QEII = Ponzi Scheme, Says Pimco
...The regular rounds of investor letters from Bill Gross and his Pimco colleagues have become required reading, both for their economic insights and for their sometimes failed attempts at wordcraft....Also at Deal Journal:
...Here was Vice Chairman Janet Yellen defending the Fed a couple of weeks ago: “The surge in commodity prices over the past year appears to be largely attributable to a combination of rising global demand and disruptions in global supply.”
Please. No one outside of the Federal Reserve System actually believes this. If Yellen went down to the pits at the CME, the traders would laugh in her face before throwing a party to thank her for this year’s commissions....