“For years critics of central bank policy have been dismissed as negative nellies, but the ugly truth is staring us all in the face: Market advances remain a game of artificial liquidity and central bank jawboning and not organic growth and now the jig is up. As I’ve been saying for a long time: There is zero evidence that markets can make or sustain new highs without some sort of intervention on the side of central banks. None. Zero. Zilch.
And don’t think this is hyperbole on my part, I will present the evidence of course.
What’s the larger message here? Free market price discovery would require a full accounting of market bubbles and the realities of structural problems which remain unresolved. Central banks exist to prevent the consequences of excess to come to fruition and give license to politicians to avoid addressing structural problems. And by preventing these market forces from playing out at each sign of trouble the can gets kicked further and further down the road. Each successive recovery keeps the illusion alive but the jingle is getting tighter and tighter each time around and requires ever lower rates before the monsters return. In the meantime debt keeps expanding while each recovery produces less and less organically driven growth, but ever higher wealth inequality. This is what this system produces.“
[Central bank intervention and the consequences–government and elitists helped–of harming the poor and others who are not benefiting as first recipients of the fiat currency and fractional reserve credit–IS AN ABOMINATION TO GOD, AS CLEARLY STATED BY THE BIBLE. Richard Duke
Website for this post:
James, chapter 5, verses 1 to 6:
Now listen, you rich people, weep and wail because of the misery that is coming on you. Your wealth has rotted, and moths have eaten your clothes. Your gold and silver are corroded. Their corrosion will testify against you and eat your flesh like fire. You have hoarded wealth in the last days. Look! The wages you failed to pay the workers who mowed your fields are crying out against you. The cries of the harvesters have reached the ears of the Lord Almighty. You have lived on earth in luxury and self-indulgence. You have fattened yourselves in the day of slaughter. You have condemned and murdered the innocent one, who was not opposing you.
Go now you rich men, weep and howl for the miseries coming on you (whose gold and silver–money–is cankered)–the Bible