David Stockman* rails on the ZIRP policy by central bankers, in particular the Federal Reserve .. points out the St. Louis Fed has just confessed that ZIRP is not helping the main street economy .. “Self-evidently there is no main street emergency, but it is undeniable that ZIRP is the mother’s milk of Wall Street speculation. After all, the money market is where dealers and hedge fund gamblers finance themselves and put on their carry trades. By contrast, no businessman with productive inventories of raw materials, work-in-process or finished goods would be foolish enough to fund his working capital in the overnight markets .. Speculators in tradable financial assets, however, are thrilled to do that all day and night. They know that the shills who run the central bank’s printing press would never allow the money market to be parched for liquidity or allow a temporary surge in the overnight rate to clear the markets of rank speculation.” . this all causing rampant speculative gambling in the financial markets, not to mention distortions in the economy .. & of course financial market bubbles .. “That’s what ZIRP does—-it inflates financial bubbles .. At the end of the day, ZIRP is really not even a monetary policy. In fact, it constitutes a giant, capricious transfer of income and wealth by an agency of the state to borrowers and gamblers at the expense of savers and producers.” .. it’s the unintended consequences of financial repression.