Ex-Morgan Stanley Chief Economist Admits "Fed Is Distorting Markets"
Stephen Roach, former Chief Economist at Morgan Stanley, has never been shy to share his opinions about the world and having left the Wall Street firm is even freer to speak uncomfortable truthiness. This brief clip, as Sovereign Man's Simon Black notes, says it all so succinctly... "The market has been distorted by far bigger forces than flash trading. To me, the force that has rigged the market... is the Federal Reserve, not the flash traders."
We recommend skipping to 13:05 for about 30 seconds of brilliance if you’re pressed for time:
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