now I’ve been warning that absent the hint of additional liquidity at the June
FOMC meeting, the markets would tank.
they have… almost to the minute that the Fed FOMC ended.
of problems facing the financial markets today is absolutely enormous. China
has begun an interbank liquidity Crisis. Europe’s banking system continues to
collapse. Heck even Trichet now admits that risk is on “red” for the Eurozone
(remember how everything was “fine” for the last year?).
East continues to go up in flames… literally. Greece is seeing full-scale riots
(coming to a country near you in the next 12 months). Inflation is erupting in
China. And on and on.
And at the
head of all of this, the US Federal Reserve, run by Time’s “Man of the Year”
Ben Bernanke, admitted openly they don’t have a CLUE why the economy is not
is the same guy who was MONTHS BEHIND on calling the US recession, the
Financial Crisis of 2008, and every other problem facing the US. So if he’s
admitting he doesn’t know what’s going on now… after spending TRILLIONS of
Dollars… then you better BELIEVE things are going to be getting ugly.
said that the next Crisis will make 2008 look like a picnic. The reason is
quite simple: the next Crisis will be a Crisis of Faith pertaining to the US
years, the US financial system has operated under the belief that the Federal
Reserve could handle any problem. This belief was put to the ultimate test in
2008 when the Fed faced off against the biggest Financial Crisis of the last 80
years. And the ONLY thing that kept us from the brink was the belief the Fed
could fix things.
And we’re all beginning to see that now.
So when the
next Crisis hits it will become clear the Fed CANNOT fix these issues (it never
could but most people hoped regardless). And that’s when the real collapse will
The fact Bernanke has admitted publicly that he’s clueless what’s going on is a
MAJOR step towards the world realizing that he’s lost control.
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