Tag Archives: Pretense Of Knowledge

Obama in crossfire as battle for control of the Fed heats up

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“At stake is the chairmanship of an organization whose global influence has grown ever larger in recent years. The impact of the Fed’s policies can be seen everywhere. On top of its global role, the Fed has beefed up its activities as regulator in the US. Whoever gets the job will be taking over a position more powerful than the one Bernanke inherited when he was appointed in 2006.  Obama said recently that the appointment ‘is definitely one of the most important economic decisions I will make in the remainder of my presidency. The Federal Reserve chairman is not just one of the most important economic policymakers in America. He or she is one of the most important policymakers in the world.'”

http://www.rawstory.com/rs/2013/08/25/obama-in-crossfire-as-battle-for-control-of-the-fed-heats-up/

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Debt of One Quadrillion Yen? Not a Problem

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“Haruhiko Kuroda doesn’t wear a wizard’s hat when he arrives at Bank of Japan headquarters each morning. Kuroda has done something truly supernatural in his five months as governor of the central bank. The more yen he conjures up to produce inflation, the more he mesmerizes markets. Yet a week after Japan’s IOUs reached the 1 quadrillion yen ($10.28 trillion) mark, yields have actually declined. What is Kuroda’s secret? The first is what economists call ‘financial repression’ — essentially transferring money via monetary policy from citizens to the government. The second is outright monetization of public debt.”

http://www.bloomberg.com/news/2013-08-15/debt-of-1-000-000-000-000-000-yen-not-a-problem.html

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Wanted: A Boring Leader for the Fed

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“Quantitative easing has amounted to an audacious experiment in trickle-down economics. Among other things, it has artificially boosted the stock market in the hope that enriching a few — the top 1 percent of American households owned 42 percent of the nation’s financial assets in 2010 — will help the many. Meanwhile, retirees who don’t dare buy stocks have seen their modest bank deposits stagnate with interest rates near zero. Economists hate to admit it, but the profession is as much faith as science.  Counting on monetary policy to secure full employment is like attempting vascular surgery with a dull ax.”

http://www.nytimes.com/2013/08/21/opinion/wanted-a-boring-leader-for-the-fed.html?_r=1&

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Fordlandia: Henry Ford’s Amazon Dystopia

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“In 1927, the American industrialist Henry Ford began building a private city—Fordlandia—in the depths of the Brazilian Amazon forest. His company had won title to nearly 2.5 million acres of land—over 3,800 square miles—for a planned rubber plantation and company town. Ford spent over $20 million (about $300 million in today’s dollars) putting in roads, water and power systems, rail lines, factories, offices, medical facilities, homes, schools, and stores.  Thousands of workers and their families flocked to Fordlandia. Soon, however, waves of rioting, looting, and burning roiled the city. Ford abandoned his namesake in 1945, leaving it to rot in the jungle.”

http://www.fee.org/the_freeman/detail/fordlandia-henry-fords-amazon-dystopia

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Ron Paul: A Small, Secret Group Can’t Know What’s Best for the Economy

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Ron Paul: A Small, Secret Group Can’t Know What’s Best for the Economy

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Bill Bonner: The Virgin Central Banker

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Bill-Bonner2

“The air-traffic controller can help make sure people get where they were going safely. If he does his job well, things will turn out as expected. But if he does a ‘brilliant’ job, travellers end up where they didn’t expect to go; he has not really added to the sum of human happiness. Out-of-the-box air traffic controlling will not make the world a better place. It can only make a mess of things. Likewise, the best a central banker can do is the normal thing. Creative central banking — and experimental central bank policies — should be avoided. They don’t make the world a better place; they only take people where they didn’t want to go.”

http://www.dailyreckoning.com.au/the-virgin-central-banker/2013/08/15/

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The Fed Doesn’t Control as Much as You Think It Does

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“In actuality, the Fed has little control or influence over the things that really matter in the real economy. Innovation is often a meaningless buzzword (think ‘financial innovation’), but it is also the key driver of wealth creation in the real economy. The Federal Reserve could be shut down and all its asset bubbles could pop, and innovations in energy, agriculture, transportation, education, media, medicine, etc. would continue to impact the availability and abundance of what really matters in the real world:  energy, knowledge, water, food, and opportunity, to name a few off the top of a long list.”

http://charleshughsmith.blogspot.com/2013/08/the-fed-doesnt-control-as-much-as-you.html

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Peter Buffett’s Very Public Takedown of His Father, Warren

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EPJ13

“Early on in our philanthropic journey, my wife and I became aware of something I started to call Philanthropic Colonialism. I noticed that a donor had the urge to ‘save the day’ in some fashion. People (including me) who had very little knowledge of a particular place would think that they could solve a local problem.  Because of who my father is, I’ve been able to occupy some seats I never expected to sit in. Inside any important philanthropy meeting, you witness heads of state meeting with investment managers and corporate leaders. All are searching for answers with their right hand to problems that others in the room have created with their left.”

http://www.economicpolicyjournal.com/2013/07/peter-buffetts-very-public-takedown-of.html

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Fed Chairman Bernanke Admits the Fed Has No Clue

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EPJ13

“ROBIN HARDING. Mr. Chairman, you’ve  always argued that it’s the stock of assets that the Federal Reserve holds which affects long-term interest rates. How do you reconcile that with a very sharp rise in real interest rates that we’ve seen in recent weeks? And do you think the market is correctly interpreting what you think is most likely to be the future path of the Federal Reserve’s stock of assets? Thank you.  CHAIRMAN BERNANKE. Well, we were a little puzzled by that. It was bigger than can be explained I think by changes in the ultimate stock of asset purchases within reasonable ranges. So I think we have to conclude that there are other factors at work…”

http://www.economicpolicyjournal.com/2013/06/fed-chairman-bernanke-admits-fed-has-no.html

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Underground Economy Helps Account for Discrepencies in Economic Data

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EPJ13

“Kalmes is among the 4.8 million unemployed Americans — 40 percent of all those jobless — who have been out of work for more than 27 weeks, even as the economy has been growing since June 2009 and the job market shows recent signs of healing. As her unemployment benefits have run out, she has entered the informal economy to make ends meet.  America’s shadow economy includes activities that are actually illicit — prostitution and drug dealing — and more benign jobs like working construction for a day for cash, or even the $2 per child that Kalmes gets for walking neighborhood students to the bus. Economists estimate $2 trillion could be involved.”

http://www.economicpolicyjournal.com/2013/03/underground-economy-helps-account-for.html

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