The Fed Just Lost Any Shred of Credibility on Inflation

EconMatters's picture

By EconMatters


Those High Chicken Prices are just Noise – Tell that to the Cashier


The Fed today in their press conference lost any credibility on a number of issues, and it really goes to show that they have no clue what they are doing at this point. First they called the overheating inflation in the economy Noise, yes you heard right NOISE which is now showing up even in the watered down indexes used to track it by the Fed, and already above their target of 2% on a year over year basis and rising, (wait until you see the next two month`s CPI reports on a spike in gasoline prices as we enter the summer driving season).   


45% Appreciation is Normal Price Discovery & In-Line with Historical Norms


Then Janet Yellen says she sees no signs of a bubble in equity prices after a 35% appreciation followed by what looks like another 10% plus year of appreciation in the cards for 2014. It is one thing to be dovish, but when one goes out of their way to mischaracterize the data to such an extreme that it makes one lose any credibility just to justify a given monetary policy, that is when the proverbial shit hits the fan.



No Clue at this Point!


We would expect some major market vigilantism and volatility once the next hot Employment report comes in two weeks, and a scorching CPI Report hits the tape in four weeks that only reinforces the fact that the Federal Reserve has no clue what they are doing at this point, and Janet Yellen is basically my Grandmother in charge of the Federal Reserve. 


Frankly, that is doing a major disservice to my grandmother who could spot inflation when she sees it, there is no hope right now after hearing Janet Yellen speak in the press conference, she is completely incompetent and the exact worse person for what we are now entering in the inflation era!



Managing Market Expectations


I tried to give her the benefit of the doubt, that she is just trying to talk down the market to keep rates low for as long as possible, and maybe even the hot inflation data recedes a slight bit; but even with the strategy of dropping the tightening monetary bomb all at once versus slowly raising market expectations in an incremental fashion, she still will be setting markets up for a huge disastrous exit event the longer she prolongs the inevitable. 


But after listening to her talk in the press conference I am not even sure she is a qualified economist, moreover it is apparent she has no formal timeline for unwinding, and she cannot even properly understand basic economic relationships that any first year econ major has down after mid-terms!



Go back and look at the inflation data and explain to me why this is not an upward trend for 2014, and an unsettling trend given GDP was actually negative for the first quarter, what happens to inflation when GDP prints a 4 handle later this year? What happens to inflation when the strongest part of the year from a consumption and GDP standpoint comes gushing into the CPI Reports? Janet Yellen didn`t think that UPS and Fed-Ex recently raising their pricing policy to now cover size of packages from a volume standpoint versus strictly weight had anything to do with inflation? Guess when these price increases are going to push through into the economic data sets - a clue - future PPI & CPI Inflation reports! 


If you have analysts who track these types of pricing pressures, and you can run forward models, why set yourself up to fail miserably in the future – it’s called managing expectations! She really has set herself up to fail by stubbornly refusing to acknowledge even near-term inflation levels, let alone future inflation pressures that will be much higher than her targeted forecast! These are basic corporate level CEO skills that any competent person in a management role understands, and it is unsettling that she doesn`t get this basic concept, and is managing the most powerful corporate board in the world!

Yellen`s Shelf-Life 2 Years


She has got to be the most dovish Fed chairperson in the history of the institution going into the most important policy initiative withdrawal phase ever to be recorded since the inception of the Federal Reserve! 


She will probably step down in a year at this rate, as she obviously was the wrong person for the job! President Obama should have chosen Larry Summers for the position, and now this is really going to cause the entire monetary experiment to blow up, it is looking more and more like a foregone conclusion. 


We are now going to have to resurrect Paul Volcker`s spirit to the Federal Reserve to dig us out this hyperinflation mess, once inflation I mean Noise gets so unbearable that Janet Yellen is forced to embarrassingly resign by the president as the bond market takes matters into its own hands!

35% Probability of Hyperinflation Cycle


With her increasingly dovish incompetence being on full display for market participants instead of the US merely entering an elevated inflation period, we now realize that Janet Yellen and the Federal Reserve are so behind the inflation curve, and many other market implication curves, that we probably are staring at a 35% chance of a Hyper-Inflationary period by the time the Federal Reserve realizes that Noise is actually real inflation!


