You'll have to forgive me for a shameless re-post, but I liked it so here it is, from ZeroHedge. Make of it what you will.
The astounding hubris of central bankers is comical, but the consequences of their actions are playing out as needless tragedy.
Central bankers present themselves as Masters of the Universe. They are, but only in their own little Theater of the Absurd. In the real world, they are as clueless as any other mortals about the unintended consequences of their actions and the speed with which the corrupted, unsustainable financial Status Quo will decay and die.
The only attribute they possess in abundance is hubris. Their claims to godhood are comical when viewed in their little Theater of the Absurd, but they become tragic when the consequences of their actions play out in the real world.
Their job, such as it is, is to deflate a tottering system based on phantom assets slowly enough that it doesn't implode. Stripped of mumbo-jumbo, their strategy to accomplish this is to inflate other phantom assets to replace the phantom assets that are falling to zero.
All their promises, preening and posturing boil down to patting their breast pocket and speaking vaguely about a "secret plan" to end the crisis without bringing down the system that spawned the crisis as a consequence of its very nature.
There is no secret plan, of course, and no secret financial weapons; all they really have is artifice and the hubris to present artifice as reality.
To admit the usustainable is not sustainable would bring the entire rotten edifice crashing down, so the central bankers invite us into their little Theater of the Absurd and evince a phantom confidence in their phantom solutions that depend on phantom assets.
A swollen cloud of doom hangs over the central banker's little Theater of the Absurd; all their chest-pounding hubris and empty confidence is artifice, as phantom as the assets they claim will replace the phantom assets that have been destroyed by exposure to reality.
On their absurd little stage, they claim the Emperor's robes are thick and fine; and we laugh, bitterly, for these threadbare lies are all they have to "save" a parasitic, predatory, anti-democratic financial Status Quo.
We're all doomed. Here's a picture of the Fed for good measure.