The Fed overestimated the robustness of the economy, underestimated the level of addiction of the markets to cheap money, and it was way too quick to proclaim a “full recovery” from the crisis.
When operating in an easy money regime, finding investments capable of providing reasonable returns becomes difficult to near impossible. Low risk vehicles are bid down to near-zero returns, pushing investors into ever riskier vehicles to generate enough return to cover objectives.
The Morgan-Rockefeller forces began to organize a "reform" movement to cure the "inelasticity" of money and to move slowly toward the establishment of a central bank.
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