The Fed is destroying the capital markets by pegging and manipulating the price of money (interest rates) and debt capital. Interest rates signal nothing any more as a mechanism of allocating money between lender and borrower, because interest rates are "zero." Capital markets are at the heart of the free market, and they are not working. Why? Because the Fed is manipulating every aspect of our so-called free market. And, we all know how well that is working!
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