TheFederal Reserve just released its latest Beige Book, that bland litany of economic data that leaves out all analysis of historical importance as well as not looking at obvious problems like the near-total seizing up of our entire banking system from top to bottom as well as turbulence in the ABX markets. And housing: a total train wreck. But don't worry, the Fed has a sharp eye on the Santa Claus elven workshop! They are very concerned about Xmas sales of Chinese goods. They hope we buy very energetically and are trying to help Santa by dropping interest rates. After all, the futures for oil have dropped below historic highs! Ergo: no inflation!
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