ZIRP is planting multi-trillion dollar FEDs (financial explosive devices) throughout the entire financial system. Yet the FOMC majority still claims that there are no bubbles in sight.
David Stockman is the former Director of the Office of Management and Budget during part of the Reagan Administration, from 1981 to 1985. He is the author of The Great Deformation: The Corruption of Capitalism in America and The Triumph of Politics: Why the Reagan Revolution Failed and Trumped! A Nation on the Brink of Ruin... And How to Bring It Back
The above originally appeared at David Stockman's Contra Corner and is reprinted with permission.