``In an Amphora Report published in 2010 I posed the then-provocative question, "Has the Fed become pathological?" Well, time moves on, another iteration of quantitative easing (QE) is announced--apparently an `open-ended' one this time--and I suppose we have now reached the point where I doubt that anyone re-reading that particular report would find much with which they would disagree. Yes, the Fed and certain other central banks are pathological.1 They will stop at nothing in order to artificially reflate their economies, damn the consequences. ''

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