What the heck? Bernanke announced QE2 just five days ago. This morning, the WSJ runs a piece by Kevin Warsh, a member of the Board of Governors of the Federal Reserve. The piece is balanced and sane. The piece, in other words, is a reprimand directed at Bernanke. Open dissension at the Fed? Released just five days after the QE2 announcement? I don't know what to think, but I'm suspicious. Is it a dishonest attempt to try to quell some of the runaway speculation (i.e., metal prices) that greeted the Fed's QE2 announcement? I obviously have no clue, but it seems odd to see such an airing of grievances so quickly.
Zero Hedge breaks the piece down.
A thought hit me this morning as I rode my bike to work: Is there really any purpose to studying economics, finances, and investing anymore? It seems that the Fed drives all, controls all, is all. It's the Brahman of all things monetary. I bought volume 1 of Allen Meltzer's magnum opus last year. I read the first 20 pages, then put it aside. I've now decided that I'm gonna read it. It's my end-of-the-year resolution.
It's only 808 tightly-written pages. Who's with me?
