This is not one of those things like we told you so. Given what most know now versus what we knew then, most in all honesty would tout the benefits of hindsight. But this was never hindsight. It was one of the least present commodities these days, common sense.
If you got more water flowing into the old bath tube--assuming anyone even uses those today on a regular basis--than flowing out, sooner or later the water will overflow. If happens with everything--water, debt, patience, love, money, time, you name it.
If everyone could understand it from the start, there would be no known or justifiable need for these academic cathedrals that have been built up by elites.The appearance of the Gutenberg Press is perhaps the simplest example of that.
These phony academic-based think tanks, crawling with so-called experts, are just one example. They create their own language in the commonweal good, their own models, their own criteria, their own peer reviewed fake journals. And you have to pass via their controlled passages. It's one giant fricken toll bridge and they determine the toll. Only stuff that agrees with and meets their effete standards is welcome.
Well, there are two words for them: Screw you! That's why they're so upset. And they're going to get more upset, a quite healthy development. That billionaire George Soros can get away with his overt thuggery; that the CEO of Wells Fargo and other higher-ups there; that FBI Director James Comey will likely walk without stain or serious punishment; that so-called free elections can be rigged by both parties; that poor people can languish in jails for so-call heinous crimes that hardly matched the severity of the punishment; that lobbyists can eat, sleep and sup with greedy politicians, right and left, are just a few of the many things wrong today.
In the 1980s there was something called "The Peter Principle," that people rise to their level of incompetence and then just one layer higher. The author of that principle is most likely writhing in his grave today. And here stage center is the Federal Reserve Bank of these what appears for now United States. These are great times to be alive.
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The Federal Reserve is, at last, acknowledging at top levels that its economists are completely baffled, its recovery is failing, that the Fed cannot raise interest and may even have to heat up its stimulants … or we may end up with a permanently scarred and stagnant economy.
Federal Reserve bank president expresses deep reservations about Fed’s recovery
Last week, Boston Federal Reserve
President Eric Rosengren opened a meeting with Fed Chair Janet
Yellen with the following statements:
He said the
“nonconformist”
behavior of the economy remains a challenge for policymakers trying to
determine whether low growth and low inflation are now a permanent state
of affairs…. It could mean the country’s economic
performance has changed for good. Policymakers are trying to determine
“whether firms and households have changed behavior in ways that are
likely to be more permanent than transitory, whether slow growth in
productivity is transitory or permanent, and whether recent trends in
personal saving behavior are likely to persist well into the future,”
Rosengren said. The answers will shape whether officials at the Fed and
other central banks … will have to keep nontraditional tools in hand and
be prepared “to address any emerging risks to the current
recovery.” The fact that 10 year Treasury yields remain near or below
zero on an inflation-adjusted basis, Rosengren said, “suggests a lack of
confidence in U.S. and global growth prospects, and in the ability of
policy authorities to offset weak growth.” (
Newsmax)
Really? You figured that out all by
yourselves? Good job, guys. Yes, there is a great lack of confidence in
your ability to do just about anything. Yes, your plan has created an
economy that is destined to remain stagnant until it dies. Yes, the
economy is “non-conformist” to regular economic principles because you
have engineered a recovery that is entirely based on irregular ways of
thinking and have all but eliminated free markets in anything that
trades in this world with your infinite ability to create meaningless
money to pump into those markets. Therefore, the market of everything
follows the Fed, rather than conforming to normal economically based
decisions, because the Fed IS the economy now.
And all of this is a “challenge” for
you because you haven’t got a clue as to what genie it is you let out of
the bottle. And, yes, it does mean the country’s economic
performance has changed for good or, at least, until your experiment in
alchemy blows up so we can get back to real economics. Until then, the
economy is destined to endless life support in order to remain comatose
on the operating table.
We’re all glad you’re finally starting
to see the shape of things to come. You are worse than the old-world
alchemists who tried to make gold out of baser metals. You try to make
money out of nothing and then pretend it has value, even as you create
near-infinite amounts (trillions of dollars) of it. And, then, you
believe the nothing you have puffed up with your hot air can create
enduring productivity and wealth throughout the nation.
Clearly, your centrally planned economy
is not running quite well as you would like or as you puppets of
mastermind Ben Break-the-Banky thought it would, or you wouldn’t be
talking about how it is not conforming to the ways you thought it would
go after all of your
quantitative wheezing and
free loans. Once you finish figuring out why your plans aren’t working,
if you need any arsenic for yourselves, I’m sure you can find plenty of
people who will help you get ahold of some.
Yellen not yellin’ “recovery” any more
Next, the comments of Fed Chair Janet
Yellen proved equally enlightening as to how economically unenlightened
the Fed actually is:
