Tapering The Truth

Ceremony and ritual are not just important concepts for priming and keeping faith, they are absolute essentials. There’s a reason why cult leaders make themselves appear – at every instance – indispensable while at the same time keeping their masses busy with nonsense. Can’t ever permit thinking too much lest the house of cards crash downward at the first slight breeze of independent thought.

So it is with these Rites of FOMC.

From back before Greenspan the “Maestro”, we have been methodically conditioned to believe, to only believe, the entire financial and economic world is wound up in whatever deliberate acts this specific set of policymakers concocts. There is no market, there is no economy, there is NO LIFE without Dear Leader.

And this age of un-growth will never end until this brainwashing washes out of the public mind. Looking to Washington’s standalone worst technocratic institution for answers it can’t possibly give, this explains much; far more than “easy money” could ever.

I wrote the following more than four years ago, back in May 2017, back when China (ha!) was poised to lead the world into globally synchronized growth, pure policy nirvana as told by, well, everyone. Our FOMC Gods, however, just had that teensy little problem with bonds and inflation; the same problem they would never solve:

These FOMC statements are in many ways quite like that; the Fed continues to act as if it portrays any useful economic meaning when long ago, almost six years, to be exact, the bond and funding markets slammed the door of real power on it. They may from time to time appear interested in the rambling ruminations of the perpetually confused, but for all that really matters these things are whittled down to mere televised ceremony. It’s a big deal for the financial channels and even for filling media page views, but eurodollar futures truly designate what moves the Earth now.

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Disclosure: This material has been distributed for informational purposes only. It is the opinion of the author and should not be considered as investment advice or a recommendation of any ...

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