Setting Herself Up to Look Even More Out of Touch with Reality


The surprising thing is that she backed herself into a corner on the data, and I expect the inflation and employment data to keep coming in much hotter and well ahead of the Fed`s own forecasts, and she didn`t even leave herself any real wiggle room. With each new data point she and the Fed are going to look increasingly out of touch and well behind the curve that it is going to be shockingly laughable. If the sky is cloudy gray, and you keep saying that the sky is clear blue, people are going to stop listening to what you have to say, it’s called losing credibility, and the entire institution needs all the credibility they can muster at this most difficult time – the unwinding phase! 


Loss of Credibility Worse than Actual Policy Decisions at this Crucial Monetary Pivot Point


The loss of credibility is by far worse than the actual policy decisions at this point, and after listening to Janet Yellen`s press conference, I am not sure she is a rational, logical, empirical thinking human being with her ridiculous comments regarding the stock market and inflation as she seems borderline senescent and incapable at best, and there is no doubt she is completely over her head at the Fed in this powerful position. I cannot wait to hear the Fed minutes of this latest Fed Meeting!


Markets will Dictate Policy for the Fed!


There is no hope for an elegant exit now from this monetary experiment, inflation will be at 4.5% before they even start raising rates! The bond market will be so far ahead of the Federal Reserve in terms of bond vigilantism that they are what will bring the Fed to finally realize that they have lost control of financial markets, and then it is endgame for interest rates! 


Once the bond vigilantes take control of markets because they have no faith in the Federal Reserve, it is time to seriously reevaluate what the makeup and role the Federal Reserve should play in future monetary decisions going forward! 


At this point we need a major overhaul regarding the powers of the Federal Reserve, if after the last Fed inspired bubble, where everybody made a note of the responsibility of not creating future “bubbly conditions” and with what I would called unsustainable artificial prices in many asset classes, it is obvious that the institution has no proper checks and balances and needs a major constitutional overhaul! 


P.S. Final thought: 

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therearetoomanyidiots's picture

yet the bullshit story just keeps pumping out of msm, this from national journal...i think this was all written with a straight face:  Blue Chip Economic Indicators survey of 54 top economists forecasts that the economy will grow at a 3.7 percent rate for the second quarter, then settle in at 3.1 percent in the third and fourth quarters. Unemployment, which was 6.7 percent in the first quarter, is expected to gradually decline to 6.4 percent in the second, 6.3 percent in the third, and 6.1 percent in the fourth."

master bait's picture

Who are the turds behind the confiscating of the interest payment on my savings account and how do I file action against them?.

moneybots's picture

Yellen sees no bubble, because to see one would be like yelling fire in a crowded theater.


Greenspan knew there was a stock bubble and a housing bubble.  Irrational exuberance was code for stock bubble and frothy was code for housing bubble.  Yet Greenspan said he could not see a bubble before it burst. 

Yellen may be dovish, but she has continued to taper since she took over.  Tapering is tightening, which is not a dovish thing to do.  After Greenspan dropped the rate to 1% and held it there, he only moved it up 1/4 point per meeting.  When Yellen talked of beginning to raise rates maybe 6 months after ending the Taper, there was much consternation about rates rising so soon, so the FED backtracked a bit on the rate raising window.

8th Estate's picture

Federal Reserve Status Report:


2009: Bewildered

2010: Clueless

2011: Deluded

2012: Oblivious

2013: Desperate

2014: Inebriated

2015: Obsolete


dontgoforit's picture


2016 (if we make it) Inexplicable

moneybots's picture

"35% Probability of Hyperinflation Cycle"


Actually, the chance is zero.  People are not going to flock to the Euro or the Yuan.  A 100 trillion dollar global debt bubble is the 8,000 pound elephant in the room.  Bubbles deflate.  Bubbles are deflationary.

Quinvarius's picture

There is a 100% chance of hyperinflation.  It has nothing to do with FOREX quotes.  When all the money in the world dies at the same time due to being tied to the USD and the Western FOREX system, you will finally understand how things actually work.  If you are watching FOREX rates for hyperinflation, you are wrong.

p00k1e's picture

Exactly. Credit collapse. 

Quinvarius's picture

She got picked because she is a woman.  Obama is still trying to prove minorities with no skill or qualifications are just as good as any experienced white male expert in any field. 

moneybots's picture

"Loss of Credibility Worse than Actual Policy Decisions at this Crucial Monetary Pivot Point"


The FED would have to gain some credibility first, in order to lose it. 

moneybots's picture

"We are now going to have to resurrect Paul Volcker`s spirit to the Federal Reserve to dig us out this hyperinflation mess"


There isn't any hyperinflation mess.  There is a 100 trillion global debt bubble which hasn't burst yet.  Burst bubbles are deflationary.

