The Fed Will Blink

``America saves scarcely 20% as much as it issues in new credit. The other 80% is "funny money" -- credit created out of nowhere by the Fed, by banks and by foreign central banks (mostly recycling trade surpluses)... The Fed will put out both eyes with a ballpoint pen before it will allow a return to honest finance.'' -- For our part, the Fed is going to be "behind the curve" even if it keeps raising... so this will be far from a return to monetary discipline...