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Peter Schiff Warns Yellen's Nomination Means Any QE Taper Expectations Are "Delusional"

Tyler Durden's picture


Submitted by Peter Schiff via Euro Pacific Capital,

Now that Janet Yellen has been named to lead the Federal Reserve the global financial markets should factor out any possibility that the Fed will diminish their Quantitative easing program anytime during her tenure. In fact, financial forecasts should assume that not only is a taper off the table, but that the QE program is now more likely to be perpetuated and expanded.
Unlike her predecessors, Janet Yellen has never had a youthful dalliance with hawkish monetary ideas. Before taking charge of the Fed both Alan Greenspan, and to a lesser extent Ben Bernanke, had advocated for the benefits of a strong currency and low inflation and had warned of the dangers of overly accommodative policy and unnecessary stimulus. (Both largely abandoned these ideals once they took the reins of power, but their urge to stimulate may have been restrained by a vestigial bias against the excesses of Keynesianism). Janet Yellen, who has been on the liberal/dovish end of the monetary spectrum for her entire professional career, has no such baggage. As a result, we can expect her to never waver in her belief that stimulus is the answer to every economic question.      
The Federal Reserve was originally charged with the single mandate of maintaining price stability. In recent decades that mission evolved into a dual mandate of seeking price stability and full employment. I believe that a Yellen led Fed will return once again to a single mandate, but now it will focus only on employment. Based on her clear beliefs in the ability of dovish monetary policy to relive human suffering she will be inclined to dig in her heels into the ongoing QE program more than anyone else President Obama may have appointed. This is terrible news for the U.S. dollar and the U.S. economy.
For now at least the crisis in Washington has squelched any immediate discussion of a taper in the remaining months of 2013. Any predictions that a Yellen-led Fed will somehow show more resolve towards responsibility in 2014 or 2015 should be looked at as delusional.


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Wed, 10/09/2013 - 18:55 | 4039583 McMolotov
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Bullish for the 1%. Shittish for everyone else.

Wed, 10/09/2013 - 18:57 | 4039589 TaperProof
TaperProof's picture

Bullish for precious metals... and you don't need to be the one percent to own it.

Wed, 10/09/2013 - 19:15 | 4039642 CH1
CH1's picture

I'm not at all sure she makes her own decisions.

The Fed has OWNERS, even though we don't know who they are.

Wed, 10/09/2013 - 19:20 | 4039654 FL_Conservative
FL_Conservative's picture

The bag-woman will now assume her position.

Wed, 10/09/2013 - 19:30 | 4039682 TruthInSunshine
TruthInSunshine's picture

Imagine Yellen as the dumbest carpenter in a world full of massive economic problems wherein she'll interpret each as a disobedient nail.

Her hammer = CTRL+P

Wed, 10/09/2013 - 19:44 | 4039712 Bendromeda Strain
Bendromeda Strain's picture

At least Bernanke was allowed to retire. Everyone knows that when Old Yellen gets too frothy Pa will take her out back...

Wed, 10/09/2013 - 19:49 | 4039720 MisterMousePotato
MisterMousePotato's picture

Any expectations of QE tapering are delusional. If Peter Schiff himself were appointed Chairman of the Federal Reserve, he would not taper. And I say that with all due respect.


Because he couldn't. No one can, and no one is going to.

We all know how this ends.

Wed, 10/09/2013 - 19:58 | 4039734 DeadFred
DeadFred's picture

Perhaps with foreign bond holders getting pissy?

Wed, 10/09/2013 - 21:43 | 4040009 Supernova Born
Supernova Born's picture

She is a midget Romulan.

WmB7 and a golden Romulan helmet for Yellen of Troy. She shall launch a thousand QEs with the loosest...policy yet.

Wed, 10/09/2013 - 21:52 | 4040016 akak
akak's picture

Too bad she doesn't use a cloaking device --- THAT is a face that could sink 1000 ships!

Wed, 10/09/2013 - 22:12 | 4040091 bonderøven-farm ass
bonderøven-farm ass's picture

MOAR yellen!

Wed, 10/09/2013 - 22:16 | 4040104 TheFourthStooge-ing
TheFourthStooge-ing's picture

ROR yellen!

Thu, 10/10/2013 - 03:48 | 4040611 Boris Alatovkrap
Boris Alatovkrap's picture

New Chairsatan, er, Chairsatanwoman.

