The quote of the day goes to David Stockman. In a Bloomberg video, Stockman claims (and I agree) "Bubbles Ben to be Replaced by Calamity Janet".
They are stumbling into the endgame of this whole misbegotten spree of QE, ZIRP, and massive manipulation of financial markets.
We are going to basically replace bubbles Ben with calamity Janet.
She has no clue how to wean wall street from the pathetic addiction to this massive stimulus, easy money that has been going on for the entire century.
I backed that up because she has spent her whole life as a monetary bureaucrat in the Fed system, and has no clue what honest capital and genuine free markets are about.
[She] believes the entire system has to be run by a monetary politburo, turning all the dials and short-term interest rates and yield curves and the entire financial system.
She is part of group-think, part of the Keynesian consensus that 12 people are running at $16 trillion economy.
They are delusional.
Link if video does not play: Yellen Has No Clue How To Run the Fed
David Stockman was Ronald Reagan's Budget director.
Stockman is also the author of The Great Deformation: The Corruption of Capitalism in America and the #1 New York Times bestseller The Triumph of Politics: Why the Reagan Revolution Failed.
For more on Stockman, please see ...
End of U.S. Imperium—Finally!?
Heart of the War-Mongering Hypocrisy
Stockman nails the heart of US war-mongering hypocrisy with this question [on Syria]:
"After having rained napalm, white phosphorous, bunker busters, drone missiles, and the most violent machinery of conventional warfare ever assembled upon millions of innocent Vietnamese, Cambodians, Serbs, Somalis, Iraqis, Afghans, Pakistanis, Yemeni, Libyans, and countless more, Washington now presupposes to be in the moral-sanctions business?"
There is much more in the article. Please take a look.
Mike "Mish" Shedlock