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The Fed’s destructive money-pumping has many victims, but chief among these is the Wall Street financial narrative itself. It emits not a whiff about the patent absurdity of the Fed’s monthly purchase of $120 billion of treasury and GSE debt under current circumstances; and treats with complete respect and seriousness the juvenile word game known as “thinking about thinking about tapering” by which the clowns in the Eccles Building fearfully attempt to placate the liquidity-intoxicated speculators on Wall Street. So it’s not surprising that today’s 5.0% CPI reading was made inoperative within minutes after the BLS release by a chorus … Continue reading → ....