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"(A) number of participants stated that an ongoing evaluation of the efficacy, costs, and risks of asset purchases might well lead the Committee to taper or end its purchases before it judged that a substantial improvement in the outlook for the labor market had occurred."

It's nowhere in sight. It'll deteriorate further before improving. It may do so significantly. Protracted Main Street depression continues. Bad policies produce bad results. Experimenting with near-zero interest rates failed. Nothing ahead looks promising.

Global economic slowdown is real. Most areas show it. The entire EU is troubled. Germany, France and Britain are mired in recession. Southern euro countries face protracted depression.

The European Commission predicts back-to-back year declines for the first time. The Financial Times called it a "grim economic picture." At issue is rising unemployment, lower consumer spending, less business spending and investment, and force-fed austerity.

Japan entered its third recession since 2008. Chinese, Indian, and Brazilian growth rates fell by half. Fourth quarter 2012 US growth was virtually zero.

Walmart may be the canary in the coal mine. It reported its worst monthly sales start in seven years. Company vice president Jerry Murray called them "a total disaster."

At issue are higher payroll taxes, rising energy and food prices, less consumer credit, exhausted savings, punishing austerity, and much more to come.

Perhaps a tipping point approaches. Currency wars loom. Waging them assures trouble. Competitive devaluations reveal dire economic conditions.

During the Great Depression, devaluation by fiat deepened hard times. It extended them. In 2010 and 2011, wage cuts tried to boost exports. 

Fed, ECB, Bank of England, and Bank of Japan QE try doing so now. It's a duplicitous money grab. It's robbing poor Peter to pay rich Paul. It's official policy. It's got nothing to do with stimulating growth. 

Monetary policy has limits. An ancient proverb perhaps explains. "Those whom the gods wish to destroy they first make mad." Perhaps they had central bankers in mind.

Money printing madness substitutes for stimulative growth policies. Coordinated central bank intervention repeats what hasn't worked before. Speculation follows. So do bubbles. 

It bears repeating. They all burst. The bigger they are, the louder the pop. 

Economies bereft of stimulus stumble. Conditions are worse now than earlier. Force-fed austerity assures decline. Living standard deteriorate. Societies aren't fit to live in. Bankers, war profiteers, other corporate favorites, and super-rich elites alone benefit.

The longer fiscal pain continues, the closer an ultimate day of reckoning approaches. It'll arrive disruptively. People take only so much before reacting. 

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.
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I was so hoping for some economic straight talk bu... by Howard Switzer on Monday, Feb 25, 2013 at 10:35:20 AM
because a struggling company can otherwise borrow ... by David Chester on Monday, Feb 25, 2013 at 11:11:57 AM