The U.S. Federal Reserve has been building a pyramid that is similar to Madoff’s — but on a massive, global scale.
The day when Fed Chairman Jerome Powell rode in to rescue financial markets to prevent their complete freezing up could have entered our history books as another global mega-crash.
The U.S. addiction to stock price inflation is rooted in an illusion. It is promoted by Donald Trump, Wall Street, the Fed and mainstream economists.
While Trump says it’s all the Fed’s fault, this is why U.S. stock markets are really collapsing.
What makes this particular market correction so spooky is that, unlike in 2008, no single reason has yet been identified as causing the downturn.
The Fed’s current interest rate increases are to tamp down the possibly very dangerous effects of fiscal recklessness during a time of a booming U.S. economy.
Trump is of two minds on the whether he really wants to pursue sound economic policies or follow his instincts as a real estate developer.
As Fed Chairman, Greenspan utterly failed to limit leverage and bubbles, and this failure magnified financial fragility.