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Jim Grant: “The Fed Owns The Stock Market”

Posted by
May 9, 2012
in Blog

From ZeroHedge:

The dulcet tones of Jim Grant provided much food for thought on Tom Keene’s Bloomberg Radio show this morning. While the interest rate observer did not change his tack on the extreme experimentation of world’s central banks, he did have some new perspective on the incredible moral hazard (or unintended consequence) that is being created. One of his main criticisms is theincredible arrogance and conceit of a central banking system that believes it can see the future and thwart things before they come to pass, as he notes “I blame the central bankers forconfusing the black art of central planning with the traditional art of central banking“…

 

Continue reading at ZeroHedge.com…