zerohedge.com<\/strong><\/a>In the old normal (\u201cwhen we had an honest Fed,\u201d<\/strong> under Volcker), David Stockman explains to CNBC\u2019s Rick Santelli, \u201cthe market could judge what Congress and the White House was doing and decide where the risk\/reward equation was and how to price the bond, the note, the bills,\u201d but in the new normal, \u201ctoday, the market is entirely rigged.\u201d<\/strong> Stockman is no fan of deficits and as he notes \u201cis no fan of money-printing,\u201d pointing out that \u201cit\u2019s not honest,\u201d for the Fed to fund these chronically growing deficits and \u201ccreated an unsustainably dangerous financial system<\/strong>.\u201d In thie brief interview, Stockman (of The Great Deformation fame) sums it up perfectly to a just-as-concerned Santelli, when he notes, \u201cthe error of central banking has become unversal.\u201d We\u2019re taxing the futures generations, he concludes, \u201cthey\u2019re going to thank you for the massive disaster that was handed to them.\u201d The honesty will never come\u2026<\/p>\n\u201cYou have both parties in the military complex and we\u2019re still spending billions for defense.<\/p>\n
So the honesty will be in the raising of taxes.<\/p>\n
The honesty will come when you tell the middle class you\u2019re not going to get a tax cut<\/strong> \u2014 you\u2019re going to pay more.<\/p>\nThen they will wake up. <\/strong><\/p>\nThen they will march on Washington and demand that we do something about the giant programs that are drifting today because everybody thinks the Fed will take care of the debt<\/strong>.\u201d<\/p><\/blockquote>\nWell worth the price of admission:<\/p>\n
In the old normal (\u00e2\u20ac\u0153when we had an honest Fed,\u00e2\u20ac\u009d under Volcker), David Stockman explains to CNBC\u00e2\u20ac\u2122s Rick Santelli, \u00e2\u20ac\u0153the market could judge what Congress and the White House was doing and decide where the risk\/reward equation was and how to price the bond, the note, the bills,\u00e2\u20ac\u009d but in the new normal, \u00e2\u20ac\u0153today, the market is entirely rigged.\u00e2\u20ac\u009d<\/p>\n","protected":false},"author":1,"featured_media":33156,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[487,18],"tags":[],"class_list":{"0":"post-37544","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-breaking-news","8":"category-latest-news"},"_links":{"self":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/37544","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/comments?post=37544"}],"version-history":[{"count":0,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/37544\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/media\/33156"}],"wp:attachment":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/media?parent=37544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/categories?post=37544"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/tags?post=37544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}