by Andy Hoffman, MilesFranklin.com:
It may be an infamous day for the Broncos, but football is just a game; and whether a team wins the Super Bowl or comes in last place, the masses aren’t impacted a single iota. Conversely, Janet Yellen was just sworn in as Fed Chairman 20 minutes ago – it’s Monday morning at 9:20 AM EST; and I assure you, the infamy she will be associated with will reverberate across the globe – for generations.
She didn’t “start the fire,” of course (ironic, as a Billy Joel song just came on the radio); and she certainly didn’t fan it, either. No, the former honor goes to Richard Nixon, in 1971; and the latter, Alan Greenspan and Ben Bernanke over the past 27 years. However, as a hard-line money printer – which is precisely why she was appointed – Janet Yellen will be the Fed Chairman under whose “watch” the fire will consume the planet. Before her initial Congressional testimony on February 11th, we’ll be distracted by Thursday’s ECB meeting – during which, Euro interest rates may be further reduced; as well as Friday’s NFP report and initial “debt ceiling deadline.” However, once she takes the podium next Tuesday morning, the “Age of Global Hyperinflation” will commence; and thus, we advise you think long and hard – NOW – about your financial future.
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