Mike Cowan's picture

Yellen is a curse on America. #NoiseInTheEconomy #BondsAreDoomed

p00k1e's picture

Why are articles like this written?    “The market is rigged.” has been the mantra for 40 years. 

Mike Cowan's picture

Because the market is rigged--that's why they are written. #MarketManipulation

p00k1e's picture

I know, "Trees are made out of wood." 

TheReplacement's picture

So Larry Summers would have been our savior?  Oh please do tell us more statist piece of shit.

Compwiz4u's picture

I stopped reading when I saw that comment about Larry Summers. He has to be one of the worst psychopaths in the army of psychopaths now running things.

Citxmech's picture

Yeah, reading that line was like swallowing vomit.

JRobby's picture

Yellen installed in time so the collapse occurs on her watch. Benny is too brilliant to have his rep. soiled. Get ready.

disabledvet's picture

If we weren't producing all the energy we do right now we'd be dead.

PURE luck.

At the same time "it's gone right into the utility business." GREAT for Wall Street and profits..."kiss of death" for Americans as BOTH their fuel and electrical bills soar. Incredibly "just as coal prices collapse"!!! Fear not!

I think one more winter like the last one and the next "Cantor Dump" will look like child's play.

The "Miracle of Musk" is just that as that kid is putting a lid on Total Mayhem.

NoWayJose's picture

The Fed merely reflects the hidden inflation where companies keep the price the same but shrink the package size. We have the same number of Fed Governors but have shrunk the amount of intelligence in each.

dontgoforit's picture

4>6.  ecoknownothing 101

AdvancingTime's picture

 It might soon become apparent the economic efficiency of credit is beginning to collapse and the additional money poured into the system coupled with lower rates can no longer drive the economy forward. At some point the return on loaning money is simply not worth the risk!

 Why do you want to loan money if most likely you will never be repaid or repaid with something that is totally worthless? The collapse of credit can pose major problems such as what we saw when many sellers were forced to demand payment up front before shipping goods in 2008. 

When this happens the only safe place to store wealth will be in "tangible assets" and the only lenders will be those who print the money that nobody wants. More on this subject below.

The Most Interesting Frog in the World's picture

An economic nightmare is forming. Housing is on the way down, retail sales down, everything going down... Except inflation, up. Can't raise rates now in face of weakening data, can't lower rates unless we go negative - which is coming to a bank near you along with locked up mutual funds (courtesy of the SEC and confirmed by Yellen yesterday). Let's enjoy the ride ladies and gentlemen!

dontgoforit's picture

Beware the next obamacare-type tax.  You know it's coming.  They gotta pay for this shit-show somehow.  Our pockets are the easiest to pick.

therearetoomanyidiots's picture

not if you got a gun in your pockets. ...2nd amendment is there for a reason

AdvancingTime's picture

During the "boom times" when asset values are going up lots of people think they are getting rich. In inflationary times government also does well as tax revenues grow. Not only does government get to spend the money they print, the side effects of inflation on taxes are good for government, though bad for their subjects.

By a continuing process of inflation, government can confiscate, secretly and unobserved, an important part of the wealth of their citizens. said John Maynard Keynes. As the central banks print like crazy to control interest rates on bonds they devalue the currency.

While there are not many Bond Vigilantes there are many Currency Vigilantes. Changes in the value of a currency directly affect "buying power" and the value of assets. Inflation, deflation, what is something worth? More on this subject in the article below.

RaceToTheBottom's picture

I am begining to believe that the last person you want in control of Economic direction is an Economist

sam site's picture


Janet can't admit there is inflation because then she will be pressured to raise interest rates like Volker did in the 80s to tame this building inflation.  Of course the banks were allowed to paint our economy into a corner by allowing the sale of $450T in interest rates derivatives that will implode when rates start rising.  The banks have been collecting premiums on these bogus insurance policies but like AIG they don't have money in the bank to cover loses.  Typical United States of Deception.

Bill Clinton disolved the depression-era Glass Steigle Banking protections in 2000 allowing this Interest Rate Derivative cluster to build and when it finally cooks off, we will have him to thank.  It's going to be a collosal cluster F*ck.   

dontgoforit's picture

Picked up a new Glock and a couple thousand rounds just yesterday.

master bait's picture

I got something better Kel-Tec SU-16 5.56 with collapsible stock and 30 round mags.

