Zero Hedge reports:
“Participants also differed in their assessments of the likely benefits and costs associated with a program of purchasing additional longer-term securities in an effort to provide additional monetary stimulus, though most saw the benefits as exceeding the costs in current circumstances. Most participants judged that a program of purchasing additional longer-term securities would put downward pressure on longer-term interest rates and boost asset prices; some observed that it could also lead to a reduction in the foreign exchange value of the dollar. Most expected these changes in financial conditions to help promote a somewhat stronger recovery in output and employment while also helping return inflation, over time, to levels consistent with the Committee’s mandate.”
For those of you who don’t understand arcane gibberish, he’s saying the Fed intends to print untold trillions of dollars because they [wrongly] think this will help fuel an economic recovery.
This has been tried many times in the past, always resulting in failure.
It will fail again, only this time the stakes are much much higher.
I hope you got gold and silver, because you will be buying bread with it in your lifetime.