Nov

10

One admires the insouciance, the shiftiness, the redeployment, the false signaling, the appearance of propriety, (what is the right expression?) with which the Fed announces their schedule of securities eligible for their quantitative easing at 2:00 pm. this afternoon. They wish the "flexibility " to buy the highest yielding securities from the bank so that they can "give the public" the best return. What a snare and delusion, a displacement, a false marking et al, to displace attention from fact that they are buying a trillion dollars of securities by force from the clients that own them, adding to the demand schedule by 100% or so with every security always fairly much the same shift from each other so that buying one raises the price of all others to their clients non animadversion.


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