So sorry, America, however your central bank is certifiably crazy, and it’s not going to magically work out.
History definitively shows that speculative bubbles always pop– always. Every speculative bubble mania, despite its expected originality–“it’s different this time”– pops. No speculative bubble has ever “reached a permanently high plateau” and then remained on the plateau for years.
So what does the Federal Reserve do? It inflates the greatest speculative bubble in contemporary history and then implicitly promises it will never pop. Dear Fed, are you crazy? You might as well make a public pronouncement that stocks have “reached a permanently high plateau” that will be followed by an irreversible climb to ever-higher plateaus, as that is the implicit message you have actually been sending out punters and pundits.
To guarantee a speculative mania that never ever ends is crazy, yet that is exactly what the Fed is doing. Absolutely nothing else matters except “the Fed has our back.”
The Fed is also efficiently promising that financial obligation, leverage and wealth/income inequality will likewise all ascend greater forever. As soon as once again history moots this pleased story, as skyrocketing wealth/ earnings/ political power asymmetries that serve the interests of the couple of at the expenditure of the many inevitably produce transformation or regime collapse.
Dear Fed: is your “plan” to speed up transformation and collapse? If so, you are ridiculous. Has your hubris reached new extremes in la-la-land or are you so detached from truth that you’re closing your eyes and going to your pleased place where everything magically works out without the extremes you’ve single-handedly created reverting to the mean?
So sorry, America, but your central bank is certifiably crazy, and it’s not going to magically exercise. The speculative bubbles in credit, leverage and possessions will pop and the extremes of wealth/ income/ political power inequality will swing to the opposite extreme. The way of the Tao is reversal and the Fed’s apparently godlike powers are absolutely nothing however the hubris-soaked rantings of the delusionally insane.
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