Lest we forget with Italian banks falling faster than Billy Clinton headed after an intern and now as common as John McCain trying to stir up some more MIC spending in a rathole in the Middle East, the words of the esteemed FED policy maker come to mind, "the FED is working through the ECB, bailing out European banks and, indirectly, spendthrift European governments." Through the swap agreements with the European Central Bank Driscoll pointed out, " (that) foster the moral hazards and distortions that government credit allocation entails."
No truer words were ever spoken. The American taxpayer once again, used as a tool!
Yellen continues Bernanke's willful ignorance. The folly will be exposed but it will be hard to stomach.
Retired CEO of CHIPPEWA PARTNERS, Native American Advisors, Inc., now managing the Parisian Family Office. A White Earth Chippewa, raised conservative, growing up in the poorest county in the U.S. on the Pine Ridge Indian Reservation, he began a Wall Street career in 1982. Always been, will always be, an optimist. In a world on a dopamine binge, this is his take on life from Ghost Ranch in MT, Pamelot, his TN farm or their home in San Jose del Cabo, Mexico.
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