With the US dollar closing below the key psychological level of 80, and the Dow ending the trading day well below 15,000, a man who has been trading major markets for over four decades told King World News, “I believe we are now approaching the end game.” He also warned KWN that “This unprecedented and incredibly dangerous monetary experiment is heading toward a catastrophic outcome.” Below is what James Turk had to say.
Turk: “The future of whether or not the Federal Reserve will begin tapering its bond purchases will be made clear on Wednesday, Eric, when the Fed releases the minutes for its last FOMC meeting. We actually got a sneak preview of what they will say from a little noticed but very revealing speech last week by the President of the Federal Reserve Bank of Boston….
“Eric Rosengren said that the decision to taper in September might have been made, “had U.S. fiscal matters not been so problematic.”
This comment reveals some very significant insight into the Fed, and it also confirms my view of the Fed in two respects: First, despite its protestations to the contrary, the Fed is not independent of the government. It is an arm of the government and will do the government’s bidding. This leads to the second point: Even though the Fed claims its mission is to keep unemployment low and maintain stable prices, that is not its real purpose.
Read the full article at KING WORLD NEWS