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over the years there are always Paradigm shifts you know one gets used to a certain type of environment and then there are periods of time where they shift to a very different kind of environment for example the 1920s were the exact opposite of the 1930s so the transition from the 20s to the 30s shock people and so you come to periods of time where something has gone on for a long time such as the easing of monetary policy but also the quantitative easing that Paradigm that leveraging up for example can continue but yet late in Cycles people extrapolate that which happened in the past and so there are these surprises I think there are always these Paradigm shifts and I think by stepping back and seeing history from a longer term perspective is very helpful I think the FED made a mistake and I think the FED understands that it made a mistake and assuming that this is a normal cycle and what they thought was if you pick up growth and lower unemployment youre going to produce inflation