Thu, 10/10/2013 - 06:24 | 4040683 Harlequin001
Harlequin001's picture

Trust a woman to fuck it up...

Thu, 10/10/2013 - 08:01 | 4040798 kralizec
kralizec's picture


Wed, 10/09/2013 - 22:25 | 4040118 Miffed Microbio...
Miffed Microbiologist's picture

Well, we all can't be eye candy but one can make a bit of an effort. I guess when you hold the world by the financial testicles this kind of thing takes a back seat.


Wed, 10/09/2013 - 19:59 | 4039738 Teddy Tenpole
Teddy Tenpole's picture



Peter Schiff, Bill Fleckenstein, et al are a bunch of boomer doomer douche bags...

Wed, 10/09/2013 - 21:54 | 4040042 akak
akak's picture

You have met the douchebag, and he is you.

Thu, 10/10/2013 - 00:51 | 4040469 Clowns on Acid
Clowns on Acid's picture

Keep Choomin' Teddy.

Wed, 10/09/2013 - 21:58 | 4040045 Radical Marijuana
Radical Marijuana's picture

Teddy, reality became boomer doomer!

Wed, 10/09/2013 - 22:20 | 4040105 TheFourthStooge-ing
TheFourthStooge-ing's picture

Teddy only has supervised visitation privileges with reality.

Wed, 10/09/2013 - 23:00 | 4040216 prains
prains's picture

Teddy's tentpole is firmly planted.......


he's now a sundial and it's 4:20 all day everyday

Wed, 10/09/2013 - 19:26 | 4039674 perelmanfan
perelmanfan's picture

Congrats to CH1, with the only perceptive comment in this thread. Yellen will do precisely what she's told to do. It may be that the plan is to install a "dove," and maximize the number of bagholders who will BTFATH, allowing the big boys to exit at the top. Then she'll follow orders to crash it with a severe taper, and the big boys swoop in and buy assets at cents on the dollar. You need to keep in mind that the wealthy don't want hyperinflation - they have more to lose than others do. The move I describe here means the 1 percent win both ways - acquiring maximum stores of wealth and maintaining the value of their dollars at the same time.  

Wed, 10/09/2013 - 20:14 | 4039774 LetThemEatRand
LetThemEatRand's picture

I would add that a serious and sustained correction in the stock market would also destroy many pension funds, further flooding the country with desperate people willing to work for almost anything and essentially turning the working poor f/k/a the middle class into the destitute.  The End Game is a neo-feudal society.  The pieces are in place, the question is timing.

Wed, 10/09/2013 - 22:31 | 4040138 Pandorable
Pandorable's picture

OF COURSE that's the plan. Yellen is endorsed by the cabal to demolish the middle class...leaving the elites to rule the slaves.

If you watch closely, you may glimpse her shape-shifting.

Wed, 10/09/2013 - 19:46 | 4039711 dick cheneys ghost
dick cheneys ghost's picture

CH1 you stupid is what francis_sawyer taught us about ownership of the FED....

''NO... It's NOT... IT knows EXACTLY what it's doing... The FED [is NOT ~ surprisingly ~ a limestone building ~ It's European Jewish banking Families]... It's the same thing that jewish bankers have done for the past 300+ years... When the going gets tough... The jews get PRINTING...''

Wed, 10/09/2013 - 20:34 | 4039819 vulcanraven
vulcanraven's picture

RIP f_s

Wed, 10/09/2013 - 20:58 | 4039888 smlbizman
smlbizman's picture

francis is still here, just like an illegal he used another ss #.....what kind of fight club do we have if he "had" to abdicate ......he can express any view he wants, u dont have to agree and if ur afraid of his typing, than u are a cunt and need to proceed directly to marketwatch......say it aint so francis..say it aint so...

Thu, 10/10/2013 - 13:41 | 4042108 TimTom
TimTom's picture

Most hawks on the Fed are Jews and I'm pretty sure Peter Schiff is as well. Your viewpoint is akin to saying "most of the Democrats in the Senate are white, therefore whites are socialists."

Wed, 10/09/2013 - 20:38 | 4039831 joego1
joego1's picture

It seems obvious that the owners of the Fed (and everything else) are the big commercial bank major share holders/officers. Like Jamie and Loyd and their friends. They simply visit Pres. 0 and instruct him to hire bag holder lady to provide a plan for maximizing profits on bubble exit. Get ready to eat shit Amerika.

