Financial Storm Chasing With Blinders On: How The Fed Is Driving The Next Bust
Without fail, therefore, monetary central planners keep their feet on the accelerator to the very end, boasting that the "in-coming data" shows the macro-economy approaching the nirvana of full-employment. What they are actually doing, however, is driving the financial system to unsustainable extremes of valuation and speculation--- and eventually to a crash landing. We have had two of these processions of the lemmings---that is, Fed driven cycles of bubble inflation and bust---- already in this century. Now we are at the asymptote of the third.