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Jane Austen Explains Monetary Policy
Who knew? Jane Austen was a dyed-in-the-wool, easy-money-loving, stimulus-demanding 'expert' on monetary policy. As Citi's Steven Englander finds in his eloquent new year's note, it seems the antiquated authoress has much sense-and-sensibility to reproach those of us who believe in real money and a return to a real economy. From justifying QE, "Money is the best recipe for happiness," to the importance of the wealth effect, "If this man had not twelve thousand a year, he would be a very stupid fellow;" Austen offers some 'balance' to offer on Fed transparency, tapering, and congressional spending.
Via Citi's Steve Englander,
‘Elinor now found the difference between the expectation of an unpleasant event, however certain the mind may be told to consider it, and certainty itself.” – particularly apt in light of the market reaction to tapering.
"Finish it at once. Let there be an end of this suspense. Fix, commit, condemn yourself." -- more on tapering
"A watch is always too fast or too slow. I cannot be dictated to by a watch." -- on the tapering calendar
“I have not wanted syllables where actions have spoken so plainly.” -- advice on communications policy
"I think we are a great deal better employed, sitting comfortably here among ourselves, and doing nothing." -- insight into labor force participation
"I do not think it worth while to wait for enjoyment until there is some real opportunity for it." -- the hysteresis effect
"A large income is the best recipe for happiness I ever heard of." – on the need for more stimulus
"I am sorry to tell you that I am getting very extravagant and spending all my money: and what is worse for you, I have been spending yours too. " -- message to Congress
"If this man had not twelve thousand a year, he would be a very stupid fellow." – the importance of the wealth effect for human capital
"Money is the best recipe for happiness.” – QE justified
"If things are going untowardly one month, they are sure to mend the next." -- on economic forecasting
"There is a monstrous deal of stupid quizzing, & common-place nonsense talked, but scarcely any wit." -- FOMC press conferences
"It would be most right, and most wise, and, therefore must involve least suffering." –taking the easy policy route
"We do not look in great cities for our best morality." – distribution effects of QE
"I don't approve of surprises. The pleasure is never enhanced and the inconvenience is considerable.” -- the argument for Fed transparency
"It is particularly incumbent on those who never change their opinion, to be secure of judging properly at first." -- nothing more need be said
"..people always live forever when there is an annuity to be paid them" -- on the need for entitlements reform
"And we mean to treat you all,' added Lydia, 'but you must lend us the money, for we have just spent ours at the shop out there." – on balance sheet expansion
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I wonder how Harry Potter would put it...
shazam.
Any guy who knows that many Austen quotes is clearly a fop milquetoast who will never survive. I’m pulling all my funds from Citi Asset Management.
(Also, they’re mostly just wrong.)
There are people, who the more you do for them, the less they will do for themselves."
Jane Austen on the welfare state.
"The horror! The horror!"
Joseph Conrad (The Heart of Darkness) explains it all.
Ask any literature prof where the Heart of Darkness is located. If they say it is in Africa you know they are idiots.
There goes gold. Funny how the miners dropped furiously, before suddenly boom 1000 contracts sold at the market.
*Soon to be distilled into a course entitled "Feminist Economics 101" and forced down your freshmans throat at some ridiculously over-priced institution of higher learning.
Of course, Austen was being ironic half the time, and/or poking fun at her characters by making them say silly things. It's usually missing the point to take her at face value.
Agreed. The /sarc tag hadn't been invented in the 1700s. If it had, she wouldn't have used it anyway. You get it or you don't. Same principle I use on ZH when I post.
The penis mightier than the sword.
Meatier, as well.
In case you can't get enough here's Charlotte Brontë -
http://cbrontecfa.tumblr.com/
via that site, i now stumbled upon:
http://www.taxjustice.net/cms/front_content.php?idcat=2
Jane Austen, step aside! Dr. Seuss was so wisely quoted recently by Zero Hedge hero, Ted "Canada,Blame Canada" Cruze:
Who could forget that moving speech? "I do not like them, Sam I am. I do not like Green Eggs and Ham".
Clearly, this was a call for Tapering of QE3 and a demand to deregulate the banking system which is sooo over-burdened by all that Gubment "red-tape". The "ham" reference is clearly an allegorical homage to the wealth and prosperity that awaits us all if we only allow the "Free Market" to rape our middle class butts repeatedly and without regulators standing in the way of butt-raping progress.
If Freud had heard Jane speak like that, his analysis of LAdy Jane would have made Bronte blush.
...ANy woman who is a dyed in the wool, money loving, stimulus addicted, sensibility passionate and sense hating arm chair do nothing, who has only one obsession : "Finish it at once. Let there be an end of this suspense. Fix, commit, condemn yourself. I have not wanted syllables where actions have spoken so plainly."...
Needs is so badly that money can do nothing for her-- and put your watch away as this is going to be a long haul --It would be most right, and most wise, and, therefore must involve least suffering. She don't approve of surprises. The pleasure is never enhanced and the inconvenience is considerable. If you are queesy and have doubts about her morality, remember : We do not look in great cities for our best morality in our Lady Janes !...