Wed, 10/09/2013 - 19:19 | 4039657 DaddyO
DaddyO's picture

I'm sorry, but I burst out laughing when I read the headline. The Tylers have been really on top of their game recently.

Schiff states the obvious, why is anyone surprised. I did however like his premise that Greenspan and Benanke were hawkish and only changed their spots after taking the reins of power, BullSh*t!


Wed, 10/09/2013 - 20:05 | 4039761 StormShadow
StormShadow's picture

Correct w regard to BB, however Greenspan was a hard currency gold bug back in the day before he made the change from Annakin to Vader.

Wed, 10/09/2013 - 21:08 | 4039920 TaperProof
TaperProof's picture

Yes he was, Greenspan was a gold bug, don't know about BB

Wed, 10/09/2013 - 19:31 | 4039684 AllWorkedUp
AllWorkedUp's picture

"Bullish for precious metals"

That's what I keep thinking and hearing and yet they still suck almost every day.

Wed, 10/09/2013 - 21:41 | 4039919 akak
akak's picture

"What do you mean, 'the Titanic is sinking' "?  Poppycock!  It's 2:00 AM, and we are still above water!  Begone with your fearmongering and conspiracy theories!"

Wed, 10/09/2013 - 21:38 | 4040000 yepyep
yepyep's picture

its pretty obvious the pm markets are not honest markets with prices derived from supply and demand.

inflation is good for gold, just because a manipulated gold price does not reflect this does not mean its not true.

by the time golds real values are realised it probably wont even be able to be priced in dollar's anyway.

Wed, 10/09/2013 - 19:48 | 4039723 QQQBall
QQQBall's picture

Gold down 13 bucks on Ol' Yellen... Gold going lower still

Wed, 10/09/2013 - 22:12 | 4040088 DaddyO
DaddyO's picture

Silver got the message a little early, say about 0300 the day before...


Wed, 10/09/2013 - 20:13 | 4039769 Againstthelie
Againstthelie's picture

QE3 and QE4ever had no positive impacts.

The inflation expectations because of QE did not come true. The money QE creates is not going into the economy, but the financial institutions sell their bonds and receive the freshly printed money and they play with this money in the parts of the financial markets, which perform best: stocks.

With Yellen the frontrunning of the FED could begin and also bonds could begin to outperform again which would bring the interest rates down again. Which would be good for gold, but not directly, only indirectly with lover lower real rates. But also for dividend paying stocks.

Without a self sustaining economy which is creating inflation with credit expansion, massive government spending for the low income households would boost gold.

Wed, 10/09/2013 - 21:11 | 4039925 TaperProof
TaperProof's picture

No they released fed minutes and said TAPER IS ON, then Yellen came out and said "the fed needs to watch out for inflation".     All bullshit of course but never underestimate the number of total fucking idiots managing money.

Thu, 10/10/2013 - 00:39 | 4040451 lasvegaspersona
lasvegaspersona's picture

if by 'precious metals' you mean physical gold...I agree..

Wed, 10/09/2013 - 18:55 | 4039592 johnQpublic
johnQpublic's picture

she wants any more stimulous it needs to come from a dildo, because we are fucking broke.

Wed, 10/09/2013 - 20:37 | 4039834 azzhatter
azzhatter's picture

At least she's hot

Wed, 10/09/2013 - 18:55 | 4039584 nmewn
nmewn's picture

Zimbabwenomics or bust!

Wed, 10/09/2013 - 19:03 | 4039605 SHEEPFUKKER


Wed, 10/09/2013 - 19:23 | 4039665 Bendromeda Strain
Bendromeda Strain's picture

With a bad case of Gono...

Wed, 10/09/2013 - 18:56 | 4039587 Cognitive Dissonance
Cognitive Dissonance's picture

Plenty of Kool-Aid left in the bucket and ink in the printer.

<Full speed ahead and damn the consequences.>

Wed, 10/09/2013 - 18:56 | 4039588 SWRichmond
SWRichmond's picture

All of DC is delusional so she'll fit right in.

Wed, 10/09/2013 - 18:59 | 4039597 RaceToTheBottom
RaceToTheBottom's picture

Watch for Yellen haircuts to be the rage at stylish haircuting establishments across DC

Wed, 10/09/2013 - 19:02 | 4039603 SHEEPFUKKER

Hair may be the only thing they've ever cut in DC. 

Wed, 10/09/2013 - 20:06 | 4039763 StormShadow
StormShadow's picture

And, why not? They're FREE!

