More and more investors are coming around to the opinion that the Fed is largely powerless in times of a balance sheet recession. In an interview this morning Mohamed El-Erian of PIMCO discusses the dangers of deflation and the remaining options for the Fed and the government. Unfortunately, I think El-Erian is even too optimistic about this Federal Reserve. Mr. Bernanke has been wrong about this crisis since before its inception and has misunderstood it at every twist and turn. Why anyone would turn to him for assistance now is simply mind boggling:
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