One final note. Some commentators have argued that the Fed will raise its rate this week to maintain its credibility. That’s laughable. The Fed was set up as a way to disguise the transition from real money, gold, to fiat debt. For over 100 years it has obfuscated that purpose, disguised its intentions, surreptitiously intervened in markets, and piously maintained its supposed “independence,” zealously fighting all perceived challenges, although it is the financial, political, and regulatory handmaiden for the banking industry. It has no credibility left to maintain, just a set of pretenses that many in the financial industry expediently profess to believe. Whatever decision Janet Yellen and her merry muppets reach, the Federal Reserve will have the same amount of credibility after the decision that it had before it: none.

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