In the near-term, "central banking is about to turn a lot more difficult. All this QE in the face of rising bond yields and general uncertainty will stoke inflation fears," analyst Doug Noland opens a conclusion to his Credit Bubble Bulletin this weekend."Already, the surge of liquidity into equities is drawing funds from fixed income, while exacerbating general flow instability. Liquidity flooding into king dollar exacerbates emerging market fragilities. "Increasingly apparent emerging market trouble then spurs more flows into hot 'Core' securities. 'Melt-up' stuff. "Do central banks come to view QE as destabilising to inflation expectations and overall market speculation and flows? Or do they view the backdrop as too risky to begin reining in global monetary stimulus, again turning their backs on increasingly dangerous speculative excess?"A perma-bear, mostly, and an original observer, Doug Noland has tackled financial capital like few other commentators.