The Day of the G20 Jackal By Marco Hague About this article: The global recovery is still painfully slow. Low growth means we need (further) stimulus. The low interest-rate environment creates easy money (for those who are connected). Easy money supports asset prices and encourages risk taking. Take risks and asset prices increase. Increased asset prices create growth... Stop! Growth, as we all know, stems from job creation, not from well-connected central-bank players pushing liquidity around in ever-decreasing circles. And that makes for a pretty depressing picture if we look at banking system, where the commercial banks are lending to two groups: the well connected and the Fed. It is no wonder the 50% rally has its detractors (the loudest, admittedly, those left standing at the station, ticket in hand, as the train whizzed by on the north-bound track). This one really has been feast or famine. For those looking for credit to grow the economy, it is tough... Or, call us at 1-866-321-TSCM (8726) Monday-Friday, 8 a.m.-6 p.m. ET. Outside the U.S. and in Canada, call 1-212-321-5200.

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