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German President Slams Central Banks - Mike Swanson (06/03/09)

Submitted by Mike Swanson on Wed, 2009-06-03 16:47.

While Ben Bernanke testified to Congress today amid a glow of praise from CNBC and most of the politicians in attendance who tossed him softball questions, the President of Germany declared that the central banks are printing so much money that they are getting out of control.

Ms. Merkel demanded that the Fed and the Bank of England cease their programs "quantitative easing." "We must return to independent and sensible monetary policies..otherwise we will be back where we are now in 10 years time," she said.

The DOW and Nasdaq finished in the red today, but had heavier losses in the afternoon until a last minute rally took away half of the losses. Traders are now watching the 200-day moving average of the S&P 500 but no bull market began until the S&P 500 was able to stay above its 200-day moving for more than six weeks - something that hasn't happened in over a year.

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