The biggest critic of the Fed this side of Ron Paul was on CNBC today discussing global Central Bank currency devaluation.
Grant states that Western Central bankers are attempting to out print the Bernank himself:
Central Banks the world over are going from ease to hyper-ease, and people we thought were extremely radical in their monetary predilections like Bernanke are about to be out-flanked by others still more radical! So the monetary revolution is devouring it’s children!
Grant states that the Fed is at war on the price mechanism: The Fed will not acknowledge that it is suppressing prices, that what it is doing is a species of price controls. Interest rates are prices, and the Fed is manipulating them at the level, & they’re manipulating them on the yield curve!
Regarding the future of QE, Grant states that: The Fed’s hand will be forced by circumstances. The Fed seems to think that it is in control of events, when in fact events will be in control of the Fed.
Jim Grant’s full MUST WATCH interview is below: