It's official - Central Banks Are Demigods

No, not because Warren "I never met a camera or young female reporter I didn't like" Buffet says so.

No, not because Nancy Pelosi or the other wealthy-class of President Obama's supporters' 401k plan proves the affirmative.

Not even because Ben Bernanke has given Mr. Paul Krugman and Larry Summers everything they've hoped for, and more.

But it's because the banker for central banks -- The Bank of International Settlements -- has said so. [Effectively saying that CBs can create as much credit as they want; it really doesn't matter because they will never go bankrupt-so don't worry, they got your back.]

Currency Currents 7 May 2013