Jeremy Grantham On The Halloween Freak Show ‘Night Of The Living Fed–Something Unbelievably Terrifying’
It's been years since we have remarked of anything Grantham has written. Actually Grantham is one of the few people in the financial industry who I respect. But he's a little too beholden to the system and his statistical analyses used to determine future equity market returns are based on bad math. But this newsletter is too good to pass up. That said, there is a substantial differentiation here that Grantham doesn’t make. The Federal Reserve did not create these problems. The criminal for-profit Wall Street sociopaths did. This is a big distinction. The Fed is the incompetent enabler of bad behavior with massive conflicts of interest. The actual dysfunction lies on Wall Street. In other words, the Fed is the spouse of a crack addict. Wall Street is the crack addict. And the Fed, rather than trying deal with the dysfunctional relationship with its spouse or dealing with their addiction, is instead out on the street corner buying their spouse more crack to perpetuate the addiction. None of this would exist with a public banking system that served democracy. Link here.
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