Wed, 10/09/2013 - 23:02 | 4040221 prains
prains's picture

can't wait for the next bikini waxing craze called a Yellen....


one curl extra long

Wed, 10/09/2013 - 19:03 | 4039606 ultimate warrior
ultimate warrior's picture

Each POTUS is worse than the previous one.....each FED chairman is worse than the previous one....each CONgress is worse than the previous one....each bubble is worse than the last one...

Good times :(

Wed, 10/09/2013 - 19:26 | 4039670 Bendromeda Strain
Bendromeda Strain's picture

Lean Forward!   

(and spread 'em)

Wed, 10/09/2013 - 21:08 | 4039918 guinea
guinea's picture

Each generation is also stupider than the last, per the new OECD test of Americans. 

Wed, 10/09/2013 - 23:19 | 4040253 monad
monad's picture

Each test is stupider than the last.

Wed, 10/09/2013 - 22:02 | 4040053 Radical Marijuana
Radical Marijuana's picture

For sure, Ultimate Warrior! So far, it has always been exponential growth of the worst, with no known end in sight. Nothing in human history tells us what it looks like for that runaway to actually hit the wall and bounce off the cliff.

Wed, 10/09/2013 - 19:03 | 4039608 lolmao500
lolmao500's picture


Wed, 10/09/2013 - 19:09 | 4039621 NoDebt
NoDebt's picture

Yeah, you better buy this dip- it might be the last one your see for a long time.  She'll have us at $120 Billion a month by the end of her first year.

Wed, 10/09/2013 - 19:07 | 4039616 spinone
spinone's picture

I am starting not to care

Wed, 10/09/2013 - 22:11 | 4040089 ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

Was watching youtube clips of George Carlin the other day. 


He mentions that he at some point decided to become a spectator because he realized there is no hope.



Wed, 10/09/2013 - 19:08 | 4039618 A Lunatic
A Lunatic's picture

Bullish for Unicorns........

Wed, 10/09/2013 - 19:12 | 4039624 NIHILIST CIPHER

Another insipid empty suit.   Peter Schiff should have been the appointment for the FED RESERVE. That would have been a real SHOCKER.

Wed, 10/09/2013 - 19:14 | 4039633 Boeing Boy
Boeing Boy's picture

Who has the most "retro" haircut.  Peter or janet?

Wed, 10/09/2013 - 19:29 | 4039681 Bendromeda Strain
Bendromeda Strain's picture

Jim "Interest Rate Observer" Grant (the one with the bow tie AND glasses)

Wed, 10/09/2013 - 20:38 | 4039841 Anusocracy
Anusocracy's picture

You forgot Ron Paul.

Wed, 10/09/2013 - 19:21 | 4039630 Bay of Pigs
Bay of Pigs's picture

Schiff was on BNN in Canada today and simply demolished the BlowHorn North stooges interviewing him.

Of course, I just tried to retrieve that particular video clip and can't find if anywhere on their site.

Wed, 10/09/2013 - 19:38 | 4039694 Bendromeda Strain
Bendromeda Strain's picture

Maybe they are afraid of another Bridget Brown moment... "unlike the Dawler, gold isn't backed by anything"

Wed, 10/09/2013 - 21:22 | 4039938 akak
akak's picture


"unlike the Dawler, gold isn't backed by anything"

LOL!  Yeah, Canadians sure are a hoot with their dawlers and their hawkey, aren't they, eh?  It takes a special kind of clueless to be unable to even figure out the difference between the names "Don" and "Dawn", or "stocks" and "stalks".

My mother had a small circle of friends which included a lady originally from Ontario and a man named "Don".  The man finally refused to associate with the group, quietly confiding to my mother that he simply could no longer bear being continually referred to as "Dawn" by the Ontario-raised lady.  I don't blame him.

I hear that lady now spends most of her time alone in her hoose.

Wed, 10/09/2013 - 19:17 | 4039643 Yenbot
Yenbot's picture

N!'s math is summed up here: Factorial (n!)

Wed, 10/09/2013 - 19:17 | 4039648 WallowaMountainMan
WallowaMountainMan's picture

good time to sell property?

i got some.


Wed, 10/09/2013 - 19:18 | 4039652 ebworthen
ebworthen's picture

It's never quite the right time to quit heroine:  it's Friday, it's my Birthday, I'm going to get laid, it's Monday. 

Tomorrow, always tomorrow, or the next day.