Sorry_about_Dresden's picture

I go to the grocery store, pet food store, restaurants etc. and noticed prices up significantly.

Who are you trying to fool?

I used to save 25% of my take home. Not now. Every where I go...USA, Europe, Asia....

Everything is twice the price.

laomei's picture

Prices up a bit here recently, but nothing crazy, a lot of it is seasonal.  Doing the math, we're still at a savings rate above 100%.  closer to 110% at this point.  Ie. we live off of the interest and have interest left over in addition to our regular income.  Hell, we even got a new car and a fulltime housekeeper.  It's called living BELOW your means, not above, not at, but BELOW.  Buy nothing on credit, fuck financing, learn how to do math and always focus on how to cut costs.  It's GREAT to be able to go on vacation and not worry about spending and budgets, because you have a thing called savings.

Sorry_about_Dresden's picture

I have been in Hong Kong for a week and now in Chengdu visiting in laws.

This is my 4th trip since 2007 and I notice a huge difference in n

Taxis have doubled, good cuts of pork are hard to come by. O hardly see beef and this trip cost 3x my 2007 trip.

Big difference.

I have been to London, Bilboa, Seville, Lisbon, San Juan P.R., Hong Kong and Chengdu in the last 12 months and since I spend most of my disposable income on travel since 2007 I definitely am getting much less per USD spent over those 7 years. At the same time the FRBNY is yelling me no inflation? Absolute bullshit

laomei's picture

I've been living here for over a decade now.  Yes, prices have gone up and the USD has gone down. You know what else has gone up? Income... by a LOT.  Beef is at about 27 RMB per 500g and holding, no real change for the past year or so when it went up from 25.  Lamb is up a hair to 31 from 30.  Eggs are holding around 5.  Chicken has been at 11 since forever it seems.  Veg and fruit and all that vary based on season.  Taxis are indeed up.  Gas is fairly steady.  Internet is now cheaper and faster.  Restaurant prices are indeed much higher, but that's just reality from wage pressure and rental pressures.


Being USD-based, you are basically seeing the effects of the weak-dollar agenda, sorry, but it ain't worth shit no more.

TeethVillage88s's picture

China will pop with the USA, right?

I mean they have heavy debt/loans and are dependent on new Loans to keep everything working.

Not to pick on China & the USA, I wonder if there is a safe place to go and live off of savings, Singapore, Malaysia, Burma, Bangalore, Goa, Dominican Republic, Panama, Belize, Uruguay.

Well maybe Kissinger Domino theory would work for when US, Europe, and China collapse.

But there is different ideas of collapse and different emotions about any kind of collapse.

- Foreign Exchange with weak currency, hard on travel on imported goods
- Credit Shortage
- Hyper Inflation maybe followed by deflation
- Fighting in the Streets, flash mobs, armed robbery
- Massive Crisis in Food, Energy, Water

Collapse of the Currency is kind of normal in the 20th Century and more recent in Ecuador & Venezuela.

So maybe if all countries don't go down, your currency losses 30-50% of purchase power.

Still wonder if some country like Uruguay might be safer than other countries.

laomei's picture

The simple fact is that there's not really anything left to be done.  When everything fell apart during the great depression, that's a simple realistic baseline to which things must fall.  WW2 resulted in MIC spending that propped everything up for a nice boom.  Troops come home and it's all back to shit again though (because the military is a jobs program in the end).  Transitioning industry to export and consumer goods won the day after making post-war loans in Europe so there was international demand which only the US was in a position to meet.  The Soviet Union would have been a competitor, but whoops, cold war craziness stopped that, along with CIA terrorist ops in Europe to further polarize the divide.  It lasted to the 70s, when the US was reaching the upper limit of fake gold accounting, which sparked a fiat system to sustain the wars.. remember, the military is a jobs program.  It had also been about 25 years since the war, which means that industry overseas had been rebuilt, and there was a generation who didn' think of Japan and Germany as enemies anymore. Then trading off long term prosperity for short-term gains with the whole privatization and corporate raiding process ensued and that got us into the late 80s.  Clinton came in and hyped the IT bubble, pushing policies for financialization to make wall street happy while recognizing that manufacturing was doomed and promoting the "service economy".  That went belly up in '01 and it was time to move on to a housing bubble.  There was never any real recovery apart from fake numbers though, end of the IT bubble marked a peak which will never be seen again.  Cash was flush, IT was "magic" and if you could configure a network printer you were looking at 6-figures because managers were idiots.  The supporting service sector jobs paid decent as well before they were all outsourced and replaced with nothing.

