The Pathetic ‘Talk Therapy’ Of Janet Yellen
Contra Corner: What in god’s name does Janet Yellen think she is doing? Just a few weeks ago she established the ridiculous Fedspeak convention that “patient” means money market rates will not rise from the zero bound for at least two meetings. Now she has modified that message into “not exactly”.
He is talking about the over indebted US economy, peak debt since the Nixon Shock. Here is his household leverage chart:
In other words, the central banker equalizes prices over a friggen 40 year period, that is a long pricing cycle! The consumer is simply keeping up, the cause? There is no free money in the economy since we left gold in 71. The only money is principal from the US government, produced by debt and it is now becoming due. Hence the deflation.
HY Zero Hedge, naturally.
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