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Tuesday Humor: Biggest Fed Dove Concerned About "Real Erosion Of People's Purchasing Power"
In all honesty, we were a little confused whether to call this Tuesday Humor or Tuesday Schizophrenia, because moments ago the biggest dove at the Fed, Minneapolis Fed's one-time converted uberhawk Kocherlakota (who recall fired his two biggest hawkish opponents at his regional Fed) just came up with the most idiotic, and hence hilarious, thing a president of the one institution whose only job is to devalue the fiat currency of the host nation can say:
- KOCHERLAKOTA SEES ‘REAL EROSION’ OF PEOPLE’S PURCHASING POWER
Yep - the biggest dove in the Fed - the only person who disagreed with the Fed's decision to continue tapering - is suddenly worried about the erosion in your purchasing power dear people. What nobility. What humanism.
But wait, there's more.
Because within moments of uttering this epic phrase, Kocherlakota said this:
Kocherlakota: You see an asset price or land price growing at 10% per year. That can’t continue. #MFedQandA
— Minneapolis Fed (@MinneapolisFed) April 16, 2014
So according to the head of the Minneapolis Fed, the S&P, which rose at 30% last year, is in a bubble and due to pop? Thanks for the warning, chief, even though it is ironic considering it comes on the heels of this:
Kocherlakota: The ways in which low interest rates provide stimulus are greater than the impact on savings accounts. #MFedQandA
— Minneapolis Fed (@MinneapolisFed) April 16, 2014
Greater than the impact on savings accounts... and precisely equal to the impact on their E-trade accounts.
And we close with this rhetorical question posed by the Fed economist:
Question: What could the Fed be doing to help spur the economy? #MFedQandA
— Minneapolis Fed (@MinneapolisFed) April 16, 2014
Why shut itself down of course.
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Our California Psychic sees a Nobel Peace Prize in his future.
This guy is either one sick, depraved fucker, or he's going through a genuine mental breakdown.
There's no alternative, assuming he actually said what is being reported.
I have no doubt that Jeremy Stein essentially said "[S]crew this noise because these fuckers are hopeless" before resigning from the Fed, since he was literally the only logical/same person there.
Or he was too stupid to pass Algebra 1, so he majored in Economics instead...most likely option.
Long pitchforks and nooses.
My guess is the PhD can't even spell clueless.
Up is down, down is up, black is white, vice is virtue. SSDD in the new fake normal.
The sad thing is- this is the best and brightess the Fed has to offer. They are all like this guy- no solutions, so just rig the markets.
The new poster child for cognitive dissonance?
look, if you are not one of them, or are not black mailable, (think congressman wiener, or NY govenor elliott spitererer, of elite whores dot com fame, or the best example :Supreme court justice roberts) you are not in.
"this is the best and brightess the Fed has to offer. They are all like this guy- no solutions, so just rig the markets."
Koch -er - Lakota
TIS, I disagree.
He knows VERY WELL what he is doing. Do you think otherwise he would hold this position?
One just must change the perspective of what the task of these people is. Normal people believe, their task was to serve the public. More or less.The overall perception is, the same qualities apply to leaders in a Plutocracy, like everywhere in life: competence. Which means that you can't have an opinion today and the next day a completely different one, without admitting that you were wrong. But that's only the world for the sheeple in Plutocracies.
The masters of the matrix have completely different "virtues".
it is not about telling the truth. It is about shaping the perception of reality of the sheeple. That's the job of these criminals! They need to keep the sheeple asleep and feel well in their matrix.
This excellent example should be an eye opener, that they indeed say tomorrow the opposite of what they said all the years before without even getting red ears.
Reality is much, much worse, the matrix much more evil, than 95% can even imagine.
People look at these masters and can't find their evil being in their faces. They look sympathetic. They are always friendly and smiling ("always speak gently, but carry a stick behind your back" - hailed freemason Roosevelt). The sheeple don't see the "evil" rulers they are presented 24/7: did Hitler ever laugh? Stalin? But the peaceful rulers of your Plutocracy, always smile, and when they leave the stage, they always greet someone in the audience! So grounded and friendly people...
Kocherlakotka has just proven, that he is very competent. He has even done so in front of the public and before the "eyes" of millions of sheeple. And their reaction? Only "tinfoil hat" ZH is reporting his Chutzpah, while 99% of the sheeple, even in the financial sector, would not even recognize it, if you would show it to them.
Now tell me, that he is not a true plutocratic master. He is worth every penny for the regime!
Where have these guys been for the last 20 years?? Of course people's purchasing power is being eroded. Inflation is here!
http://jimrickards.blogspot.ca/
"What could the Fed be doing to help spur the economy?" - a) Commit mass suicide, OR b) QE 4 Eva QE 4 Everyone: pay $3trillion to 300 million americans, $10k per person.
Same amount that was gifted to the biggest banks.
Translation: now that we have mom and pop baby boomer back into the market it's time to ass rape them one last time.
Moar PhD's!
Moar Piled Higher and Deeper.
U.S airways just tweeted a picture of him with a model airplane up his ass.
http://deathandtaxesmag.wpengine.netdna-cdn.com/wp-content/uploads/2014/...
Seriously, WTF. Are they letting a 15-year-old boy run their Twitter account?
We apologize for an inappropriate image recently shared as a link in one of our responses. We’ve removed the tweet and are investigating.
I don't care who you are, that's some funny shit right there.
looks like the plane is doing a little 'hogging'. Wait What won $250 one weekend as an undergrad doing the same.
Maybe thats where MH370 went to?
Better let CNN know.
I'm awaiting with anticipation for Don Lemmon of CNN to ask if this is where MH370 ended up, live on air, while showing that picture, of an aviation expert.
QE and Oboma Care. A double shot I could have done without.
Speaking of a Double shot -
https://www.youtube.com/watch?v=qDEmmLDyHZc
so keep rates low and pop asset bubbles to destroy the wealth effect. that just leaves everyone completely fucked. let's try it.
It's a winning strategy for MyRa funding.
And the retard of the year goes to ....!
He went full retard. Never go full retard.
The Fed could bugger off and die, that's what they could be doing.
Kocherlakota needs to figure out what he wants. In their own words, the entire point of Fed policy is to raise the cost-of-living in terms of the PCE. Maybe he should pay attention to what he's actually doing, as he may get what he's wishing for. Their stated policy is to make sure people's cost-of-living rises by at least 2% a year, maybe more. Super smart policy at a time when people have no jobs or, if they do, no wage gains.
10% a year cant continue. The feds target was 12% a year asset appreciation!
So true. Sounds like George Bush Senior when Saddam Hussein went into Kuwait. "This aggression will not stand!" 30 percent a year minimum!
So when does William Dudley come out and say he sees no inflation to counter it?
The Federal Reserve has become an institution of smoke and mirrors
Bullard comes out the next day and talks about cutting QE again so the market goes down. Yellen comes out the next day and says they didn't mean it and they will increase QE if needed.
One huge BS organization remote controlling the HFT algos.
The Fed is just fulfilling their dual mandate:
- Rob from the American people
- Lie to the American people
100 years of being 'serviced' - so bend over for some Moar
My purchasing power is just fine.
Gold and silver are getting cheaper to buy on a daily basis. Gas is up but my car gets 33 mpg and my motorcycle gets 50.
It's all good.. so far.
pretty simple ... cut taxes ... oh wait, maybe the fed can't create jobs ... have you ever thought of that one .... innovation and purchasing power by the consumer create jobs. if you can't achieve both, or at least the later, then you can't create jobs organically
In other words the Fed is nothing but a centralized planning tool sold to us as the masters of the universe who will "keep us safe" from competition, free markets, job losses, investment losses and anything else that people worry about.
He didn't say he was "concerned" about purchasing power erosion. He simply recognized its existence. Kocher"cola" loves the need for cola adjustments.
This is another Mickey Morrissey
(Jack Warden) moment.
In The Verdict Galvin says he
declined the $210K offer from the
defendant and Morrissey says
"What is this, some kind of joke?"
Millions of people SOLD
the banks' self made bubble.
They've been getting real neg.
returns on their proceeds, of full
equity freed, since that time, if
kept in "safe" deposits.
Some undoubtedly have ventured
into the obvious recreating of the
bubble to lift what the banks
were left holding, but in their
case, generally, only fully hedged.
But even not counting the value
destruction they suffered, more
appropriately the policy of
hand it over, obviously everyone's
carried the banks' dead weight
by also waking up every morning
to real negative returns while
the banks have gotten free reserves.
There IS one positive thing.
All the headlines here indicate
stagflation.
Because of the facts of the free
reserves and MBS purchases, presumably
not at market value, and because
it's been plainly in concert with
one or other form of Simpson Bowles type
measure ("austerity,") as far as
both Keynesians and monetarists go,
there's really something for everybody.
The liquidity trap has hardly been
suffered just by those who sold.
Keynesians would say falling
GNP led to a drop in money supply,
vs. the monetarists' drop in money
supply led to a fall in GNP.
Now that it's obvious the privatizers
of policy really could care less one
way or the other, each should feel
less divided and dogmatic. Each has
a role anyway.
Although: the bubble could've/should've/
would've been cleared by the sellers,
the people suckered in should've had
non-recourse, especially seeing how
part of the whole point was
getting anyone in, including with 5/10%
down, to over-tranche, to short, with
a view toward buying controlled inventory
to rent; and, the banks could've been
overseen with minimal disruption; or
this:
http://online.wsj.com/news/articles/SB122265260912184329
(for a long time "article free pass" and
since then apparently selected for open
access ;)
and, one can even thereafter imagine
democracy here, democracy there, cooperation,
such that losing debt owed internationally
can be segregated into vehicles intended
to absorb losses, and mutually offset--
cancelled by agreement. In that manner
even sovereign debt could be cancelled
without there actually being a "default."
I personally would've liked doing that with
Japan. I'd've liked seeing mutual
debt cancellation with them.
And I'd've thrown a party upon completion,
the way the honest seller of a fixer would
party with the capable buyer.
However, it does require democracy and
cooperation, and skin in the game on
the part of the banks.
No offense but that poem sucked.
I am worried about this twitch I have developed that is calmed down only after throwing sharp objects at central planners
Use Bitcoin not fiat.
You know these Fed bastards now see how they are backed up into a corner and "Belgium" is suddenly buying all of the US Treasury debt. This about to get interesting now isn't it.
What is this guy talking about? Maserati sales are up.
Useless cunt. You know, in an English way.
He didn't realize how bad things were getting until he saw the estimate for new mahogany paneling in his home office.
The study of economics is often baffling and confusing. Many economic theories exist but many are full of holes and conundrums. Much of how people react to a policy may have to do with timing and perception instead of reality. Economics is full of loops that feed back upon themselves and unexpected pitfalls based on expectations. All this can become quite abstract.
Economist predict events that never tend to unfold as expected or planned. Many of the "modern monetary theories" in use today have not been proven over time, but reflect an attitude that we can control economic cycles better than in the past. The Fed is about to prove they know little about the ecomomy. More on this in the article below.
http://brucewilds.blogspot.com/2014/03/few-people-really-understand-econ...
here is one thing the Fed could be doing to spur economic growth
"get out of the fucking way"
woops
just saying
If this keeps up, he will start to finally see that the economy needs years of deflation to bring prices back to the affordability of a global payscale that limits wages on the US.
Fuck you Kocherlakota!
There will be erosion of many things, like the entire economy of the world.
http://www.youtube.com/watch?v=6BnNbLOf3dE#t=54
I couldn't even suppress the chuckle that came from reading this. humor indeed.
"What could the Fed be doing to help spur the economy?"
it could give 85 billion a month to me, i'd put that money to work. hookers and blow for everybody!! we need to get this economy going!!
I feel sick reading this guys stuff. Only a totally disconnected narcissistic misanthrope academic could spout such vile stuff. I wonder how many elderly people that have consumed their entire savings under zirp and are now eating dog food would agree with his "stimulus" calculus. How unbelieveably cold and heartless. Effin bureaucrat.
He is telegraphing you better get out of fiat paper because the hammer is about to come down.
Really incredible. Disgusting!
Really incredible. Disgusting!
When they make guilliotine's a class III weapon the end is near.
Act of self-protection, so that after-the-fact he can still say "told you so" and wash his hands clean. Eƒƒ-er.
"Certifiable Insanity" is listed as a prerequisite for application to a FED job. Or a degree from the Snidely Whiplash school of Evil.
Dear FED
You SUCK! You force me to either put my money in the rigged casino market or earn ZERO in the FED rigged credit markets. The FED is owned by and for the banks period!
Kosher Lakota. The Real Sitting Bullshitter.
Weird name for a banker, ain't it?
I just don't give a fuck anymore. Eat, sleep, and fuck.