This is getting downright stupid. Notwithstanding the vague hints lodged in last week’s word clouds implying that in the bye and bye they will eventually stop, the Fed money-pumpers continue to inject $120 billion of fiat credit into Wall Street month after month.
Under current circumstances, and given at the mad money-printing that has gone before, that’s damn near criminal. Do these clowns believe in monetary magic or what?
This tsunami of credit plucked from thin air is supposedly “supporting” the main street economy. But for crying out loud—after 15 months of over-the-top fiscal stimulus, exactly what is it that the Fed is supporting?
After all, households are surely not short on spending power–not in the slightest. So why in the world does the Fed think it must continue to beat savers and retirees to a pulp with zero interest rates?
For want of doubt, here is the run rate of transfer payments. There has never been anything like the eruption of free stuff depicted in the chart below in all of American history.