from Jim Sinclair:
"Operation Twist has been and will continue to be a major non functioning bomb in terms of stimulation. It did zero from its inception and will do less in the future. The 2011 version of Operation Twist calls for the Fed to sell $300-$700 billion of securities maturing in three years or lower, and then use that money to buy longer-dated securities maturing in 7-12 years. The program is designed to lower long-term rates to help mortgage holders refinance and lower the cost of borrowing, therein bolstering the economy. When no one will lend money to anyone what difference does it make to artificially try to keep long rates lo?. This is MOPE via MSM."