`` the Fed doesn't have a clue as to the consequences of the $3.6 TN of liquidity it has pumped into the markets since 2008. And I don't say this flippantly. Best I can tell, the Federal Reserve has not even attempted a comprehensive study of how this massive liquidity injection has flowed through the Treasury and MBS markets, U.S. financial markets more generally, global markets and financial systems, and economies at home and abroad. They have just remained determined to keep pumping it out there, supposedly to fight heightened deflationary forces.''

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