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QE Whistleblower Warns "We Are Eerily Similar To 2008"
Following his inconvenient truthiness yesterday, Andrew Huszar appeared on Bloomberg TV today (having dismissed the comic-book-written discussion he faced in CNBC's Fast Money yesterday). As usual Bloomberg gave him more time to speak, listened, and challenged some of what he said, but we were struck by the man-who-ran-the-Fed's-mortgage-book's points that "we are eerily similar to 2008." Simply out, he implores, "the structure of our economy has not changed," and his apology (on behalf of the Fed), is because the Fed "helped squander an opportunity to see change in America." The fact of the matter, this was folly, "The Fed does not have the ttols to help the economy."
What else could Bernanke have done?
QE1 at the time was defensible... but as we progressed, very quickly we began to see it was not working
So why wasn't a decision made then to change course?
That's a very good question and why I felt compelled to write this apology to America...
This was a program that was devised to help mortgage lending in America... mortgage lending decreased in that time...
Instead what we saw was massive Wall Street earnings
When should the Fed have stopped?
The Fed should have stopped after QE1 - when it was clear it wasn't working - instead it has bought $2.5 trillion more bonds and put itself in a position where the exit is very uncertain...
...
Ultimately the tools [the Fed] has at its disposal don't work, and what it has done instead is enable a "crisis-driven" political system
Must-watch follow-up to his Op-Ed... Ensure you listen to the last 60 seconds... "What the US needs is reform and change - not more easy money."
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there is nothing left in the FED "toolbox" - Only Race to Bottom in Currency Wars:
Bitcoin Heist And Jim Rickards On Taper, Janet Yellen and Gold
In this very interesting episode RT is reporting about the hunger for the FIAT Currencies alternatives and how it is driving the Bitcoin Bubble, but it is not The New Gold or even close to it - as we have written before. New security concerns are reported with the cryptocurremcy and Jim Rickards dissects the Currency War situation in the ECB, BOJ and FED race to the bottom. You will find out why Janet Yellen can not Taper and what is behind the Gold and why Gold Standard is still valuable option even today. http://sufiy.blogspot.co.uk/2013/11/bitcoin-heist-and-jim-rickards-on-ta...
I think QE did exactly what it was supposed to do. It was never to help the economy. It was the bailout that it was designed to be. And now it is the only real profit center and/or prime creator of profit centers for the banks. It can only increase because the banks will die without it. Either more QE profits or death. What choice do you think the banking system is going to make for itself? The Fed was created by the bankers to protect bankers.
This is only cya for when the shtf. Sorry but saying I'm sorry doesn't mean you should be excused for your involvement.
Why didn't he mention thanks to all this QE Gasoline, food and utility prices are soaring. That's the theft.
" "The Fed does not have the tools to help the economy." "
Of course they don't. But frankly, do you really think some of the people behind all this don't know that already ?
" the Fed "helped squander an opportunity to see change in America." "
Not at all . They want change, ..... but for their own benefit only.
Now, what they need is some more time to get : more drones, a DHS fully armed and ready, and a "beheaded" army . Then they "wait" for something big to happen (false flag) so that they can declare martial law ad infinitum .
Constitution problem solved ...
... unless everything doesn't go according to plan ( you know, things like chaos, incompleteness or inconsistency are not exclusively reserved to mathematics ...
... that's probably what some of them are realizing) .
Blow me, Huszar (if that is your real name)... You knew exactly what you were doing.
This guy sounds naive if sincere. Most economists are tasked with narrow projects separated by silos. They have no understanding of the macro picture. As long as their little model works with controlled variables and predetermined artificial conditions, they believe it. The problem is that their tinkering has nothing to do with the real world. Back to this clown from the FED: did he really not know that QE was entirely from inception about bailing out the big banks? For heaven's sake, this guy is the poster child for Smart Dopes of America.