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With The World Burning Around Them, The Fed Was Debating This Epic Question
"We are not clueless," Kevin Warsh notes in this September 16th 2008 Federal Reserve transcript (as the entire financial system was imploding around them); but it is the final 'debate' in this brief section that sums up what Marc Faber has feared all along. Adjective or Abverb?
MR. WARSH. I think the sentiment we are trying to suggest is watchful waiting. We are not indifferent, we are not clueless, we are paying attention, but we are not predisposed. Hence, Governor Kohn’s suggestion.
MR. KOHN. My suggestion was to substitute “carefully” for “closely.” I agree that “monitor closely” had this other connotation, but I think we should be seen as paying more attention than usual. There might be another alternative.
MR. DUDLEY. “The Committee will carefully evaluate economic and financial market developments.” That means you are on the case.
CHAIRMAN BERNANKE. Well, it is not an analytical thing we are doing. We are just watching closely.
MR. WARSH. Keenly? Carefully?
MR. LACKER. Mr. Chairman?
CHAIRMAN BERNANKE. Yes. President Lacker.
MR. LACKER. Including “closely,” what does that imply about the opposite? I mean, are we going to be able to take that out?
MR. WARSH. Well, we have done things like “in a timely manner” and other kinds of phraseology.
MR. LACKER. Yes, but this is an adjective.
CHAIRMAN BERNANKE. No, it’s an adverb.
MR. LACKER. There goes my credibility. [Laughter]
(h/t@Not_Jim_Cramer)
Perhaps that's why they get paid the big bucks (or not as it appears)
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Appears the Emerging Markets are beginning to challenge the IMF debt relief loan repackaging, which will sink new growth progress by artificially spreading the wealth.
http://www.imf.org/external/mmedia/index.aspx
Yeah, well let's not forget about this crazy shit from November 2011 straight out of the horses ass himself, Joe "The Shmoe" Biden regarding discussing immediately calling for a bank holiday after being elected in 2008????
https://www.youtube.com/watch?v=d-cLZai63GA&html5=1.
Joe Biden: "I mean literally, one of the early discussions we had in Chicago in preparation for the administration off transition team out there…"
"We got together, I think it was 30-35 economists…all left, right, center, and what did we talk about?".
"They, first question they wanted to raise with us was whether we might have to call a "bank holiday"…a "bank holiday".". "On our…the day after we were sworn in."
"Ladies and gentlemen…the president and I weren’t back there blaming Jon Corzine then…you know what we were doing?". "We were on the phone calling Jon Corzine…literally…I literally picked up the phone and called Jon Cozine, and said, “Jon…what do you think we should do?”."
"The reason why we called Jon…was because we knew he knew about the economy, about world markets, about how we had to respond unlike almost anyone we knew."
"And because he had been in the pit…he had been in the furnace.". "And we trusted his judgment."
*************************************
This speech was given around mid-November in 2011.
***The MF Global scandal and total collapse at the hands of Jon Corzine came out on October 31st, 2011.
But you know that all those fucking scumbags knew what was going on with Corzine and MFG long before the public found out on Halloween after it was too late.
I'll never forget that...
And if all of them were talking about a bank holiday 5 years ago...how much closer do you think we are to it happening now after everything we've gone through and learned about this fucked up corrupt system over just the last 5 years????
yeah....that's just precious....thnx
"We are not clueless."
"I am not a crook."
Not content to kill grandma with ZIRP.
They also want to kill grammer.
Thank God for schoolteachers in positions of power.
Fill in the blanks:
the FED is the most expensive ________ on the planet, and anyone speculating on or taking seriously what they say is ____________.
A) globalist mechanism to seize all control
B) an economic tapeworm up the ass of society?
Inevitable since 1913. They are patient. I do admire them for their patience.
that works!
as does this one:
a) troll
b) pawn (or pwned)
1----brothel.....2-----a paid castrati....
Then you have the US MSM parlor pinko muppets talking about 3.75% increase in GDP growth.
When we have the next crisis one can expect the subsequent Fed statements to be full of homonyms. There; problem solved!
"Ms. Yellen suggested the creation of a facility to cover the bail for Jamie Diamond."
MR. LACKER. There goes my credibility. [Laughter]
They have no credibility, thus the laughter. That is the joke.
A joke needs a setup and a punch line.
That's the setup.
The punchline is we still haven't hung 'em high.
That's right, the joke isn't ON us, it IS US.
As long as they aren't swingin' from hangin' trees WE keep it that way.
US debt held by the Federal Reserve since 1940
http://failedevolution.blogspot.gr/2014/02/us-debt-held-by-federal-reser...
Who gives a flying FUUUUUUUUUUUUUUUUUUCK!!!!! JUST FUCKING HANG THEM ALREADY!!!!!!!!
We can crack jokes AFTER the hangings!!!!!!!!!!!!!
its a preposition ha ha that changes everything
We lost our Liberty for the correctness of Cerntal Bankers' wordings???
Closely doesn't lend itself to responsibility, carefully does. The FED isn't responsible for anything, so says the FED chairman. Congress abdicated its responsibility in 1913 when it created the FED. So, who's in charge and responsible? A question designed to be unanswerable from inception. A question never to be answered. The FED was created to fail and collapse the economy.
TRUTH!
FED report to Congress -
http://www.youtube.com/watch?v=r0yXqU-w9U0
This human filth serves a cabal of private banks, and they exist to protect the owners of those banks.
That is their only function.
Vampiric bloodlines have to end.
These are the academics we PAY to rule the world...
Outstanding.
They banter over word choice as if "scrabble" is a valid technique for managing a society...
The Fed: A wholesale waste of skin and blood.
though with fucksticks like this at the wheel, is it any wonder the hole the Western world finds itself in?
Thus endeth the circle jerk.
It takes a committee to write a sentence.
But it takes an eloquent and evil genius to properly Greenspank.
The stench from the bench is making me clench.
Fundamentally sound!
That begs the question: What exactly are you clenching? ;-D
“Yes Minister”
Episode One: Equal Opportunities
[How to deal with a nonsensical complaint]
Bernard: We can CGSM it.
Hacker: CGSM?
Bernard: Civil Service code, Minister. It stands for "Consignment of Geriatric Shoe Manufacturers".
Hacker: What?
Bernard: A load of old cobblers, Minister.
Hacker: I'm not a civil servant. I shall use my own code. I shall write: "Round Objects"
[...later...]
Bernard: You remember that letter you wrote "Round Objects" on?
Hacker: Oh yes.
Bernard: It's come back from Sir Humphrey's office. He's commented on it.
Hacker: What does he say?
Bernard: Who is Round and to what does he object?
“Yes Minister”
Episode Eight: The Tangled Web
[The Prime Minister believes that he gave a clear, simple, straightforward and honest answer.]
Sir Humphrey: Unfortunately, although the answer was indeed clear, simple, and straightforward, there is some difficulty in justifiably assigning to it the fourth of the epithets you applied to the statement, inasmuch as the precise correlation between the information you communicated and the facts, insofar as they can be determined and demonstrated, is such as to cause epistemological problems, of sufficient magnitude as to lay upon the logical and semantic resources of the English language a heavier burden than they can reasonably be expected to bear.
Hacker: Epistemological — what are you talking about?
Sir Humphrey: You told a lie.
Hacker: A lie?
Sir Humphrey: A lie.
Hacker: What do you mean, a lie?
Sir Humphrey: I mean you… lied. Yes, I know this is a difficult concept to get across to a politician. You… ah yes, you did not tell the truth.
Hacker: You mean we are bugging Hugh Halifax's telephones?
Sir Humphrey: We were.
Hacker: We were? When did we stop?
Sir Humphrey: [checks his watch] Seventeen minutes ago.
Bernard: The fact that you needed to know was not known at the time that the now known need to know was known, and therefore those that needed to advise and inform the Home Secretary perhaps felt that the information that he needed as to whether to inform the highest authority of the known information was not yet known, and therefore there was no authority for the authority to be informed because the need to know was not, at that time, known or needed.
The “Fed”
Episode one:
MR. WARSH. I think the sentiment we are trying to suggest is watchful waiting. We are not indifferent, we are not clueless, we are paying attention, but we are not predisposed. Hence, Governor Kohn’s suggestion.
MR. KOHN. My suggestion was to substitute “carefully” for “closely.” I agree that “monitor closely” had this other connotation, but I think we should be seen as paying more attention than usual. There might be another alternative.
MR. DUDLEY. “The Committee will carefully evaluate economic and financial market developments.” That means you are on the case.
CHAIRMAN BERNANKE. Well, it is not an analytical thing we are doing. We are just watching closely.
MR. WARSH. Keenly? Carefully?
MR. LACKER. Mr. Chairman?
CHAIRMAN BERNANKE. Yes. President Lacker.
MR. LACKER. Including “closely,” what does that imply about the opposite? I mean, are we going to be able to take that out?
MR. WARSH. Well, we have done things like “in a timely manner” and other kinds of phraseology.
MR. LACKER. Yes, but this is an adjective.
CHAIRMAN BERNANKE. No, it’s an adverb.
MR. LACKER. There goes my credibility. [Laughter] If we take it out, can we use the phrase without it?
CHAIRMAN BERNANKE. What we have done in the past is basically just use a new phrase.
MR. LACKER. So that means we have to throw this phrase out.
MR. WARSH. Mr. Chairman, I would support “carefully.”
CHAIRMAN BERNANKE. Is that better? President Evans.
MR. EVANS. Just to be clear, we have gone a long way just now from its being a semantic discussion to whether or not the Committee wants to hint at the possibility of a near-term action. I do not have a problem with that. In fact, in my comments I suggested that the resolution of uncertainty might improve in the next couple of weeks, but that seems to be the principal issue here, which I don’t really recall us discussing in as much detail as we just have.
CHAIRMAN BERNANKE. No, you’re right. But there is another issue, which I think is the thing we’re concerned about and which motivates the change in alternative B, paragraph 2. We don’t want the world to feel that we are not awake, that we are not paying attention. We know that very unusual things are going on in the financial markets; and we are prepared, maybe not through monetary policy but through whatever mechanism is necessary, to address that.
MR. EVANS. Right. So I fully support that sentiment, and if you find the right wording that captures it, that’s fine with me.
DC excels at job destruction
http://usnvrepcan.blogspot.com/2014/02/dc-destroying-more-jobs.html
Fast forward to one of the next meetings....
What's wrong with "green shoots"? Can we call it "green shoots"? How about "recovery" at some point? Then let's get to the "taper". Sounds good that "taper", doesn't it?
What we always suspected is now confirmed. There's no analysis, there is no empirical evidence. It is all just made up bullshit, as they go, on the fly and whatever comes to mind.
Bring out the ropes already.
Time to look in the mirror and say:
"I've been had... been had by a bunch of 2-bit hucksters".
Repeat, until the message sinks in.
WARNING: Under no circumstances, mention this revelation to your spouse or dependents... as they might actually have the nerve to expect you to do something about it.
At least Nero was fiddling while Rome was burning.
You could use anything as money, including monopoly money.
But the US would be better off dumping it's private cabal currency and using dog poop as coins.
No really and here's why.
The more a dog eats the more it poops, creating more coins. The more dogs and the more the dogs eats is determined by the dogs owners, if they they are well off, they will feed them more. This is a true consumption based economy, during bad times you won't have 1,000 times more dogs creating 1,000 times more coins because that would be Impossible without a Central Dog.
The US Dollar is already poop, so they might as well base it on poop. To poop or not to poop, that is the question.
I think the dog poop idea might actually work bar some difficulties when trying to shove dog poop into vending machines and parking meters.
The velocity of money however could be enhanced with the aid of a fan hitting the shit.
In good years at least Chinese restaurants would limit credit growth by culling a few of the dogs.
Then again the economy has already gone to the dogs.
http://www.youtube.com/watch?v=l5Fb4K8pNmg
It comes down to just game of words. Is this how they spend time in fed meeting?
The entire point of the fed is to get as many people in debt as possible and to help foreign bankers take-over all american assets slowly, transfering the wealth of american people slowly over generations to the "owners" of the fed.
Any news that comes out of them, any statement "to the public" is just garbage public relations stunts to quell the masses and keep protests under control, because protests result in destruction of banker owned property.