HERE'S THE FEAR

Here's the fear.

The Fed's March minutes were scanned and re-scanned Wednesday looking for clues--anything-- to reveal where, when and by how much interest rates are changing, if indeed they are changing.

The consensus seems to be the Fed will hold back until the global economy picks up. And that's the fear few want to face, especially the MSM myrmidons who constantly shill for the idea that central bankers know what they're doing. They don't.

What if questions are usually too scary, too unpalatable. Up to now they've perceived that at some point--tipping, inflection, magical or whatever--the global economy will hit it and things will turn around like its always done before. But if you start with a false premise and expect your conclusion to be anything but false, well, you get the idea.

The false premise is the Yellens, Draghis, Carneys of the central banking world know what they're doing. They don't. And neither does anyone else for that matter. The "like before" has never been anything magical, just the usual papering over effects just like now. The infrastructure's rotten to its core, but the curb appeal covers many of the blemishes.

On the Internet you will find more than one article these days about celebrities--mostly attractive women--swim suit models and the like showing what they really look like without the make-up. Few people realize let alone know what the real global economy looks like without all the phony make-up. Think Fox News analyst Megyn Kelly. Mean statement? No. Factual one? Yes.

Here's what they fear. China, an economy that's wearing a lot of phony government applied make-up. So the Fed cuts a deal at the February G20 meeting. It's a highly deceptive, arrogant  and dishonest deal. Suddenly, the Fed changes from its previously prideful announcements about never deviating from its two mandates, jobs and inflation. Keep in mind those are domestic jobs and inflation.

Forget transparency.That's never going to happen. Show me a transparent government and I'll show you a government no longer governing anything or anybody. One of the things those recently released "Panama Papers"proved is make-up, like a lot of things, comes in different packages.

Forget transparency. That's the emperor without make-up. And now you know the fear.