QE manager apologises
In an article posted to our website today the man who effectively ran the QE program in the US from the start has apologised for the mess it has put the US (and the world) into. He acknowledges that the $4trillion in money printed since its inception in 2009 has done very little to stimulate real economic growth and what was meant to help “Main Street” (i.e. the ordinary person) ended up only inflating Wall Street and hiding the Government’s mismanagement of the US economy. It is a startling read and one timed just the day before Janet Yellen faces the nomination before the US Senate to replace the architect of this mess, Ben Bernanke and also as more economists predict tapering to commence in December. On any impartial look at the real story in the US they are simply appear unable to taper… they are hooked on the easy money.