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Monday, April 16, 2018

"Jerome Is The New Janet" - Stockman Rages At The Fed's Systematic Lies

The election of 2016 was supposed to be the most disruptive break with the status quo in modern history, if ever. On the single most important decision of his tenure, however, the Donald has lined-up check-by-jowl with Barry and Dubya, too.

That is to say, Trump's new Fed chairman, Jerome Powell, amounts to Janet Yellen in trousers and tie. In fact, you can make it a three-part composite by adding Bernanke with a full head of hair and Greenspan sans the mumble.

The overarching point here is that the great problems plaguing American society---scarcity of good jobs, punk GDP growth, faltering productivity, raging wealth mal-distribution, massive indebtedness, egregious speculative bubbles, fiscally incontinent government----are overwhelmingly caused by our rogue central bank. They are the fetid fruits of massive and sustained financial repression and falsification of the most import prices in all of capitalism-----the prices of money, debt, equities and other financial assets.

Moreover, the worst of it is that the Fed is overwhelmingly the province of an unelected politburo that rules by the lights of its own Keynesian groupthink and by the hypnotic power of its Big Lie. So powerful is the latter that American democracy has meekly seconded vast, open-ended power to dominate the financial markets, and therefore the warp and woof of the nation's $19 trillioneconomy, to a tiny priesthood possessing neither of the usual instruments of rule.

That is to say, never before in history has a people so completely and abjectly surrendered to an occupying power---even though its ostensibly democratic government already possessed all the votes and all the guns.

So it is no exaggeration to say, therefore, that the Fed is an alien state unto itself. That was powerfully symbolized most recently by the appointment of John Williams, a lifetime apparatchik at the San Francisco Fed, to the job of head satrap at the central bank's Liberty Street outpost in the heart of Wall Street.



Anonymous said...

Is this another Freak like Jenner?

Anonymous said...

This article went off the rails when "American democracy" appeared in the text.

The appointed Chair of the Federal Reserve is doing what he is doing because the elected members of the United States Congress will not do what they are suppose to doing.


Anonymous said...

The FED is independent of the Congress.
That was established in 1913 - illegally I might add.

Mr. Stockton is correct.

All of the US problems are caused by the FED and other Central Banks who work for the richest banking families on the planet.
Yes, it is a very massive and successful conspiracy against the people.
The money is paper - fiat - worthless.

Anonymous said...

Thank you for speaking (writing) the truth

Big fan of David Stockman.
OMB for POTUS Reagan.
That was back when PCR was Ast. Sec. Treasury