Welcome to Capital Account. The FOMC’s two day meeting starts today and the ECB will meet later this week, amid the heightened expectations that the central banks are moving toward new actions. But, according to the Wall Street Journal, doubts linger as to whether central banks even have the tools to fix the economic problems they face. A lot of the money the Fed has tried to pump into the economy has wound up right back at the Fed. We will talk to Mike Maloney about what the Fed’s actions mean for the lives of average people.

And Bill Gross, co-founder of PIMCO, wrote that the cult of equity may be dying. However, the cult of inflation may have only just begun. We will talk to Mike Maloney, founder of GoldSilver.com, about the occult.

Also, US home prices rose in May for the fourth month in a row, according to the S&P Case Shiller data out today. We will talk to Mike Maloney, author of “Guide to Investing in Gold and Silver,” and see how this fits in with the other data pointing to a slowdown in the US economy.