There's a room where the light won't find you
Holding hands while the wall come tumbling down
When they do I'll be right behind you
--Tears for Fears
David Stockman gave this talk the day after the FOMC QE-Infinity announcement earlier this month. As he notes, he was preparing to talk about his upcoming book, he opted to "launch into a full strength tirade about the Fed."
He clearly believes that the recent Fed action is not just another interventionary program. It is time, he urges, for "street fighting" to oppose the destruction of what remains of capitalism.
This is an outstanding speech, and worth watching multiple times.
If (when) the system comes apart, there will surely be many who feign surprise. They will suggest, as they did when the 2008 meltdown occurred, that no one could have forecast such a '100 yr flood.' They are either being ignorant, or hope you are.
The warnings have gone up, and they are in plain sight.
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1 comment:
The economy is saturated with debt. Lower interest rates are irrelevant to recovery but they're doing enormous damage
We need an economy that saves more and consumes less. The Fed's policy encourages consuming and trashes savings. We're going in the wrong direction.
What's needed is a period of austerity which shrinks the economy and reduces the massive debt held by businesses and households.
~David Stockman
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