The Fed's Intention to Be All Things Omnipotent

The Fed is only done on accounting fiction where it's created more of its own liabilities than anything else. But if the Fed can get you to believe that it is doing something positive and then you act on that belief, suddenly it becomes a self-fulfilling prophecy. People will rearrange their portfolios, or rearrange their way of thinking because they still believe the Fed has done something positive. The real economy in any real sense, there really isn't anything outside of that sentimental impact. So there's no second and third order effect from that sentimental issue. And that's really where everything comes apart.