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Markets are therefore functionally useless and their uselessness is a giant hazard.No society that depends on money can work for long if nobody knows the true value of things, including the value of money itself.The truth is that shale oil and other “unconventional” oils just don’t pencil out economically.

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The Fed’s latest actions boil down to a lame attempt to have some maneuvering room to once again lower interest rates and refill their balance sheet via a QE-4 orgy when the economy heads south in a way that even the US Bureau of Labor Statistics can’t obfuscate.

The ECB and the BOJ have already made noises about curtailing their vacuuming up of securities, so the liquidity rotation may end altogether.

Any of these things could shove American markets into criticality, as if they don’t have enough built-in fragility already.

Manipulation of the markets by the Fed and its water-carrying Too Big To Fail partners have deprived the markets of their chief function: , the ability to discern what things are really worth.

The tax cuts and other new gimmicks would increase the federal debt by at least $1 trillion over a ten year period (and, by unofficial estimates, probably much more) paving the road to national bankruptcy with good intentions.

But, of course, quite a few wise men in this culture have declared that deficits don’t matter.

Things that don’t comport with reality are generally prone to failure so sooner or later they have to implode.

Financial markets have been surging supernaturally on “liquidity” since 2009 — and by “liquidity” I mean “money” (digital credit from thin air) supplied by the Federal Reserve, in rotation with the other sovereign central banks, BOE, ECB, BOJ, PBOC, from whence it pings ‘round the world, wherever the lure of the main chance sparkles.

Russia, since the Golden Golem of Greatness is in league with Vladimir Putin to loot the world, or something like that.

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