QQQM - Weekly Commentary: Pondering The New Treasury Secretary

• Traditionally, large trade deficits are evidence of loose monetary conditions and resulting unsustainable spending patterns.
• No doubt about it, this crisis period is unique. More than three trillion worth of Fed liquidity injections coupled with a more than three trillion fiscal deficit has thrown traditional crisis dynamics on its head.
• Janet Yellen as the new Secretary of the Treasury is being universally well-received by the markets. She is proven - a consummate dove. And it's difficult not to admire her - such a long and distinguished career along with a notably humble, amiable and compassionate demeanor.
• But in my commitment to accurately chronicle history - determined to counter historical revisionism - there's a salient aspect of Yellen's career that should not be overlooked: Her failure as Fed chair.

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