David Stockman has a lengthy piece at Zero Hedge, and I recommend you read the whole thing. And pay particular attention to this:
In short, Fed policies are mangling the Main Street economy by disabling the pricing mechanism in all financial markets, diverting capital to unproductive speculation and rent-seeking and leaving genuine entrepreneurs and businessmen adrift in a fog of financial disorder. Needless to say, the result is tepid growth of incomes and jobs—-a lamentable condition that the Fed cannot fix with “moar” monetary stimulus because decades of the latter are what has caused the problem.
More importantly, the impossibility of fixing a structural problem with Keynesian cyclical medicine means that the monetary politburo will descend into an ever more incoherent babble as the “incoming data” fail to match its clueless forecasts.
It’s become undeniable that a government that cannot be trust to spend money wisely, certainly cannot be trusted to create money wisely.
It’s time to end the Fed.