I have never hid my disdain for the Free (it should be federal) Open Market Committee. I find it to be immoral, unethical, and criminal to charge interest on the money they print. Think about it: I’m going to create a currency, force all in the marketplace to use my currency, and then also charge those same consumers an interest on the printed money. If this was a public entity and part of the social contract, I’d be fine with it as government must create capital to maintain their social mandate. However, this is a private entity; a private banking cartel that controls this. There are many things about the FED that I disagree with, but this is one of the bigger ones. Another one is what they have done in the manipulation of the markets, including the dollar and the stock market.
Take for example the following chart: this is a 15 minute chart for the last two days that covers the FOMC policy statement and today’s price action. The market sold on the announcement yesterday due to the market finally getting a sense of when the FED will start raising interest rates (which will not be good for the market). It sold about 2%; which is not a huge movement, but one that makes the FED uneasy. It was just a matter of time until someone from the FED did something to keep the market from continuing to sell. However, I was surprised to hear the Janet Yellen spoke at a private luncheon today where she told a group of politicians (mostly democrats) that the FED would not be raising rates anytime soon.
Two shocking things happened immediately following this meeting (all pun intended):
1) The information was leaked to Wall Street
2) Wall Street immediately sent the market indexes vertical
You have to love the Federal Open Market Committee.
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