United States

Via Disobedient Media

Authored by Paul Craig Roberts,

The false reality constructed for Americans parallels perfectly the false reality constructed by Big Brother in George Orwells’ dystopian novel 1984.

Authored by David Stockman via The Daily Reckoning,

The overwhelming source of what ails America economically is found in the Eccles Building. During the past three decades the Federal Reserve has fostered destructive financial mutations on Wall Street and Main Street.

Bubble Finance policies have fueled an egregious financial engineering by the C-suites of corporate America. This bubble has skyrocketed to the tune of $15 trillion of stock buybacks, debt-fueled mergers deals and buyouts of the last decade.

America’s largest banks and their shareholders were quick to celebrate a recovery in trading revenues over the past year. But they may have spoken too soon.

Wall Street vets know they can’t fight the Fed – especially with the ostensibly “data-dependent” central bank committing to returning the Fed funds rate to 3% over the next two years.  But with the arrival of the summer doldrums ushering in low trading volumes across markets, traders are acknowledging that they can’t fight the seasons, either.

Mark Yusko, CIO of Morgan Creek Capital Management, is unafraid to say it how it is. Recall in May, his keynote address warned: