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Jane Austen Explains Monetary Policy

Tyler Durden's picture





 

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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Mon, 12/30/2013 - 16:48 | Link to Comment Sudden Debt
Sudden Debt's picture

I wonder how Harry Potter would put it...

Mon, 12/30/2013 - 16:52 | Link to Comment disabledvet
disabledvet's picture

shazam.

Mon, 12/30/2013 - 17:02 | Link to Comment idea_hamster
idea_hamster's picture

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.)

 

Mon, 12/30/2013 - 18:17 | Link to Comment AlaricBalth
AlaricBalth's picture

There are people, who the more you do for them, the less they will do for themselves."
Jane Austen on the welfare state.

Mon, 12/30/2013 - 19:51 | Link to Comment 0b1knob
0b1knob's picture

"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.

Mon, 12/30/2013 - 16:52 | Link to Comment tallen
tallen's picture

There goes gold. Funny how the miners dropped furiously, before suddenly boom 1000 contracts sold at the market.

Mon, 12/30/2013 - 16:53 | Link to Comment TeamDepends
TeamDepends's picture

*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.

Mon, 12/30/2013 - 16:59 | Link to Comment freelearner
freelearner's picture

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.

Mon, 12/30/2013 - 17:09 | Link to Comment NoDebt
NoDebt's picture

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.

Mon, 12/30/2013 - 17:37 | Link to Comment Skateboarder
Skateboarder's picture

The penis mightier than the sword.

Mon, 12/30/2013 - 17:59 | Link to Comment TeamDepends
TeamDepends's picture

Meatier, as well.

Mon, 12/30/2013 - 17:01 | Link to Comment Mercury
Mercury's picture

In case you can't get enough here's Charlotte Brontë -

 http://cbrontecfa.tumblr.com/

Mon, 12/30/2013 - 18:58 | Link to Comment trader1
trader1's picture

via that site, i now stumbled upon:

http://www.taxjustice.net/cms/front_content.php?idcat=2

 

 

Mon, 12/30/2013 - 17:52 | Link to Comment novictim
novictim's picture

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.

Mon, 12/30/2013 - 17:50 | Link to Comment falak pema
falak pema's picture

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.

Mon, 12/30/2013 - 18:37 | Link to Comment trader1
Mon, 12/30/2013 - 19:00 | Link to Comment BanksterSlayer
BanksterSlayer's picture

Fixing Jane Austen: on BitCoin:

Piracy is our only option.

--Sense And Sensibility

Mon, 12/30/2013 - 18:50 | Link to Comment Clowns on Acid
Clowns on Acid's picture

No comment. Pathetic.

Mon, 12/30/2013 - 18:59 | Link to Comment trader1
trader1's picture

it's hilarious!  

chill out.  it's going to be ok.   ;-)

Mon, 12/30/2013 - 18:59 | Link to Comment BanksterSlayer
BanksterSlayer's picture

Fixing Jane Austen: on Bernanke's Quantitative Easing:

 

I cannot fix on the hour, or the spot, or the look or the words, which laid the foundation. It is too long ago. I was in the middle before I knew that I had begun.

 

--Pride And Prejudice

Mon, 12/30/2013 - 18:56 | Link to Comment BanksterSlayer
BanksterSlayer's picture

Fixing Jane Austen: on Detroit bankruptcy:

 

We do not look in great cities for our best morality.

 

— Mansfield Park

Mon, 12/30/2013 - 19:07 | Link to Comment NIHILIST CIPHER
NIHILIST CIPHER's picture

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.

Mon, 12/30/2013 - 19:09 | Link to Comment BanksterSlayer
BanksterSlayer's picture

"I've learned that money is the most important thing in the world and I don't intend to ever live without it again."

--Scarlett or Jamie Dimon, take your pick.

 

"If I have to lie, cheat, steal, or kill ... as God is my witness, I'll never go hungry again."

--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.

 

Tue, 12/31/2013 - 01:04 | Link to Comment DYS
DYS's picture

Hahaha... good one.

