There is no easy cure for what ails the U.S. financial system. The Wall Street Journal today (Wednesday, March 22) is filled with must-read articles describing many of the irreparable imbalances. Their correction phases will involve reversals, shakeups and washouts.
Very importantly, there is no going back. The Federal Reserve’s 15-year experiment with 0% interest rates and excessive money creation has reached its convulsive concluding phase. What we are seeing now are the so-called unintended consequences about which others have been warning. The turmoil, pain and suffering necessary to right the ship is at hand.
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