Cynical investors know it’s a game. But a lot of people believe the claptrap. They think that the Fed – through some magic never fully explained or demonstrated – helps make people better off.
by Bill Bonner, Inelli Hub:
Public life bumbles along under a combination of false pretenses and self-imposed delusions.
At the start of last week, it was widely reported that US central bankers had gone as far as they were willing to go. There were voices in the Fed, said the news, urging caution. There would be no further monetary stimulus measures, said the commentators.
Investors grew cautious.
But by the end of the week, they were rolling the dice again. The Fed was working hard to fight the impression that it had either lost its nerve or recovered its senses. From The New York Times:
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