It’s almost like the political ruling class seems to be getting scared when they send out one of their hired intellectuals to publish something containing this :
“”I argue that neither non-economist bloggers, nor economists who portray economics —especially macroeconomic policy— as a simple enterprise with clear conclusions, are likely to contribute any insight to discussion of economics and, as a result, should be ignored by an open-minded lay public.”" (ZH)
I have an idea – let’s go by track record of predictions. US Federal Reserve Total Since Inception = 0 correct analysis. So, even if I’m a colorblind donkey high on crack, writing this with a pokey-stick duct-taped to my left ear – I am likely to be more right than the US Federal Reserve. Right-o then. Carry on.
The rest of you should go read this sobering post about what the Bank of International Settlements thinks of the US Fed and their policies. The conclusion is more or less : You are forked. I previously mentioned their last report in this post : On a discount basis, the entire world is now bankrupt.
Cheery days, as always. These documents will definitely be found among the ashes as we search for “what the hell were you idiots doing?!?!” in a couple of years.