The Fed announced the end of QE III today as had been expected by almost everyone. And after a pause on the news, the dollar soared, precious metals and oil dumped, and stocks slumped, although stocks came back to nearly unchanged by the end of day.
See the commentary on stocks below for more about what the Fed said today.
Nothing has changed. Not one thing. And that is about nine-tenths of the problem that is causing this six year non-recovery for Main Street.
We still have a rotten financial system acting like an unproductive tax and a drag on the real global economy, sowing malinvestment and distortions in whatever it touches and then some.
Have a pleasant evening.
