Commentary
Elite overseers of the U.S. banking system spent the better part of the week assuring us that all is well with it. You just have to trust them. They know. And we all know how much we can trust our overlords to tell us the truth, right? Such a wonderful track record of at least three years during which time anyone with power gladly lied to us about everything that mattered. But this time, they say, they can be trusted.
There are a few anomalies. Consider Janet Yellen’s identical testimonies to the U.S. Senate and the U.S. House on March 22 and 23 respectively. They were the same but for one sentence. In the second testimony, she left out a single sentence: “The U.S. banking system is sound.”…