Wed, 10/09/2013 - 20:29 | 4039815 Miffed Microbio...
Miffed Microbiologist's picture

Well, I guess we can look at it as an opportunity for a little more time to prep for the inevitable. A few more PMs, upping the ammo stash, adding a battery back up for my solar panels, planting an extra row of vegetables and stocking up a few more necessities. We are living on borrowed time. Every day I appreciate I don't have to hunker down in Survival Mode. Every day I'm intensely grateful for my life and what I have because any day it may be gone. Every night I hug my husband in gratitude he's with me and will support me through this. This bitch has bought me a bit more time. I guess I should thank her.


Wed, 10/09/2013 - 22:03 | 4040061 akak
akak's picture

You're a tough ol' warhorse Miffed, truly.

But then, any woman who lasts more than a day on ZH would have to be.

Wed, 10/09/2013 - 23:20 | 4040259 Miffed Microbio...
Miffed Microbiologist's picture

Coming from you, a rugged Alaskan individual, is a compliment to warm ones soul. Truly I am humbled by your kind words. I've been beaten up by you boys a bit but always come back for more. Thank you all for toughening me up. Fiery rugged individuals just titillate me I guess and what other forum out there has such a host? I'm glad we move to the winter months to read more of pirate musings.

Oh, mr Miffed adds for an ol' war horse I'm damn easy on the eyes and a delight in the sack, otherwise he's in complete agreement. ;-)


Wed, 10/09/2013 - 22:41 | 4040157 jerry_theking_lawler
jerry_theking_lawler's picture you have a single sister, or close relative/friend, that shares your same 'thoughts' on the current situation?? early to mid-30s and preferably easy on the eyes (but not important)..... :)

Wed, 10/09/2013 - 23:31 | 4040286 Miffed Microbio...
Miffed Microbiologist's picture

Jerry, I am sad to say I only have a brother and my daughters are too young for you. All of my 30-40 friends are fully plugged into the Matrix sad to say. You are not alone sharing to me your delemma. Mr Miffed is trying to master the art of cloning ( unfortunately with little success). He figures a few thousand of me and he can retire a wealthy man. My purported rarity is beginning to go to my head and I am contemplating demanding an increase in allowance. ;-)


Wed, 10/09/2013 - 19:22 | 4039659 rp1
rp1's picture

As soon as she is confirmed, the crash can begin.  Then we'll see how she puts out.  Bernanke was good for a trillion per year.  Yellen has suggested "negative" interest rates, which is a direct transfer to the banks.  It could be -3%.  Beats 2 and 20.

Wed, 10/09/2013 - 19:25 | 4039668 Dre4dwolf
Dre4dwolf's picture

Burnanke = A drug dealer selling you drugs for cheap.

Yellen = A drug dealer paying you to take drugs.


Atleast we getn paid.

Wed, 10/09/2013 - 19:31 | 4039680 devo
devo's picture

I like Schiff, but he hasn't been right about anything for three years. He told people to buy told at 1800.

Wed, 10/09/2013 - 19:35 | 4039688 ParkAveFlasher
ParkAveFlasher's picture

He told people to buy at 900 too.

Wed, 10/09/2013 - 19:40 | 4039702 devo
devo's picture

True, true.

Wed, 10/09/2013 - 22:44 | 4040170 jerry_theking_lawler
jerry_theking_lawler's picture

i've listened and bought at both.....but when I bought at 900 the .gov debt was around 10T....i bought at 1800 when the debt was at 14T....the debt is now up to 16+T and gold is back at, if you believe in the 'theory' of why to own gold then right now is the best time ever to buy gold (the real shiny stuff).....

Wed, 10/09/2013 - 19:43 | 4039706 Bendromeda Strain
Bendromeda Strain's picture

Buy at any and every price when you have the means. +/-$500/oz will be moot, bro... it's Yellen time!

Wed, 10/09/2013 - 22:15 | 4040100 DaddyO
DaddyO's picture

I said a similar thing about the FED and .gov on another thread a few days ago and got pilloried.

It doesn't matter about PM price when the masses are getting their SSDI, SNAP and EBT payments.

It just guarentees that the trebuchet is fully wound and ready to lauch.


Wed, 10/09/2013 - 19:40 | 4039695 darteaus
darteaus's picture

Death Spiral of debt issuance.

Wed, 10/09/2013 - 19:41 | 4039701 CrashisOptimistic
CrashisOptimistic's picture

If the dollar is going to fall, it's going to fall against the only thing that matters.  Oil.

