by Pater Tenebrarum, Acting-Man.com:
Here We Go Again
Yesterday Fed vice chair Janet Yellen delivered a ‘see no evil’ speech, perfectly aligned with the Greenspan-Bernanke theory of central bank interventionism, which holds that central banks are not responsible for bubbles, cannot do anything against them, and that lastly, there are no bubbles anyway. Even if they are so glaringly obvious that aunt Emma and her blind dog can spot them.
In a brief summary of the speech’s most important points, Marketwatch reports:
“Some investors are “reaching for yield” but there are no indications that these actions threaten the country’s financial markets, said Federal Reserve Vice Chairman Janet Yellen on Tuesday. “I don’t see pervasive evidence of rapid credit growth, a marked build up in leverage, or significant asset bubbles that would threaten financial stability,” Yellen said in remarks at an International Monetary Fund panel on the financial crisis and monetary policy.
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