“This is the Federal Reserve System at 100 years. The economy is now addicted to an emergency monetary policy.  The FOMC has made it clear: the bubble conditions of the financial markets will not deliberately be popped by a return to 2007. This is the new normal — endless addiction to monetary expansion.  Meanwhile, the banks refuse to lend into the economy. They pile up excess reserves. The FOMC clearly does not expect this to cease. That is why $900 billion a year is the new normal.”

http://www.garynorth.com/public/11906.cfm

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