While money growth has been rapid by historical standards, market-based indicators of monetary policy suggest sufficient restraint.
And Mr Fraga will have to implement a credible monetary policy based on an inflation target.
This is also a sign that current market strength is based upon pure speculation based upon a foolish monetary policy.
But for the rest, the recovery in manufacturing and housing in swing states owes more to the rhythms of the business cycle and global conditions, or to broad-based federal stimulus and easy monetary policy.
Stabilizing the dollar-euro exchange rate can only be achieved within a rule-based monetary regime, not by relying on "independent" central banks and finance ministers to coordinate monetary policy to do it.
The Federal Reserve was obliging rule-based behavior that probably included making the price of gold a primary determinant in monetary policy.
Artificial forces are at play from government policy (taxes and spending) and monetary policy (inflation and interest rates) that distort return expectations based solely on past data.
FORBES: Portfolio Solutions' 30-Year Market Forecast for Investment Planning (2013 edition)
We are all impatient with the slow job growth associated with the sluggish recovery, but the proper policy responses are appropriate monetary and fiscal policies, not regulatory interference based on the short-term job count.
The IMF, World Bank and key regulatory agencies like the Bank for International Settlements (BIS) based in Basel should establish internationally agreed codes of best practices on monetary, financial and fiscal policy and corporate governance.
Dropping his language that loose monetary policy was part of a "currency war" against emerging economies, Guido Mantega, Brazil's finance minister, described Tokyo's revitalised policy as "a new and bold program of economic growth, based on fiscal and monetary stimulus and structural reforms".
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