For People like Jim Grant, the Crisis has been deffered
for much longer, I would think.
The FED's Pause Path, which they launched in January of this year, was probably the best of all possiblwe worlds. I would have advised sticking with that script.
Instead, it appears the FED is trying a policy shift now, after having written the previous script, advertised it, and now deciding to throw it away.
I find it disturbing that former FED governors and many FED watchers are cheering the new tough talk from the FED, but, absent of any discussion of the Debt--and most importantly a recalcitrant congress and exec branch that still has no plan to reduce spending, after a shocking guns and butter binge.
I can't decide which is more absurd: a FED deciding to tighten from here on in, or, a FED deciding to cut from here on in--in the context of zero discussion of the Debt, and govt spending.
To me, it's farce.
LP |
