``The markets don't seem to like the new chairman of the Fed, a cipher named Jay Powell. In his first big public performance since stepping into Janet Yellen's tiny shoes this week, Powell managed to do a complete 180 in 24 hours on whether his outfit will stick to four rate hikes this year... or maybe just ride to the rescue of the floundering markets with their old tricks of lowering interest rates and "printing" shitloads of new "money" to get those animal spirits going again in the S & P. Absolutely nothing Powell's Fed might try will work. In fact they will only make the cratering indexes fall deeper and harder, along with the value of the US dollar. Interest rates can't go any higher, anyway, without blowing up half the paper obligations on earth. Businesses will be terrified to transact. You can't do much with a crippled financial system. The authorities and the news media will call it a "recession" but a sore-beset public will know it is the start of something a whole lot worse.''

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