Big rally today as Janet Yellen speaks, promising more QE if the economy softens. Well, I have news for you, Janet. Your speech today claims that the Fed expects moderate growth, but your own Atlanta Fed forecast as of yesterday shows growth well below 1% for the first quarter. Time to pull out the double seasonal adjustment again?
Of course, the market is happy that more QE is in the wind. Pump those bubbles up some more, Janet. Idiot. You would think that even the blindest of Keynesians would have figured out that their manipulations are doing more harm than good.
Just look at Japan, the poster child, where there is currently a rash of shoplifting as retirees seek to get into jail, where “three hots and a cot” is seen as a respite from daily struggle. Massive QE has completely failed to improve the economy or create the inflation that has been promised.