If oil goes to $300/barrel, most of you die, whether you have gold or not.

Wed, 10/09/2013 - 19:46 | 4039713 Devotional
Devotional's picture


Wed, 10/09/2013 - 20:17 | 4039784 Calmyourself
Calmyourself's picture

Perhaps but it will not be from lack of bodies piled up around me.

Thu, 10/10/2013 - 03:18 | 4040598 Serenity Now
Serenity Now's picture


Wed, 10/09/2013 - 19:49 | 4039721 Constitutional ...
Constitutional Republic's picture

She's Lady Macbeth, now out in the open.

The un-Federal no-Reserve Board serves the foreign interests of its private shareholders first, and the USA long after that. It has been an abject failure in its dual mandates: stable prices and jobs.

Since its founding in 1913, the $ has lost more than 98% of its purchasing power, and average American incomes adjusted for inflation read like a crime story. Jobs? Well, we all know manufacturing was off shored to foreign lands, and the American full time worker is an endangered species.

Now, along comes Lady Macbeth out of the shadows to finish off the job of killing the world's only known experiment with a working constitutional republic free of international financier/communist/ zionist diktat, led by the Rothschilds of Germany and Britain who drag along their recruits anywhere that has one of their central banks.

Thu, 10/10/2013 - 03:20 | 4040599 Serenity Now
Serenity Now's picture

"Out, out, damn fiat."

Wed, 10/09/2013 - 19:48 | 4039724 surf0766
surf0766's picture

If Peanut was Fed Chairman they would still print

Wed, 10/09/2013 - 19:51 | 4039728 Constitutional ...
Constitutional Republic's picture

They are blue bloods in their own inbred insane minds. The color of ink and anonymous digit warfare suits their temperament. Like terrorists, they hide behind civilians, and appoint patsy politicians to take the frontline hit.

Wed, 10/09/2013 - 19:55 | 4039730 Teddy Tenpole
Teddy Tenpole's picture




Considering that Lee Majors is unavailable I'd say perfect candidate!

Wed, 10/09/2013 - 20:02 | 4039747 GoingLoonie
GoingLoonie's picture

During her acceptance speach she mentions 3 items (things like managing interest rates, employment, etc.) the Fed is responsible for in her opinion. Conspicuously absent was "any concept dealing with the protection of currency."

The new $100 bill I got from the bank today will soon be nothing but toilet paper.

Wed, 10/09/2013 - 20:30 | 4039813 Constitutional ...
Constitutional Republic's picture

The loonie is backed by hard assets, commodities. So, it's got that going for it. You're right to stay clear of USD as much as possible. Old Yeller will finish off the job begun in 1913: ruining the USD.

Wed, 10/09/2013 - 20:01 | 4039756 Neo
Neo's picture

This is a fucking game of opposites


She's going to do exactly the opposite of what we are all supposed to think she's going to do.


If she was a "dove" (looks more like an owl to me) before, she goes "hawkish" now.


This game has become so transparent. Goldman says "sell the gold"; so they can buy it, and sell it back to the muppets next month. It's all about the flow.

Wed, 10/09/2013 - 20:28 | 4039798 Constitutional ...
Constitutional Republic's picture

The Fed's private shareholders have played this game for centuries. Information and the manipulation of it is power. See the story of how the Rothschilds became Britain's and world's pre-eminent banking dynasty after Waterloo. Hint: the market sold bonds when it thought Britain had lost, but Rothschild knew Britain had won because his courier got the information first (insider dealing as it would be called today), and bought bonds at the lowest prices...then proceeded to buy up a lot else after the war victory became public knowledge, but most of his rivals were too ruined to be able to profit or compete.

The Fed and its acolytes are servants of the money masters, nothing more. Don't bet on bonds alone this time, though. The insiders adjust their tactics according to realpolitik.

Wed, 10/09/2013 - 20:30 | 4039814 WallowaMountainMan
WallowaMountainMan's picture

agreed, for almost the whole comment, except for the last part about flow. unless you mean volatility. and the 'owl' thing. (  i live in the neighborhood of owls, and they look magnificent :)  ). and the 'game' thing.

i think that with her being a newbie at the helm, and the increasing die being cast from the chorus of other fedittes, this new leader will do what any smart leader would do. allow the chorus a verse or two of action, then, if that succeeds, take a bow as a great leader. if choir fails, then politely say 'i told you so' and then go about the way you really wanted to.




p.s. as to the flow, the mr t's and i disagree. am able to do so, am i, only because a mr. t or two or three, etc took the time to teach me all i know about this stuff. the willingness to disagree, however, is something i brought with me.