Mon, 12/30/2013 - 19:02 | Link to Comment BanksterSlayer
BanksterSlayer's picture

Fixing Jane Austen: on Stacy Herbert and Max Keiser:

She was of course only too good for him; but as nobody minds having what is too good for them, he was very steadily earnest in the pursuit of the blessing…

— Mansfield Park

Tue, 12/31/2013 - 01:04 | Link to Comment DYS
DYS's picture

Wooooooo that's a hoot, keep em coming!

Mon, 12/30/2013 - 19:03 | Link to Comment BanksterSlayer
BanksterSlayer's picture

Fixing Jane Austen: on CNBC, Jim Cramer, Paul Krugman, et al

I speak what appears to me the general opinion; and where an opinion is general, it is usually correct.

— Mansfield Park

Tue, 12/31/2013 - 01:02 | Link to Comment DYS
DYS's picture

You're on fire daddy!   You're killing em!!

Mon, 12/30/2013 - 19:06 | Link to Comment BanksterSlayer
BanksterSlayer's picture

Fixing Jane Austen: on The Taper:

The sooner every party breaks up the better.

--Emma

Tue, 12/31/2013 - 01:05 | Link to Comment DYS
DYS's picture

HAHAHAHAH...oooOOoooohhhh ribs hurt.

Mon, 12/30/2013 - 19:12 | Link to Comment BanksterSlayer
BanksterSlayer's picture

Fixing Jane Austen: on the U.S. throwing Israel and Saudi Arabia under the bus:

Business, you know, may bring money, but friendship hardly ever does.

--Emma

Tue, 12/31/2013 - 01:06 | Link to Comment DYS
DYS's picture

Friendship!!!! U.S.  and Saudi... I get it... BAAAAHAHAHAHAHA.

Mon, 12/30/2013 - 19:19 | Link to Comment BanksterSlayer
BanksterSlayer's picture

Fixing Jane Austen: on the 2008 Bankster Bailout:

Surprises are foolish things. The pleasure is not enhanced, and the inconvenience is often considerable.

--Emma

 

“What Congress said to the American people today I hope will be taken as a promise,” [Barney] Frank said. “Our task now is to make sure no future Congress faces this choice.”

Oct 03, 2008

http://www.nbcnews.com/id/26987291/#.UsH_RPRDsrU

Tue, 12/31/2013 - 01:04 | Link to Comment DYS
DYS's picture

STOP!!! HAHAHAHAA STOP!!!  OMFG ROFL.

Mon, 12/30/2013 - 19:23 | Link to Comment BanksterSlayer
BanksterSlayer's picture

Fixing Jane Austen: on the JP Morgan Sewer Bond fraud in Jefferson County, Alabama:

One has no great hopes from Birmingham. I always say there is something direful in the sound.

--Emma

Tue, 12/31/2013 - 01:07 | Link to Comment DYS
DYS's picture

OOOOOOOOHHHHHHHH NO YOU DIN'T!!!!!!!!!!

Mon, 12/30/2013 - 19:28 | Link to Comment BanksterSlayer
BanksterSlayer's picture

Fixing Jane Austen: on the NSA Spying Scandal:

Every man is surrounded by a neighbourhood of voluntary spies, and where roads and newspapers lay every thing open.

--Northanger Abbey 

Tue, 12/31/2013 - 01:05 | Link to Comment DYS
DYS's picture

I swear.   I lost a drop of pee on this one.... .omfg, too much.

Mon, 12/30/2013 - 19:28 | Link to Comment BanksterSlayer
BanksterSlayer's picture

Fixing Jane Austen: on Janet Yellen:

A woman, especially if she has the misfortune of knowing anything, should conceal it as well as she can.

--Northanger Abbey

Tue, 12/31/2013 - 01:06 | Link to Comment DYS
DYS's picture

DAMN RIGHT!!!! BAHAHAHAHAHA KEEP THAT SHIT TO YOURSELF!!!!! HAHAHAHAHAAHAHA

Mon, 12/30/2013 - 19:32 | Link to Comment BanksterSlayer
BanksterSlayer's picture

Fixing Jane Austen: on Eric Holder's refusal to prosecute Wall Street:

From politics, it was an easy step to silence.

