Saturday, October 14, 2017 11:00:10 AM
Central Banks' Return to Normalcy Is Nothing But a Charade
With their $21.5 trillion in assets, central banks have effectively manufactured the world's biggest economy.
"Simply put, all that money has created demand that outstrips the current supply in bonds, in equities, in stock price-to-earnings multiples, in historical risk valuations and in credit assets. Therefore, the economic environment that underlies asset pricing is, in fact, distorted. The Fed’s claim of some sort of “normalcy” is a charade. Fed Chair Janet Yellen can say it, and so can Fed governors and presidents, but there is not one grain of truth in the telling. It is nothing more than mumbo-jumbo because they do not wish you to recognize what is actually happening. They have taken over markets and now totally control and dominate them, regardless of the usual day-to-day antics."
https://www.bloomberg.com/view/articles/2017-10-11/central-banks-return-to-normalcy-is-nothing-but-a-charade
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