Doug Noland - "Trying To Stay Focused On The Big Picture"

``Policymakers will, as we've witnessed again recently from European politicians and central bankers, respond to heightened systemic stress by ratcheting up their responses.  Yet, and also no surprise, these increasingly desperate measures will have depleted and fleeting effects -- and really tend only to heighten market instability.  The big unknown remains the timing of when market confidence in the capacity of policy measures to incite market rallies is finally depleted.  Without this carrot, I expect we'll be facing an altered global market environment.''