It is not the bubble, it is the lack thereof

Earlier today, in response to Neel Kashkari's CNBC interview in which the Minneapolis Fed president said "I don't see any moral hazard here" when asked if the Fed's massive liquidity injections have blown a bubble...

No moral hazard. I am wiling to admit the Fed taxes and fee collection on middle class accounts is legal, authorized implicitly by Congress.  It is a deflationary spiral, a none stop popping of any possible bubble that might be Fed taxable. Is is tight money.

And that makes the New Fed what the Antificants want it to be, a legality derived from the right to coin, and the Antificants are proposing a much better tax.