We all know what happened with the housing bubble.  Now, we're in a fed bubble, the final bubble.  Not much to replace it with.  Any war that could serve as a bailout runs up against nukes.  Iraq was an attempt which failed miserably, $2T down the drain and nothing to show for it.  "Homeland Security" is a bubble now as part of the MIC... afterall, why look outwards when you can look inwards and brainwash the unwashed masses it's for their own good?  Anyone who disagrees can be ignored, and if they upgrade their status to a point where they cannot be ignored, they are now terrorists.  In fact, best to keep tabs on them all just in case... thanks NSA!

What happens when the final bubble pops? We're talking capitalist end-game scenario shit here.  The can has been kicked and kicked down the road floating from one bubble to the next since the last hard reality struck home... the road is running out, it will be far worse.


So, what's all this with the Fed now?  It's hot potato. Someone has to fill the seat and be in a position to be blamed.  So fake it till you find an excuse to step down and not be "that guy" who takes the hit in the public eye for presiding over the fall.

RaceToTheBottom's picture

The FED Bubble may result in a few sequential bubbles.  Each time resulting in the next Fiat currency with a bit larger span.  The final one might be the world currency.  But they could play games with partially backed crap.

The only uncontestable point will be that they will not go quietly into the night.  

Therefore, a gold backed currency will not happen until all other options have been tried and their proponents die of old age.  Therefore: never happen.

therearetoomanyidiots's picture

this has nothing to do w capitalism.   nothing.

laomei's picture

It does actually.  You see capitalism, by default, in fact by very definition is all about capital.  It's not even a thing, it's merely a set of policies which favors money and profit, that's it.  It was not devised by anyone with altruistic ambitions, it was devised by those already at the top.  The vast majority lose the game, that's just the way it's played.  Everyone seeks profit and the theory goes, that resources are then better allocated to the most profitable.  Well, what happens in your little system when the best profit is tantamount to scams?  Scams propped up by the authorities because they have become too big... in fact, if the scams go bust, it brings down society because everyone was a fucking delusional dumbfuck who saw get-rich-quick and jumped in.  What happens when the fraud becomes legalized and "legitimized"?  Well, unfortunately now, profit is relative.  Those who were reasonably profitable previously are now competing against bullshit and to maintain funding, they have to find any way possible to cut costs to boost profits.  It's an endless cycle which compounds eventually all meaningful resources into a small handful of interests and that's the end of the game.  Everyone else becomes "surplus population", slaves in all but name really.

How to boost profits without really trying:

Demand more "productivity".  Codeword for more work from fewer workers

Decrease output quality while maintaining or increasing pricing.  Best if you collude with others or control the market.

Raid pensions and other liabilities.  Many ways to do it, just remember that if someone is selling it as a good deal, it's not.

Outsource.  As long as you have a cheaper labor pool and infrastructure to support it, this is pretty win.  In a shit economy tariffs don't do anything apart from harm everyone as they can no longer afford domestic

"Insource".  H1B slaves are great.  You promise them the american dream, can underpay them, and if they get out of line tear it all away in a heartbeat.

Insource for efficiency.  Slash that vendor list by in-housing.  And by in-housing what you'll really be doing is dumping extra work on existing staff because it's cheaper

Tax evasion.  Take advantage of legal loopholes to pay nothing and keep it all, then use your shell to invest in yourself tax-free, then cry about needing a tax holiday so you can swap the assets back to your main account (generally at the same exact bank).  

Automation.  Once outsourcing hits a limit, you do your PR campaign about opening a plant domestically and hiring 5 people to oversee the robots (made overseas of course).

All of these things are great for the bottom line, but suck for society.  And that is capitalism in a nutshell.  The majority of the public is fucking retarded... You can stand em on a stool, tie a noose around their neck, drop a dollar on the floor and 9 out of 10 will be dead inside of 5 minutes.  The notion of socialist policy is to essentially protect people from themselves and "even out" society to some degree.  You see, the thing is that capitalism requires that people exist to buy things and it also requires choices and competition, or it all goes to hell fast.  The preservation of the market is long-term investment, high-profit ventures are short-term and capitalism LOVES the shit out fast money.

