That was the day that Federal Reserve Chair Janet Yellen said that we’ve experienced enough financial reform and improvements in global economies to prevent another financial crisis “in our lifetimes.”
that we’ve experienced enough financial reform and improvements in global economies to prevent another financial crisis “in our lifetimes.”
The ensuing sounds that follow such a statement are women weeping and men gnashing their teeth. Sounds so horrific that if we described them further, you would flee from your building.
Peter Schiff and Marc Faber are likely breaking their keyboards as they type at 200 words per minute to retort Yellen’s confidence. But let’s just point out the obvious.
When you hear this statement, you either laugh or you take a long, deep pause and wonder why and how Yellen could say something that surely will remain with her as long as history books log her name beside the title role in the Fed.
The short expectation is that central banks have no limitation to using liquidity as a cure to the slightest fiscal sneeze. Let the banks run wild. Let nations on the brink of insolvency multiple times receive massive bailouts.
Italy? You get a bailout before a “financial crisis…”
Greece… you get six.
- Source, FIN