Near term -- The Federal Reserve is, for all intents and purposes, now being headed by Janet Yellen. Ben Bernanke has quietly slid into the background, and I would not be surprised if Bernanke stepped down before his term was up. It's obvious that Obama wants a glorious and prosperous ending for his term in office, and if more quantitative easing will give it to him, then that's what he wants or demands. The awful truth -- The Federal Reserve has absolutely no idea of what's coming up in the economy. They're waiting anxiously for a pick-up in employment and a boost in inflation. I agree with Gary Schilling in that we're in a period of deleveraging and deflation, and this period will endure for years to come. Thus, we can expect the Fed's quantitative easing to last for perhaps many years into the future. At the same time, we can ... Log in or subscribe to continue reading.
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