Please see the gold/silver commentary above for my take on the FOMC statement.
Some called it a 'balanced statement.'
I considered it a muddied statement, with a little something for everyone. This is not due to some serene objective wisdom on the part of the Fed. Rather, they were purposely vague and misdirecting, in order to keep their options open, because they have no idea what they hell is going one or what they are doing. As a default they are serving their masters in the Banks, that's all.
They are, in the vernacular, 'scared shitless.' And well they should be, since they are standing on a wreckage of their own devices. And I doubt that there will be rooms for them at the compound in Paraguay.
By the end of the day, the fear trade dominated bonds and equities. Stocks went out on their lows.
Perhaps some of the financial results from puffballs like Facebook will help to distract Wall Street from the gathering storm.
Changing the subject from vacuous statements by hacks about economic realities and policy that miss the mark, here is a link to an open letter that I posted today from the new Greek PM Alex Tsipras. It says much about modern economics and public policy that is worth noting well. You may read it here.
The Fed, and the fiscal authorities commonly known as policy making politicians in consultation with the corporate paymasters, are not only proving to be ineffective in nurturing The Recovery.
They are almost sociopathic in their pursuit of further misery and oppression of the public by propping up a financial system that is the cause of many of our current woes, because it is shamefully corrupt. And they wrap it all in bunkum, secrecy, and lies.
This will not end well. I just hope that out of all of this comes a renewal of the freedom, and a change in our priorities. But in the short term, as Yeats put it so well, 'the best lack all conviction, while the worst are filled with passionate intensity.'
Have a pleasant evening.
The Fed's Forecasting Methodology: Making Astrology and Weathermen Look Good
