Jeff Deist, of The Mises View, explains how the Fed has created a perilous landscape in which there is no 'honest' pricing left - everything has been distorted. As David Stockman exclaimed, "The system we have now is one in which the Fed decides, through a Politburo of planners sitting in Washington, how much liquidity is necessary, what the interest rates should be, what the unemployment rate should be, and what economic growth should be."
As Stockman concludes,
"There is no honest pricing left at all anywhere in the world, because central banks everywhere manipulate and rig the price of all financial assets. We can't even analyze the economy in the traditional sense anymore, because so much of it depends not on market forces,m but on the whims of the people at the Fed."