The US Fed has bluffed again, promising a rate hike and chickening out. In doing so they admitted that the global economy is faltering and they believe that any move off zero rates will quicken its demise. If Ms Yellen were honest her statement would say:
” We messed up. We lowered rates for years to keep pushing debt-fueled consumption and we bankrupted the world. Then we bailed out the most reckless actors with public funds and have been funneling cash to those same criminals ever since. Now the system is so broken we are powerless to improve it. All we can do is talk brave and hope for miracles before people realize the magnitude of our errors and come after our heads.”
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