Sunday, August 05, 2012

Gimme back my bullets

The Fed fired its bullet. The bear wasn't scared. And the bullets may be blanks, anyway. But the point is that there is no secret gun. Or so says Sy Harding...

1 comment:

Tom said...

The analogy with bullets is somewhat apt, since central banks only power is to do harm. (We are grateful when they do less.) However, being "out of ammo" doesn't fit, since they make their own. When they fire steadily and predictably, people can see that and stay mostly out of the way. It's when central banks change their practice that things really go haywire.

Steady as she goes, boys!