by Andy Hoffman, MilesFranklin.com:
Today, I plan to finish my article in the afternoon – following the Fed’s “momentous” decision. Again, momentous is in quotes because I’m being facetious; as no matter what the Fed decides, the catastrophic damage has already been done. There is absolutely no way to unwind the world’s largest balance sheet – holding the world’s most unwanted assets, on heavy leverage – without destroying the global economy. Not to mention, the Fed is infamous for not only printing overtly, but covertly as well; plus, creating “alternative printing schemes” that don’t’ theoretically qualify as such; such as, for instance, the “swap agreements” still ongoing with countless European banks. In fact, “tapering” or otherwise, the only thing momentous about today – ironically – is that the Fed’s balance sheet will for the first time exceed $4 trillion; i.e., five times above its pre-2008 level.
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