How the Fed Fails - The Daily Reckoning
How the Fed Fails Gamed speculation — using knowledge of how markets can be pushed to profit those doing the pushing — has long been decried. Declaring that the unproductive profiteering of greedy speculators will be the death of the Republic goes back to Rome, and in American history, to Alexander Hamilton’s battle in 1791 to pay the speculators who had bought up the new nation’s war bonds for pennies on the dollar full value plus interest. Gamed speculation — and the cheery presumption that there will always be a liquid market of chumps willing to buy insiders’ pumped-up balloon...