposite direction: inflation something, as in Japan now, welcomed in its early phases by political and business establishments.
FORBES: With Kuroda Pledging to Do "Whatever It Takes" at BOJ, Abe Gets His Man
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Bulls cite the underlying fundamentals for gold, including the ultra-loose monetary policy by most global central banks as keeping the gold supported for the time being.
FORBES: Metals Outlook: Getting Ready For Last Full Week Of Trading For 2012
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Mr Carney said there was room "within the framework of flexible inflation targeting that exists in most advanced economies", for central banks to achieve monetary stability over the appropriate horizon.
BBC: Davos 2013: A 'sigh of relief' at the World Economic Forum
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Most governments and central banks have, for many years now, been obsessed with keeping some sort of lid on rising prices.
BBC: Q&A: Inflation changes
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Well, it is yet another promotion for a Goldman Sachs alumnus (the two most important central banks in Europe, the ECB and the Bank of England, will be run by former Goldman managing directors).
BBC: Why Osborne went to Canada for his governor
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Though the materialization of each of these risks can cause a sharp correction in the price of the metal from these historically high levels, I do find the possibility of central banks selling gold as the most devastating for the price of metal especially if sales come from the US that holds 27 percent of world gold reserves, and the Euro area that holds 35 percent.
FORBES: What if Central Banks begin selling Gold?
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The solution is for central banks to buy more assets in the markets that are most obviously impaired.
ECONOMIST: Central bankers wonder why success eludes them
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Tomorrow morning, while most U.S. investors are sleeping, the European Central Bank will be making dreams come true for beleaguered European banks.
FORBES: Putting a New Twist on the ECB Extend and Pretend Game
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With most governments unable, or unwilling, to offer more fiscal stimulus, central banks are left solely responsible for propping up the flagging recovery.
ECONOMIST: Global economic policy