Smith also pointed to ongoing worries that the Federal Reserve will be looking to scale back its quantitative-easing efforts in the months ahead.
FORBES: FOCUS: Gold's Tumble Continues; Bargain Hunting Seen Once Prices Stabilize
By manipulating interest rates on such an unprecedented scale the Federal Reserve has effectively destroyed the ability of our credit markets to genuinely price the borrowing and lending of money.
Interest rates, or yields, on 10-year Japanese government bonds briefly topped 1 percent for the first time in a year on Thursday, following news that some U.S. Federal Reserve officials are willing to scale back the American central bank's stimulus efforts as soon as June if the economy perks up.
Some details about the scale of the Liberty Reserve operation came to light in court documents unsealed by the New York office of the DoJ, which is leading the action against the service.
As the government of Benjamin Netanyahu has been examining the question, the debate in Israel has tended to juxtapose the energy security advantages of maintaining a large strategic natural gas reserve against the economic and other benefits of export, which requires scale to justify the considerable capital expenditures to build the required infrastructure.
FORBES: Israel's Strategic Energy Opportunity Calls For Exports
Federal Reserve officials have hinted in recent days that they may resume large-scale purchases of mortgage-backed securities, paid for with newly printed money.
Fed lending and asset purchases on such a massive scale caused equal expansion of its liabilities, most importantly the reserve deposits of commercial banks and thrifts.
Six years ago, when Ichikowitz acquired this 90-acre site in the middle of the 185, 000-acre Madikwe Game Reserve in the North West Province bordering Botswana, he never imagined anything on quite this scale.
First, the Federal Reserve could drain bank reserves and reduce the excess liquidity at other institutions by arranging large-scale reverse repurchase agreements with financial market participants, including banks, government-sponsored enterprises and other institutions.
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