property

Today we’ll have a little crack at the National Broadband Network (NBN). But before we do, let’s have a quick follow up to Wednesday’s Money Morning.

It never ceases to amaze us the wonderful job the property spruikers have done to convince investors that making a loss on an investment is a gain.

As we mentioned yesterday, as a fully qualified adviser we’re dumbfounded that such backwardness could make seemingly sane people believe that consistently losing money is a great way to become rich.

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Before I get on to today’s Money Morning, a quick follow up from yesterday.

In yesterday’s Money Morning I referred to a research report prepared by Morgan Stanley analyst Gerard Minack. At the time we went to press we hadn’t received permission from Mr. Minack to show you the charts.

Normally, if it’s publicly available material on the interweb we’ll just show the image or the quote and provide a link back to the source. But because this material was for Morgan Stanley clients only I wanted to make sure we got permission first.

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We never thought it would happen.

But it has.

Although we still can’t believe it.

We never thought we would put the words “good article” and “Michael Pascoe” in the same sentence. Never.

It was something that we expected to go to our grave never having written.

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Much as we suspected in yesterday’s Money Morning, we’ve already seen the first stages of the institutionalisation of blatant money printing.

And not surprisingly it came from the market drones and Federal Reserve cheerleaders at CNBC.

Your editor wasn’t quick enough with the notepad and pen to jot down exactly what ‘Squawk on the Street’ host Erin Burnett said, but it went something like this:

“The Fed hasn’t actually increased the size of its balance sheet, it’s just going to keep it at the same level.”

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