[chiefalchemist]

That’s a solid point about the bond market. I’ll have to work it into my paradigm.

We’re on the general same page (i.e., conventional wisdom is wrong) but I have a counter-point.

Yes, trust is important. Those who have been favored and enriched by the Fed trusts that it will continue to do so (for them). Sum that up over time and we have what we have:

- wider and wider financial inequality

- more money and assets in fewer hands

- excessive federal gov debt

- more frequent bubbles of some sort

- etc.

I’m not so sure the bond market is at fault.