People often ask me how I decide to write whatever I write. I ask myself the same question. The answer is that I write what I'm thinking at the time. Right now I'm thinking that the US, according to economist John Williams, is in a continuing recession. The numbers will come out around the end of July and if GDP is down in the second quarter, there's going to be a "shark effect."
The stock market in its almost eerie wisdom, must know that the country is still in recession. If so, when, I ask, will the market start discounting this? The Fed with its QE has eliminated the market's ability to discount. For this reason, I consider the Fed a menace to the nation.
I ask myself what satisfaction do the employees of the Fed gain from working at the Federal Reserve?
For one thing, it is a source of employment. Secondly, ... Log in or subscribe to continue reading.
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