If you want to understand why we are heading for a financial Gotterdammerung, just consider the specious nonsense and mendacious cant that issued from JayPo’s post-meeting presser last week. It’s all the worse because this drivel is not just his opinion—it embodies the oppressive groupthink of the entire central bank and its Wall Street megaphones, servitors and overlords ( e.g. Goldman Sachs).
In again insisting there were no visible signs of excessive speculation and threats to financial stability ( viz. why would Wall Street admit otherwise?), Powell claimed, among other things, that the undeniable eruption of business borrowing since the financial crisis was no sweat whatsoever.