A Driving Need to Normalize Terminology

Charles Hugh Smith channels his inner-Austrian and argues that the Fed has "failed, failed, failed".  Yet he recognizes that the Fed exists to serve the banks, even at the expense of the American population the Fed ostensibly serves.  If the Fed is succeeding in its real mission and serving its true constituents, how can anyone argue that the Fed is "failing"?  The Fed is succeeding wildly in its true mission, but CHS can't get past his Austrian-induced cognitive dissonance.

The Automatic Earthers are not similarly burdened, recognizing that "Bernanke and Draghi Are Not Trying to Save Our Economies":

It's time to get this through our heads once and for all: Bernanke And Draghi Are Not Trying To Save Our Economies. Perhaps they would if they could, but the question is moot: they know they can't. Instead, they're trying to save the financial system by stealing our remaining wealth while making us believe that the economy and the financial system - a.k.a. the banking industry - are one and the same thing. They are not, and that's why we see our jobs and benefits and homes go up in thin air and smoke while the S&P looks rosy. 

Those last two things are connected. The first are not, no matter that so far most people fall for the sleight of hand. Which is sad today, and will turn to tragedy tomorrow.

Catherine Austin Fitts reaches conclusions similar to mine on the true purpose of QEternity (the best label for it so far), which is to clear the market of soon to be toxic mortgage backed securities.  Her only error is in assuming that the GSEs are the intended beneficiaries of QEternity, but they only hold 10% of the outstanding MBS, while the TBTF banks hold almost three times that.