Just buy that f***ing dip into money honey !
The wolves of Wall Street would have loved Lady Jane.
When literature meets psychoanalysis on Jack the Ripper's divan.
if you want to make an impact
Fixing Jane Austen: on BitCoin:
--Sense And Sensibility
No comment. Pathetic.
it's hilarious!
chill out. it's going to be ok. ;-)
Fixing Jane Austen: on Bernanke's Quantitative Easing:
--Pride And Prejudice
Fixing Jane Austen: on Detroit bankruptcy:
— Mansfield Park
I am of the opinion that Margaret Mitchell did a outstanding job of explaining bankster economics in "Gone With The Wind", it is all there from the value of real money (gold) to what happens to nonbankster fiat (confederate money and bonds) to how they will strip assets (carpetbaggers). Also giving black folks 40 acres and a mule (Obamaphone and EBT) to vote like their friends tell them to. I could go on but those who want to survive would be well served to read her book.
--Scarlett or Jamie Dimon, take your pick.
--Scarlett or Jamie Dimon, take your pick.
And it helps if you picture Jamie Dimon, Banzai7-style, in a hoop skirt, ruffled bosom and floppy wide-brimmed straw hat.
Hahaha... good one.
Fixing Jane Austen: on Stacy Herbert and Max Keiser:
— Mansfield Park
Wooooooo that's a hoot, keep em coming!
Fixing Jane Austen: on CNBC, Jim Cramer, Paul Krugman, et al
— Mansfield Park
You're on fire daddy! You're killing em!!
Fixing Jane Austen: on The Taper:
--Emma
HAHAHAHAH...oooOOoooohhhh ribs hurt.
Fixing Jane Austen: on the U.S. throwing Israel and Saudi Arabia under the bus:
--Emma
Friendship!!!! U.S. and Saudi... I get it... BAAAAHAHAHAHAHA.
Fixing Jane Austen: on the 2008 Bankster Bailout:
--Emma
Oct 03, 2008
http://www.nbcnews.com/id/26987291/#.UsH_RPRDsrU
STOP!!! HAHAHAHAA STOP!!! OMFG ROFL.
Fixing Jane Austen: on the JP Morgan Sewer Bond fraud in Jefferson County, Alabama:
--Emma
OOOOOOOOHHHHHHHH NO YOU DIN'T!!!!!!!!!!
Fixing Jane Austen: on the NSA Spying Scandal:
--Northanger Abbey
I swear. I lost a drop of pee on this one.... .omfg, too much.
Fixing Jane Austen: on Janet Yellen:
--Northanger Abbey
DAMN RIGHT!!!! BAHAHAHAHAHA KEEP THAT SHIT TO YOURSELF!!!!! HAHAHAHAHAAHAHA
Fixing Jane Austen: on Eric Holder's refusal to prosecute Wall Street:
--Northanger Abbey
OH Yeah!!!! Straight with the upper cut!!! Two TIMES!
Fixing Jane Austen: on Jamie Dimon's presidential cuff links:
--Northanger Abbey
</sarc>
Fixing Jane Austen: on MF Global, Jon Corzine and JP Morgan
--Persuasion
Fixing Jane Austen: Jamie Dimon to Ina Drew and Bruno "London Whale" Iksil
--Persuasion
Jane's girls always have to contend with dirtbags spending other people's money. Character and good sense prevail in the end. Nothing antiquated about Jane.
Fixing Jane Austen: on Bob Diamond, Barclays Bank and the LIBOR scandal:
--Persuasion
Fixing Jane Austen: on Bill Ackman's JC Penney:
--Letters of Jane Austen
Fixing Jane Austen: on Edward Snowden, Rasanath Dasa, Andrew Maguire, Greg Smith, take your pick:
--Letters of Jane Austen
Fixing Jane Austen: on Q1 Earnings Miss (or Q2, Q3, Q4, etc.)
--Letters of Jane Austen
Fixing Jane Austen: on HSBC laundering money for drug lords:
--Letters of Jane Austen
Fixing Jane Austen: on failed Fed policies:
--Letters of Jane Austen
Fixing Jane Austen: on the gold inventory remaining in JP Morgan's vault:
--Letters of Jane Austen
Fixing Jane Austen: on Fox News Megyn Kelly
--Pride and Prejudice
As a lover of most things Jane Austen, I do believe she is spinning in her grave as a result of this post :)
Jane had a great sarcastic sense of humor as is clear in these quotes: "It is a truth universally acknowledged, that a single man in possession of a good fortune, must be in want of a wife." Of course, that was everyone else's perception of such a fellow - especially mothers of daughters. Pride and Prejudice (of course).
One of my favs: "Mrs. Hall of Sherbourn was brought to bed yesterday of a dead child, some weeks before she expected, oweing to a fright. I suppose she happened unawares to look at her husband." - Letter to Cassandra, October 27, 1798.
If I may add to the today's list of quotes - and pin this one on whomever it fits (I can think of a few...): "There is, I believe, in every disposition a tendency to some particular evil - a natural defect, which not even the best education can overcome. Pride and Prejudice.