We're elite becuase there are so few of us. I've criticized ben a few times, but I think he's smarter than anyone on this site and has infinitely more accurate data then we can hope for ourselves. As far as "alternative interpretation" you'll find that I'm in the overwhelming minority on this issue - you should perhaps practice what you preach. This board, and this thread, are littered with "OMG The Fed is Evil!!! All they do is print money and give it to banks! Goldman Sucks! WAH WAH WAAAAAAHHHHHHHHH!!!11! satan WAHHH WAHH WAAAH satan bankers!!!! WAHHHHH" God forbid I take a reasonable approach to the other side of the discussion.
The M3 bias shows up in other indicators. While us humble plebs can't know what M3 definitively is, we can venture a good guess at the range.
Even though I'm with kk on this, that's not the point. I wonder if you saw the question I asked you, specifically, on another thread?
Agreed. Why would any bank lend money to small businesses (which create all the US job growth) when you can ride a manipulated yield curve and profit in the bond Markets? This isn't a new story. Read what Antal Fekete has to say about how this really functions. It's all engineered for bond speculators to suck the life out of the economy. What better answer to higher interest rates than being able to manufacture a credit crisis to generate a rise in bond prices and appropriate massaging of the yield curve? Charles Hugh Smith has many thoughts about this.