Paul Singer: The “Trapped, Harmful” Fed “Revels In The Role Of Atlas, Holding Up The World”
by Tyler Durden
ZeroHedge.com
10/07/2013
“You don’t need me to tell you that the developed countries, the US, Europe, Japan, are insolvent…. I don’t want to paint a picture of clarity about the workout of this thing. Because once a society, a financial system gets in a position of the central bank being trapped, and being unwilling or frightened of stopping this merry go round, things get very dicey. They may move to stopping the money printing, markets collapse, then they panic, go the other way… We are in a period where confidence should be jostled and it could be lost at any time for a variety of reasons, how this works out nobody knows…. There is one right thing to do right now: after five years of 0% interest rates, after $3.5 trillion here and several trillion sprinkled around the globe, this Fed chairman, the next Fed chairman, should say: “We’ve done enough. It is up to the president and Congress to remove the impediments for growth and provide the catalysts for growth, and help this country grow. The country is capable of growing at a far faster rate than it has been. And I think that the Fed, which is the only central bank which has a dual mandate, has embraced this dual mandate in a very harmful way because they actually revel in the role of being Atlas, holding up the world by themselves.”
The Rest…HERE
