- Fitzwilson: There Is No Solution, Only Catastrophic Outcomes!
With continued volatility in global markets, 40 year veteran, Robert Fitzwilson wrote this exclusive piece for King World News. Fitzwilson is founder of The Portola Group, one of the premier boutique firms in the United States. Here are Fitzwilson’s observations: “In the minds of most people, the first reactions to the crisis of late 2008 were programs such as TARP, to stabilize the financial system, as it had gone into figurative cardiac arrest. QE1 began in March of 2009, to get the world economy back on a recovery track. QE2 then followed along with Operation Twist. The debate now is to whether or not we will see QE3.”
“We must admit that the actions taken became necessary. Our preferred path would have been to bolster Main Street, not Wall Street, followed by tens of thousands of prosecutions, but that was not the direction chosen. Wall Street and the international banking system were resuscitated while Main Street languished. Talking about whether we will see QE3 or not, distracts from the fact that all of what has transpired since late 2008 has been quantitative easing….
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