The Reckoning Looms – Central Bankers Really Don’t Know What They’re Doing…(Must read!)
by Michael Snider via Alhambra Investment Partners,
ZeroHedge.com
Aug 26, 2016
As I have written many, many times, the “unexpected” events of January and February were a dramatic wake-up call for central banks. Last August’s global liquidation they could at least try to ignore because it could possibly fit within the paradigm of “transitory”, a one-off aberration that was some mysterious Chinese viral contagion and thus of not any great, lingering importance. The recurrence in the first part of 2016, though, destroyed those assertions and a lot of people noticed; and you can bet the Fed noticed that a lot of people noticed.
What is happening this year is astounding. After saying year after year after year that the recovery is coming, and even doing so to the point of condescension, the admissions of wrongfulness are starting to roll in, if only softly at first. How ludicrous does “transitory” look now? Though that word remains attached to official policy statements, official policymakers themselves have begun to act otherwise.
The Rest…HERE
