The Fed's Superpower Is the Ability to Pull Back on Leverage

The Fed has the ability to pull back on leverage by moving us off the zero bound. All it's doing is saying, look, we are a player at the table. Jeff Snyder: The euro dollar system has always wagged the monetary policy dog but only if the Fed was a willing participant in the process. I'm sorry, dude, but the Fed's the biggest Ponzi at the table and everybody else is more vulnerable than they are. It's just that simple.