The Jig Is Up! Covid-19 and the Defenestration of the Central Bankers – LewRockwell
And that gets us to the great irony of a day when the casino plunged by 1030 Dow Points because the predicate of central bank omnipotence is facing a sudden and unexpected challenge from the growing impact of Covid-19 on the global economy and its vast and intricate supply chains.
The Fed pretends it is entirely about the business of boosting main street and the employment, production, income and inflation metrics by which is performance is measured. Yet as Covid-19 now reminds, it is actually impotent on all that it sanctimoniously claims to be shepherding and enhancing.
At the same time, it claims to be focused on the stock market, if at all, only out of a squinting corner of its collective eye.
All that it does is conditioned and encapsulated by wealth effects theory and a sniveling fear of a Wall Street hissy fits. So it keeps on temporizing, capitulating and refueling the bubbles that it dare not allow to correct.
Its true ignominy, however, is becoming ever more apparent. It has impaired main street badly by crushing savers, wage earners and productive investment, while inflating a massive bubble on Wall Street it claims not to see.