From Unthinking To Dumb To Dumber To Dummist To Conspiracy

Common Sense Commentary:

Chair Janet L. Yellen speaks

At "Designing Resilient Monetary Policy Frameworks for the Future," a symposium in Jackson Hole, Wyoming, sponsored by the Federal Reserve Bank 

August 26, 2016

The Federal Reserve's Monetary Policy Toolkit: Past, Present, and Future

Here is Yellen's introductory paragraph: RB

"The Global Financial Crisis and Great Recession posed daunting new challenges for central banks around the world and spurred innovations in the design, implementation, and communication of monetary policy. With the U.S. economy now nearing the Federal Reserve's statutory goals of maximum employment and price stability, this conference provides a timely opportunity to consider how the lessons we learned are likely to influence the conduct of monetary policy in the future."

First she backdates the "Global Financial Crisis and Recession" with a past tense verb, "posed", which infers the problem has been solved and is in the past. The problem has simply been carpeted over with $trillions of new digital dollars being printed and spent wildly, as with "helicopters", to forestall the calamity their previous errors in judgment caused.  These money printing tactics of the Fed printing digital currency and purchasing U.S. debt, called Quantitative Easing have been going on now since 2009 but that has exacerbated the problem.

Then Chairman Yellen suggests that this "daunting challenge" (which they caused) has "spurred innovations in design ... of monetary policy". If they had not stupidly changed the "monetary policy" that made America great, there wouldn't have been such an impossible to fix challenge in the first place. Such wise, functional and successful, previous polities as "Don't let your outgo exceed your income" and "Don't count your eggs before they hatch" and "Let the free market discover a stock's value" and "Free Enterprise beats Socialism every time" and "A stitch in time saves nine".

When she says, "...the U.S. economy now nearing the Federal Reserve's statutory goals of maximum employment and price stability" she is either knowingly lying about employment and price stability or else she has "goals" of the complete destruction of the U.S. economy.

Her statement that "... this conference provides a timely opportunity to consider how the lessons we learned" is completely disingenuous. In the first place it is not "timely" but way, way, way past time which leaves their "opportunity" nonexistent. In the second place, members of the Federal Reserve, are supposed to be appointed because they are long experienced and the most knowledgeable in financial and economic systems in the nation. They are not supposed to be appointed for on the job training to "learn the lessons" of how the nation's FREE ENTERPRISE economy works.

Yellen's presumptuous title to her speech at the Federal Reserve's "symposium",
in the appropriately named location for an elitist liar's meeting, of Jackson Hole, was oblivious at best but more likely a treacherous attempt to lay the blame of the U.S. Fed's wreckage of the global economy at the feet of the whole world, or due to some unknown, evil intrusion. The world has simply followed our lead.
Ever since the Bretton Woods Treaty of free nations, in 1944, the U.S. dollar has been the world reserve currency, required in international trade, and has been significantly responsible for making America the strongest and richest nation on earth. But then the Fed betrayed the trust of the Bretton Woods' agreement by canceling the dollar's gold backing and then printing trillions more dollars with not one copper penny backing any of them. That left all the other nations holding their money reserves in constantly weakening U.S. dollars and allowed U.S. politicians to maniacally print and spend with no "gold backing" restraint.

In her speech, Yellon, went on to flog the lamest tightening cycle ever onto the lamest "recovery" ever to preserve the thinnest disguise of Fed credibility ever.

The Federal Reserve System was established by Congress a century ago to serve as the U.S. Central Bank. President Woodrow Wilson signed the Federal Reserve Act into law on Dec.23, 1913. Since then the U.S. Dollar's value (spending power) has gone down 95% and still dropping.
Most people call it "inflation" of prices, but it is actually the descending buying power of the dollar. It is not the oil company's fault; at this point
many of them are losing money but average only about 5% profit. The inflation we see today is caused by the increasing money supply which the Federal Reserve causes by printing more and more new money.

This diabolical system of slowly depreciating the value of the people's currency and transferring the spending power of it to the politicians and condemning workers to labor harder for less, needs to be abolished. This in conjunction with renewing a precious metal and (or) a commodity backed U.S. dollar. It is too late to preserve the U.S. dollar, for long, as the world reserve currency. Its vortex is swirling around Jackson Hole.

All of the above fits under the honest and accurate weights, measures and scales, in trade, recorded in scripture. RB