At the end of August, the Federal Reserve met in Jackson Hole, Wyoming for its annual confab and investors hung on every word uttered by the former tenured economics professors comprising the committee to destroy the global economy.There were strong hints from Fed Chair Janet Yellen and Vice Chair Stanley Fischer that they want to raise rates in the near future, but they have broken such promises before. (This “will-she-won’t-she” romantic comedy is really getting old.)

The worst thing the Fed could do is keep interest rates low; instead, it should announce that it will start raising rates by 25 basis points each quarter until the Fed Funds rate reaches 2% and then urge Congress to act on meaningful tax reform and fiscal stimulus that are the only policies that will help minorities and all Americans.And then this nation should embark on meaningful civic and economic education for all of its children (and even the adults) to ensure that they understand how economies work – which is not by increasing entitlements and reducing the cost of money to the point where it has no value.

When you look deep into Fed policy, all that stares back is a black hole. And the hole keeps getting deeper and deeper. While it went largely unnoticed at this meeting, the Fed also made some very disturbing noises about its plans to deal with the next recession.

These plans are unconstitutional and dangerous.

And they’re the next step in a quiet revolution that’s already being waged by central banks worldwide.

Here’s the most disturbing thing central banks are doing right now (and how it can hurt you)…

The Fed May Be Going Shopping – for Something It Has No Right to Buy

Acknowledging that it will not be in a position to lower interest rates by 300-500 basis points as in past recessions, the Fed is paving the way for the next generation of quantitative easing.Some believe the Fed is hinting that it may add corporate bonds to its shopping list the next time it has to bail out the economy and markets.While that would likely violate the Constitution, which vests Congress with the right “To borrow Money on the credit of the United States” (Article I, Sec. 8), the Federal Reserve has shown little regard for any limitations on its powers and Congress is asleep at the wheel.