The Ultimate Ponzi Scheme

The more things change, the more they stay the same. The financial world loves focusing on some future event that they think will change everything. There is always some economic data, an important meeting like G20, the Fed, the ECB or a speech by Yellen or some other central bank head who hasn’t got a clue what is happening or what will happen. So now at the end of August, markets have all been focusing on Yellen’s speech at Jackson Hole Wyoming. Jackson Hole is, of course, a very befitting name since what the Fed is starring into is a massive black hole into which major parts of the financial system will disappear.

Central banks speak with a forked tongue

The Fed like all central banks is speaking with a forked tongue. They have talked interest rates up since December 2015 and for a long time, the market has believed them. So this time again, Yellen obliged and made the market believe that there will be one or two interest rate

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