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It was about 5 years ago, roughly the same time we launched our crusade against HFT, that we also first made the accusation that as a result of QE and the Fed's central planning, the forward-looking, discounting mechanism formerly known as the "market" no longer exists, and instead has been replaced with a policy vehicle designed to create a "wealth effect" if only for those already wealthy. In other words, while HFT may have rigged the market, it was the Fed that has openly broken it.
Today, none other than the WSJ is the latest to confirm this. To wit:
And to think 5 years ago this would be considered daylight, fringe tinfoilhat bloggery. Our advice to the WSJ, next time use quotation marks as follows: "markets"
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