Wed, 10/09/2013 - 20:32 | 4039824 Constitutional ...
Constitutional Republic's picture

She is a hard faced machine, a product of marxist and zionist indoctrination. The USA is a means to achieve the goals set by her money masters, and political heroes...all of whom despise the U.S. Constitution, and Bill of Rights.

And you are right, friend. We still have the right to agree to disagree in these United States of America. At the moment.

Wed, 10/09/2013 - 20:39 | 4039836 WallowaMountainMan
WallowaMountainMan's picture

"And you are right, friend."

uh, presumptuous there ye be, matee.

non-responsive rambling responses to my comments befriends no one to me.


Wed, 10/09/2013 - 20:41 | 4039842 WallowaMountainMan
WallowaMountainMan's picture

your previous ramble co-opted me from adding "NEO" to the top of my first comment.

to direct my attention to him, not you : "agree".



Wed, 10/09/2013 - 20:49 | 4039856 Constitutional ...
Constitutional Republic's picture

Nope. Wrong on all counts. And it matters not to me whether we agree or not. Note that your comment appeared immediately below mine, so I naturally replied as a polite person. It won't happen again.

Wed, 10/09/2013 - 21:01 | 4039901 WallowaMountainMan
WallowaMountainMan's picture

thank you. you sound well intended.

fyi, when one replies to a comment it is indented once. when one replies that comment, it is indentied again.

my original comment was not indented to yours, but to the original comment.

i assumed you knew that i wasn't responding to you, but to neo, but i see i was in error.



Wed, 10/09/2013 - 20:32 | 4039821 alangreedspank
alangreedspank's picture

I'm sure Paul Volcker did not make to much noise about his intentions before getting the job, but at this point, I think Yellen will not be a surprise. I think she'll probably lobby Congress to get the authority to buy bonds straight from the Treasury, short-circuiting the market.

Wed, 10/09/2013 - 20:35 | 4039826 Constitutional ...
Constitutional Republic's picture

Obomba rejected Paul Volcker's wise counsel. I think Yellen is proof that her masters think they have the upperhand, and no longer need to pretend to care about the U.S. or USD as they have mostly shifted their core assets off to the East.

Wed, 10/09/2013 - 20:38 | 4039832 alangreedspank
alangreedspank's picture

At this point, Volcker is too senile to be anything close to wise and the much spoken of Volcker rule is missing something very important: 15%+ fed fund rates which ought to clean the clocks of speculative debt crankers.

Wed, 10/09/2013 - 20:40 | 4039843 Constitutional ...
Constitutional Republic's picture

Your name and picture tell me that you are young, and the young are the easiest to trick. The money masters have shifted their core assets to the East. You are merely collateral damage. 

It'll be interesting to see if the populous East is as easily asset-stripped as the West was.

Wed, 10/09/2013 - 21:15 | 4039940 alangreedspank
alangreedspank's picture

Your focus of attention on my "name" and flashy image shows you have little attention timespan and can be easily distracted. That probably makes you old.

Thu, 10/10/2013 - 00:35 | 4040445 Clowns on Acid
Clowns on Acid's picture

No one said your image was flashy......... dickbreath.

Wed, 10/09/2013 - 20:39 | 4039837 ThisUsernameFol...
ThisUsernameFollowsTheRules's picture

The fed is going to keep printing until they own all us debt, effectively giving us 0 interest loans forever, except in a few years when some scandal is filling the news stations they will quietly forgive the debts.

Wed, 10/09/2013 - 20:45 | 4039848 Constitutional ...
Constitutional Republic's picture


That suggests that the Fed is magnanimous when it has shown by all its failings on price stability and employment that is a robber baron, swiftly moving from one global village to the next.

Wed, 10/09/2013 - 21:02 | 4039900 therevolutionwas
therevolutionwas's picture

And the US dollar will be worth less than the 0% interest loans. The end.

Wed, 10/09/2013 - 21:11 | 4039930 devo
devo's picture

According to the charter, U.S. Taxpayers are on the hook for any losses the FED encounters. Keep that in mind. Plan accordingly.

