By Dominique de Kevelioc de Bailleul
No hints from the Fed about QE3 is the latest ‘bad’ news coming out of Bernanke’s testimony to Congress this week. Gold sells off.
But Mike Krieger, a regularly featured contributor to zerohedge.com, stated he senses the Fed’s preparatory language to markets before formally announcing policy changes is now null and void.
“I have no idea why anyone is making a big deal about The Bernank’s testimony to Congress today,” Krieger began his article. “There was no way he was going to come out with anything meaningful. . . In fact, I am 100% certain that The Bernank merely wants to toe the line as carefully as possible and at the same time get some nice propaganda out there to the sheeple.”
Krieger goes on to state he expects “a massive wave of liquidity” from the Fed, but doesn’t expect the U.S. central bank to pull the trigger at the conclusion of the next meeting scheduled later this month, though many analysts believe making a formal announcement during the summer months before the fall election will camouflage enough the Fed’s role in aiding incumbent parties with easy money as a way to boost asset prices and mood of the electorate going into November.
In short, Krieger believes Washington no longer cares about its once-clandestine strong-arm tactics becoming exposed to the world; the Washington ‘elite’ “don’t care” anymore, according to him.
“Maybe in times past [Washington 'elites' cared], when the power structure was a bit more reserved and less blatant about their corruption and manipulations,” Krieger continued. “They don’t hide that stuff anymore. The “elites” in America today are simply gangsters. We have already been officially christened as a Banana Republic.”
No banker has been prosecuted for malfeasance since the crisis began approximately four years ago, lending much credence to Krieger’s seemingly outrageous but arguably correct summation.
Expect Surprise Global QE3 to Shock Markets | Survivalist Investor
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