After seven long, strange years, we're looking now at the end of ZIRP as we know it.
And good riddance, too. It's been a disaster for the U.S. economy, the middle class, the housing market - just about every facet of American economic life has suffered from this fiscal disaster masquerading as coherent monetary policy.
But what's coming next has the potential to be even worse, though you'd never know it if you read the paper...
You see, the Fed counts on a corps of enthusiastic financial media cheerleaders to parrot its company line. In fact, The New York Times just published one of their explainers discussing just how the Fed would raise interest rates should it decide to do so.
Of course, like everyone in the Fed's "Amen Corner," the author carefully avoids the subject of just how the Fed would raise rates when there's $2.6 trillion in excess cash parked in the banking system - if there's a reason why rates are zero and borrowing money is virtually free, that is it.
Never mind that common sense (not to mention the Law of Supply) suggests that, when there's too much of a good, the supplier of that good loses the ability to raise its price without a massive increase in demand for the same.
But when did common sense ever stop the Fed or its slavish propaganda wing? It would be funny - if the consequences for every American's money weren't so dire.