09/03/2016

Former Fed President: "We Injected Cocaine And Heroin Into The System To Create A Wealth Effect" - by Zero Hedge

Jeff Fitchett: This article and video sum up central bank policy.  It's all a facade.

Just two months ago, former Fed President Dick Fisher admitted that "The Fed front-loaded an enormous market rally in order to create a wealth effect." Today he is back, taking a victory lap onthe 7th anniversary of the crisis lows by explaining, rather stunningly, to CNBC that "we injected cocaine and heroin into the system" to enable a wealth effect (that he admits did not work, despite its success in raising asset prices), and "now we are maintaining it with ritalin." Fisher also confirmed his previous warning that "The Fed is a giant weapon that has no ammunition left."

Fisher explains how The Fed achieved its goals... but admits that didn't really fix anything...


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