davidstockmanscontracorner.com / By F. McGuire NewsMax /
Newsmax Finance Insider and former U.S. Office of Management and Budget Director David Stockman claims that the Federal Reserve is “lost” and needs to resign because the central bank has pushed the nation to the brink of economic collapse.
“What they’ve essentially done is create another huge bubble and they’re about ready to be repudiated because the bubble’s gonna collapse at the very time that we’re heading into the next recession,” he recently told Bloomberg television.
“I think the Fed is completely lost,” he told Bloomberg television. “You can’t have seven years of zero-cost money without creating huge distortions in the financial market,” he said.
“The world economy is deflating and shrinking,” theNewsmax Finance Insider said. “Look at all the numbers: business sales are down five percent from their peak; inventories relative to sales are at recession levels; and capex orders are down 10% from a year and a half ago,” he said. “Everywhere you look in the U.S. economy, there is weakness, except for the phony numbers put out by the BOS [Bureau of Statistics],” he alleged.
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