Global Financial Crisis about to Escalate. Former top Fed official distances self.
As the global financial markets began to meltdown a week ago, former Federal Reserve Committee member and former Chairman of the Dallas Federal Reserve, Richard Fisher gave an eye-opening interview on CNBC a few days ago and admitted the markets were "juiced" by a series of Quantitative Easing (money printing) and now that a crisis is unfolding, the Fed "has no ammunition left".
It appears Fisher is now distancing himself from the Fed's actions and washing his hands of what is to come. It's amazing CNBC was not able to "pull the plug" on his revelations.
Just some of the incredible statements he made (many of which the alternative media have been warning about these things for years for years but were generally ignored by the mainstream media):
“What The Fed did, and I was part of it, was front-loaded an enormous rally market rally in order to create a wealth effect”
“I wouldn’t blame it on China… we’re always looking for excuses”
“I was warning my colleagues we’re wobbly if if we have a 10-20% correction at some point, the markets are still overpriced.
“What drove the markets? … The Fed, The European central bank, the Japanese central bank… what are the Chinese doing? All quantitatively-driven by central bank activity. That’s not the way markets should be working… they were juiced up by the central banks including the Federal Reserve even if some of us could not support QE3
“The Fed is a giant weapon that has no ammunition left.”
“Everybody is looking to the Fed to float all boats”
For several years those who have been calling out the Fed have been branded as conspiracy theorists and dooms-dayers. It should now be obvious who was grounded in reality and who was hooked on mainstream media.
To Learn more about this topic, check out ETW's Strategic Trends Page under Markets and Money
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