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Wednesday, October 21, 2015

The Greatest Central Banking Con Job in History...

One of the greatest con jobs in history was convincing ordinary people that Central Bankers care about the “economy” or Main Street.
Aside from the complete lack of relevance that Main Street has for Central Bankers from a professional perspective (more on this in a moment), when do you think was the last time that Janet Yellen or her ilk spent an evening with non-banker/financial types? Years ago? Decades ago?

Yellen lives in a super-affluent, gated part of Washington DC. And even within that subset of the US population she lives in a higher echelon: her entourage of security annoys her wealthy neighbors… though I suspect part of the annoyance stems from jealousy.

Regarding professional significance… why would Janet Yellen care about ordinary people? They’re just data points in her financial models. Ordinary people didn’t place her at the Fed (the big banks did). And they didn’t place her as Fed Chair (the financial/ political elite did… with the express intent of gaining future favors).

Think of it this way… imagine there was a super cartel of English Professors who controlled what words you or I could use in daily conversation. These individuals literally could change the structure of the human language if they wanted… removing words or adding words at random.

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1 comment:

Anonymous said...

The problem is that in order to see the Con you have to have an attention span and some brains. In a time when most people can't focus on anything for more than 30secs what do you expect? In order to see what is happening you have to be able to understand how events that occur 5-10 years apart are connected. Most people are far to distracted with trying to live there lives that they dont get it. Then you have the know it alls that don't listen. The political junkies that think their side is in the right and the other side is in the wrong, all the while we are all being screwed by both sides in the same way at the same time. When an ordinary person tries to explain these things they sound like a nut to anyone except people that already know what is happening and already agrees. People need to wake up and they need to do it now.