It’s Official: The Yellen era has begun

Fed night cc

1 quick point.

The Federal Reserve is the Prime Mover of crony capitalism. It sets the price of money, or more specifically the price of credit, arbitrarily. As such it distorts markets from the get go. It is a secretive institution which remains unaccountable to the American people, and that is exactly as the banks want it. The Fed does however provide easy money when it wants to and that is why big government people and politicians who say they are for “social justice” and the like continue to support this institution. It’s a sick dependency. It’s sort of like the affinity for the Kennedys but even more nonsensical.

But JP Morgan and Goldman Sachs do appreciate the support for the Fed from all the big government folks. So you can always console yourself with this fact as you go to buy groceries which cost 1/3 more than they did 3 years ago.

Meet the new boss…