There is extraordinary uncertainty about monetary policy with the Fed having tripled the quantity of bank reserves and continuing to create more money in an attempt to stimulate a flagging economy but providing no guidance about its eventual exit strategy from stimulus.
There is uncertainty about exchange rate policy as competitive devaluation rears its head. There is uncertainty about the way in which international trade policy will evolve as protectionism is returning to the political agenda. The major source of this great uncertainty is economic policy. But at some times, and now is one such time, the range of possible near-future events is enormous.
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