Wed, 10/09/2013 - 21:12 | 4039935 disabledvet
disabledvet's picture

well if history is any guide (we've been devaluing for thirty years now...and on a massive scale over the past ten when all those "hard money" people were in charge) then she probably will only do better. the last time the dollar did well actually had a Democrat in the White House and Republicans in charge of Congress. we'll see. a gold standard still remains the best and only way to go...but 12-15 million barrels of oil a day remains a solid second. if and when we get there of course. obviously higher real rates across the board for cash are a net positive going forward. the US has a savings problem (not enough) and there is no better solution than revaluing savings relative to consumption. the market itself is already doing that so Ms. Yellen need not be concerned on that front. we'll see how equities do going forward. i welcome a correction...but will feel lucky if we even get that. (and no BofA...we have not had a correction yet.)

Wed, 10/09/2013 - 21:31 | 4039987 orangedrinkandchips
orangedrinkandchips's picture

Sad but true!

Wed, 10/09/2013 - 21:59 | 4040050 yogibear
yogibear's picture

Obonzo's F-Troop is taking shape with a ditzy Jewish American Princess running the US central bank.

Bernanke can't wait to hand her the keys and get out of town before the house of cards collapses.

Wed, 10/09/2013 - 22:32 | 4040137 mobydick
mobydick's picture

It's all looking sweet for the good and the greedy. What could possibly go wrong, go wrong, go wrong??

Wed, 10/09/2013 - 23:58 | 4040369 enoch_root
enoch_root's picture

Yellen is odds on to beat Zimbabwe Central bank head for biggest hyperinflationary event.


Bag lady she most certainly is ... the money power has left the building.

Thu, 10/10/2013 - 03:32 | 4040604 lunaticfringe
lunaticfringe's picture

The only fucking mandate the Fed has- is survival and interest skimming for eternity. The rest is just bullshit for dupes.

Thu, 10/10/2013 - 03:34 | 4040605 Youri Carma
Youri Carma's picture

Yellen to Be Named by Obama as First Female Fed Chairman - A Universal Truth!

Thu, 10/10/2013 - 03:44 | 4040608 luckylongshot
luckylongshot's picture

There was never any chance that the Fed was going to taper and so it was delusional for PS to believe there was. What we are being told about the amount that the Fed is adding to the money supply is also delusional. With China and others exiting the dollar the Fed has had to step up and is actually pumping far more in than we are being told (Jim Willie). This is not creating ripples because it serves China's interests to maintain the illusion that the USD is only slightly ill rather than telling the truth. 

Thu, 10/10/2013 - 03:48 | 4040609 crakinshot
crakinshot's picture

At which point did "head of the board" = dictator?


Its a board of bank representatives effectively... they are going to do what they want to maintain their profits regardless of whomever is at the helm.

Thu, 10/10/2013 - 04:01 | 4040615 Iam Yue2
Iam Yue2's picture

Ah, great, except it fails to take into account Yellen's very big U-Turn;

"Janet Yellen, in her first public remarks as the Federal Reserve’s vice chairman, said low interest rates may give firms the incentive to engage in excessive risk-taking.
“It is conceivable that accommodative monetary policy could provide tinder for a buildup of leverage and excessive risk-taking in the financial system,” the 64-year-old central banker said in a speech today in Denver.
Enlarge image
Federal Reserve Vice Chairman Janet Yellen. Photographer: Andrew Harrer/Bloomberg
Yellen warned that Fed policies may in some cases be encouraging firms to “reach for yield” and could present officials “with difficult tradeoffs” if “emerging threats to financial stability become evident.”

Thu, 10/10/2013 - 06:03 | 4040672 Moe Howard
Moe Howard's picture

Fucking cunt never had a real job in her entire life.

Thu, 10/10/2013 - 08:01 | 4040796 kurt
kurt's picture

The Fed

Gives themselves money and pretends they're giving it to you.

Pretends the policy it to benefit you and it benefits them.

Never actually says anything direct or honest because they are neither.

Will have to be put down like a snapping dog with distemper or you will.

Thu, 10/10/2013 - 10:01 | 4041188 Mi Naem
Mi Naem's picture

Maybe her auto mechanic will make a mistake and she'll have an accident. 

"Max Headroom" for Fed Chair.  That would be a more honest approach. 

Or maybe Stanley Ipkiss's alter ego in "The Mask".  THAT'd be bullish! 

Thu, 10/10/2013 - 14:11 | 4042204 TXSOONER
TXSOONER's picture


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