"The Federal Reserve looks likely to keep short-term interest rates near zero for five years or possibly more after it adopts a new strategy for carrying out monetary policy.
Jackalope Jay and the Mavens of Moral Hazard
Rich Miller, The Fed Seen Holding Rates at Zero for Five Years, Bloomberg
“It is difficult to get a man to understand something, when his salary depends on his not understanding it.”
Upton Sinclair
"A hypocrite despises those whom he deceives, but has no respect for himself. He would make a dupe of himself too, if he could."
William Hazlitt
"He who does not bellow the truth when he knows the truth makes himself the accomplice of liars and forgers."
Charles Peguy
Stocks ran to a new high on the Fed's pledge to create easy money for years to come.
Gold and silver also rallied.
The Dollar moved lower.
We are abandoning any pretense to Constitutional principles and the rule of law at an alarming rate, and with a remarkable abandon, from the top down.
Have a pleasant evening.
