More Fed Heroin for the Addicts on Wall Street


We actually prefer the “blue meth” metaphor. The markets aren’t in a stupor, they are in an agitated state. They may soon be yet more agitated.


Peter said the only reason all of this monetary stimulus worked the last time was because everybody believed it was an emergency measure, that it was temporary, that it would be undone, that there was an exit strategy.

“Everything the Fed has been saying for the past 10 years about its exit strategy, about its ability to normalize interest rates — everything they said was a lie.”

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