--Northanger Abbey 

Tue, 12/31/2013 - 01:09 | Link to Comment DYS
DYS's picture

OH Yeah!!!!  Straight with the upper cut!!!  Two TIMES!

Mon, 12/30/2013 - 19:33 | Link to Comment BanksterSlayer
BanksterSlayer's picture

Fixing Jane Austen: on Jamie Dimon's presidential cuff links:

Friendship is certainly the finest balm for the pangs of disappointed love.

--Northanger Abbey 

Tue, 12/31/2013 - 01:11 | Link to Comment DYS
DYS's picture

</sarc>

Mon, 12/30/2013 - 19:43 | Link to Comment BanksterSlayer
BanksterSlayer's picture

Fixing Jane Austen: on MF Global, Jon Corzine and JP Morgan

 It was, perhaps, one of those cases in which advice is good or bad only as the event decides.

--Persuasion

Mon, 12/30/2013 - 19:42 | Link to Comment BanksterSlayer
BanksterSlayer's picture

Fixing Jane Austen: Jamie Dimon to Ina Drew and Bruno "London Whale" Iksil

You pierce my soul. I am half agony, half hope… I have loved none but you.

--Persuasion

Mon, 12/30/2013 - 19:45 | Link to Comment Treeplanter
Treeplanter's picture

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.    

Mon, 12/30/2013 - 19:46 | Link to Comment BanksterSlayer
BanksterSlayer's picture

Fixing Jane Austen: on Bob Diamond, Barclays Bank and the LIBOR scandal:

How quick come the reasons for approving what we like.

--Persuasion

Mon, 12/30/2013 - 19:50 | Link to Comment BanksterSlayer
BanksterSlayer's picture

Fixing Jane Austen: on Bill Ackman's JC Penney:

Next week I shall begin my operations on my hat, on which you know my principal hopes of happiness depend.

--Letters of Jane Austen

Mon, 12/30/2013 - 19:55 | Link to Comment BanksterSlayer
BanksterSlayer's picture

Fixing Jane Austen: on Edward Snowden, Rasanath Dasa, Andrew Maguire, Greg Smith, take your pick:

Here I am once more in this scene of dissipation and vice, and I begin already to find my morals corrupted.

--Letters of Jane Austen

Mon, 12/30/2013 - 20:00 | Link to Comment BanksterSlayer
BanksterSlayer's picture

Fixing Jane Austen: on Q1 Earnings Miss (or Q2, Q3, Q4, etc.)

What dreadful hot weather we have! It keeps one in a continual state of inelegance.

--Letters of Jane Austen

Mon, 12/30/2013 - 20:01 | Link to Comment BanksterSlayer
BanksterSlayer's picture

Fixing Jane Austen: on HSBC laundering money for drug lords:

How horrible it is to have so many people killed! And what a blessing that one cares for none of them!

--Letters of Jane Austen

Mon, 12/30/2013 - 20:01 | Link to Comment BanksterSlayer
BanksterSlayer's picture

Fixing Jane Austen: on failed Fed policies:

It is more natural to have flowers grow out of the head than fruit.

--Letters of Jane Austen

Mon, 12/30/2013 - 20:03 | Link to Comment BanksterSlayer
BanksterSlayer's picture

Fixing Jane Austen: on the gold inventory remaining in JP Morgan's vault:

 I will not say that your mulberry-trees are dead, but I am afraid they are not alive.

--Letters of Jane Austen

Mon, 12/30/2013 - 20:12 | Link to Comment BanksterSlayer
BanksterSlayer's picture

Fixing Jane Austen: on Fox News Megyn Kelly

She was a woman of mean understanding, little information, and uncertain temper.

--Pride and Prejudice

Mon, 12/30/2013 - 20:14 | Link to Comment CoolBeans
CoolBeans's picture

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.

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