Those at the top are either very stupid, or very evil. I think I know which.
The loose monetary policy practiced by the USA’s Federal Reserve reminds me of my old macroeconomics professor, Dr. Mike Agapos, then of the University of New Orleans. Dr. Agapos, now sadly gone, greatly encouraged me in my studies, but he also had little pithy sayings, such as: “All money must be somewhere.”
Where all the new money the Fed has created is is in risk investments. We see the stock market setting news highs continuously.
But things do not look so good on Main Street, as the graph above shows. In healthy economies, labor force participation inches upward over time. The opposite has been happening in America.
The new money that goes to Wall Street stays on Wall Street.
Hence, we see what the guys at Zerohedge dramatically refer to as the death cross.
As BofAML warns, if Main St. doesn’t recover this year on the…
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