Hurricane comethThe Nov 4, 2010 FOMC meeting initiated the disaster of known as "massive QE" with Tom Hoenig the only dissenting regional Fed governor among the 12.
Between 1918 and 2008 the US money supply grew from 5 billion to 847 billion USD.
Between late 2008 and early 2010 1.2 TRILLION was added.
Then if that was not bad enough, after Nov 4, 2010, the QE flood gates were opened. TRILLIONS have been added.
In conjunction with near zero interest rates for a decade, massive inflation of the stockmarket, real estate and garbage like Crypto currency went on a tear.
The Fed is now raising interests too late and much too slowly. It is no longer sufficiently independent of the corrupt DC uniparty. No replay of Herr Volcker is likely.
The Fed is now feeding the markets and investors the delusion it can actually unwind the monster QE mess it created. Hoenig warned this will not be possible.
Compounding the issue is the monumental incompetence of the current Fed chair Yellen who is barking about Climate change, climate equity and corporate ESG as 30 ft storm surge waves are about to crash the shore line.
If interest rate hikes fail to quell inflation, which is a real possibility, we will have the reckoning that was never allowed to transpire during the 2008 credit crises.
Good luck to us all.