Hell, "free market" and "capitalism" in the end is still just a quick-fix solution to the end of feudalism.  Lotsa dead people, labor had high demand, land owners still controlled everything but needed that labor.  There ya go.  It requires a fine balance of demands.  The british empire was built on the basis of importing only raw material and exporting finished goods to the colonies without foreign competition.  The domestic poor had high labor demand and quickly saw their status rise as they too could start affording the finer things in life, and unions also formed as labor had the power.  Outsourcing the labor force is a loophole to this, allowing for capital to see all the benefits domestically while domestic labor has less demand and as such, is basically fucked.  The best part is the way PR is spun to demonize the labor market it was all outsourced to.  The real focus should be on the money... which all flows to the top and is why no one EVER follows the money, as it is the best kept open secret.  Opening that wound shatters the fake social contract which was broken long ago and everyone pretends still exists.

In a nutshell, this is all on capitalism, as it is greed driven and greed always finds an excuse or loophole or way of spinning things to self-justify.  The rich get richer and the poor get poorer.  If you think for a moment that you are "rich", sorry, you're not.  Well-off perhaps, but not really rich.  In short, capitalism has an end-game scenario, Marx wrote all about it and people spent decades trying to figure out a way to avoid the end-game described.  But he was nothing special, he just dared to put pen to paper and spell out the obvious.  In short.. those dead and dying cities and neighborhoods, the ones you remember back in the hayday... they will never return to prosperity, they will continue to die off as the cancer spreads.  Call it a misallocation of resourcesl, ironically, one of those things capitalism is allegedly tasked with preventing.

flyingcaveman's picture

What is capital when the money isn't real?  This is the result of 80 years of fake capitalism.  They just haven't changed the name because people who believe its actually capitalism make better slaves. 


and capitalism gets the blame when it collapses, its a socialist's wet dream.

Sorry_about_Dresden's picture

It has everything to do with the BIS, state with in a state, in Basel. They keep the can kicked. 


The FRBNY serves the BIS.


We serve the FRBNY.

Nobody serves us.

The conspiracy is much bigger than any one imagined. The Fed is just the chore boy.

Peanuts compared to their real masters, the BIS.

therearetoomanyidiots's picture

you lost me at "the Fed has no idea what it's doing."    they know exactly what they're doing, stealing wealth and  destroying the economy.    they're  SOFA KING evil!

Fred C Dobbs's picture

I think you are right.  The people who own the Federal Reserve Bank know exactly what they are doing.  Yellen might not which is why she is there.  It is time the followers of the Fed start admitting it.  It will be accepted knowledge someday just like everyone accepts the gold and silver markets are "managed" today. 

Shad_ow's picture

''I used to rule the world
Seas would rise when I gave the word
Now in the morning I sleep alone
Sweep the streets I used to own

I used to roll the dice
Feel the fear in my enemy's eyes
Listen as the crowd would sing
"Now the old king is dead! Long live the king!"

One minute I held the key
Next the walls were closed on me
And I discovered that my castles stand
Upon pillars of salt and pillars of sand

I hear Jerusalem bells are ringing
Roman Cavalry choirs are singing
Be my mirror, my sword and shield
My missionaries in a foreign field

For some reason I can't explain
Once you go there was never
Never an honest word
And that was when I ruled the world

It was the wicked and wild wind
Blew down the doors to let me in
Shattered windows and the sound of drums
People couldn't believe what I'd become

Revolutionaries wait
For my head on a silver plate
Just a puppet on a lonely string
Oh who would ever want to be king?

I hear Jerusalem bells are ringing
Roman Cavalry choirs are singing
Be my mirror, my sword and shield
My missionaries in a foreign field

For some reason I can't explain
I know Saint Peter won't call my name
Never an honest word
But that was when I ruled the world

I hear Jerusalem bells are ringing
Roman Cavalry choirs are singing
Be my mirror, my sword and shield
My missionaries in a foreign field

For some reason I can't explain
I know Saint Peter won't call my name
Never an honest word
But that was when I ruled the world''

dontgoforit's picture

Is what I see in that reflection really me?

Or is it just what I want me to see?

Would I see differently from the other side,

Looking at me with other eyes?

Or are both the same and not to blame

For seeing not what neither can see?

ddl ca 1975

Citxmech's picture

"[Yellen,] obviously was the wrong person for the job! President Obama should have chosen Larry Summers for the position,"

WTF? Larry f'n Summers?  Really?   

Market Analyst's picture

I personally don't see any inflation other than in the narrow sector of oil prices.

Do you buy groceries, eat out, go to the movies, buy tires for your car, go to the Dentist?

RevRex's picture

That guy is an idiot clown. Food inflation is about 25% for the year.