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Janet Yellen: Either Lying or Incompetent
Janet Yellen just cemented her status as the third member of the unholy triumvirate of Fed Presidents: Greenspan, Bernanke, and now Yellen.
Greenspan was so afraid of deflation that he hired Bernanke (an alleged deflation expert) in the early 2000s. Between the two of them, they created bubbles in virtually every asset class on the planet.
Deflation did hit for a total 12-14 months (late 2007-early 2009). It was enough to terrify Bernanke to the point that he spent well over $3 trillion (an amount larger than all but a handful of countries’ GDPs), cut interest rates to zero (punishing savers) and generally destroyed the US economy... all in the quest of propping up a few crony capitalist banks that were sitting on several hundred trillion dollars’ worth of derivatives trades.
Yellen took over the Fed in early 2014 and has since proven herself to be just as misguided or dishonest as Bernanke was. Among other things…
· She claims there are no signs of stocks being overvalued, despite the fact that by virtually every metric in existence the market is SEVERELY overvalued.
· She first claimed inflation was too low, and now claims that rising prices are just “noise” while meat prices hit record highs, gas prices hit their highest levels since 2008, home prices are as unaffordable as they were in 2005-2006, healthcare costs are up double digits and energy prices are rising.
It’s an astounding series of comments, coming from the woman in charge of US monetary policy. What’s even more astounding is that it appears Yellen actually believes this stuff, which indicates that she either A) doesn’t read the news or look at price charts for items or B) has no idea how to interpret data or C) is a liar.
This is the same story we had with Bernanke and Greenspan, both of whom oversaw epic meltdowns in the financial system. Yellen will be no different.
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If in doubt give her both...
She may be right about stocks. If stock valuation is relative to T-bill yields, and yields are pegged at zero forever, division by zero gives infinity, or at least an "undefined" number. As long as short rates are held at zero, there is no valid measure of stock valuation at all. Traditional measures of valuation only show the market to be overvalued because they are not calibrated for a ZIRP environment.
Does Zero Hedge filter responses.....Or block them, just letting the Reponses be seen by the Responder only?.....I thought this website was a Forum for free opinions.
Or an advertizement from the Blogger?....Phoenix Capital Research.
Drumming up Business?
Bernanke to the point that he spent well over $3 trillion (an amount larger than all but a handful of countries’ GDPs), cut interest rates to zero (punishing savers) and generally destroyed the US economy... all in the quest of propping up a few crony capitalist banks that were sitting on several hundred trillion dollars’ worth of derivatives trades.
The Trouble started with ^ that statement... The Torch handed to Janet Yellen has just caused the trouble to continue. The Fix is going to Hurt Unless maybe a WAR. But most see that and don't cross the line nomatter how it moves. Fool me once......seems to be Putin's attitude so he never went with his Millitary into the Ukraine. The Central Bankers that are controled the Fed tried to teach Russia a lesson when the Cental Banks were shut out. Now even though the are in Russia, don't hold the control that they do World Wide so I I can say is .........................The Leason the Central Banks Taught Russia they learned and Learned Well. The American War Machine has few buyers for their Products......and many of their products are not being wasted ...YET>
GreenSpan took a powder when he realized that his big bubble was going to blow up. He retired and dumped it all in The Bernank's lap. Last year, The Bernank retired and moved to cash in on his bubble while he still can. He dumped the whole pile of shit into Mr. Yellen's lap. So, it will probably blow up before the end of Yellen's first term, but that could be this year, next year, or the year after that.
If you can have a particle that is a wave, you certainly can have an incompetant liar.
When a group of negatively-charged particles gather together, do they simply accumulate; or do they begin to oscillate?
When a particle leaves the room, does it wave goodbye?
For those that feel that lying is a sin, the hardest part is the maintainence of the lie. For the sociopath; however; the lie is as easy and as natural as breathing. Sociopaths are (by definition) mentally and spiritually incompetent to start with; and one who obviously and continuously lies is therefore not only incompetent, but a liar as well.
Indeed, it's always a grey zone when deciding between malice and stupidity. Especially for someone like Yellen, her salary depends on ignoring and/or spinning the facts.
Noise - ha!
The Fed is dead. We can only hope that the "Fire next time" doesn't get too hot.
The Depression and WWII era generation were at least conditioned to comfortably (moore or less) survive reduction in living standards.
Oh how one Private bank fools America !!
The rest of the world ( except for the stooges in Europe) is now aware and reacting
They are starving us to death... this is Genocide.
Janet Yellen is a war criminal.
http://razorsforex.blogspot.com/2014/06/janet-yellen-running-from-bitcoi...
Simplified Fed Mission
Keep people from getting out Pitch Forks
-Sluggish Economy is the best way to do this
-Fewer US Exports is part of the strategy
-Doesn't matter if fewer play stocks
-Wall Street = Our Customer
-Cartels = Control
-Growing Big Corporations = US Growth
-International Borders Do Not Exist
-Unemployment = New Normal
-Rape, Pillage, Plunder, Win
In Other Words: Hyper Inflation is the only worry, when people get out pitch forks.
People who are incompetent typically are liars as this is the only way they can survive. They are the worst teammates in the work environment. Yellen is incompetent....nufff said!
Good insight.
Yellen: Lying and Incompetent.
Phoenix Capital: Masters of Pontificating on the Obvious.
Yellow Yellen .
Janet Yellen has been head of the Federal Reserve bank long enough that we no longer need to speculate as to her job performance. As we begin to critique her ability to perform we must remember perception is often just as important as reality. Another issue that comes into play is how you stack up or compare to the person who held the position previously, this often extends to style as much as it does to substance.
As expected it appears Janet Yellen has chosen to take us down the same the rabbit hole as Bernanke on a journey to prove that if we just continue doing what is not working, all will turn out fine. Caution, this path leads down, and down, and down, farther and deeper then most can ever imagine. If asked to critique "Old Yellar" now playing in theaters everywhere I would by way of the reasoning above have to give her the maximum two solid thumbs down. More on this subject in the article below.
http://brucewilds.blogspot.com/2014/05/yellens-job-critique.html
I hate trick questions.
Lying or incompetent-why not both?
Trick question?!
Sociopaths are not incompetent. Ashkenazi sociopaths even less so.
Oy vey!
I feel like a victimized untermensche.
Yellen doesn't "lie". She merely misinterprets the truth.
Liar is not a politically correct term. They prefer to be called the 'veracity challenged'.
Yellen is lying. She is not stupid. Fugly, yes. But not stupid.
The question is what did the Fed want to accomplish other than to pay their banking friends?
The Fed knew and knows this QE/POMO thing would fail.
Could have been a condition on the direction of Barry's appointment - keep the markets up so Barry gets re-elected - which has happened.
Could be China's credit expansion too. Any takers? Any thoughts?
From what I understand of Yellen's academic career, she's a keynsian nut to the max.
Based on that, I'd bank on her introducing America's first No Interest Rate Policy at some point.
They intend to 1) keep this zombie economy afloat, and 2) loot as much wealth as possible (wealth effect), until 3) a false flag can be prepared for and executed (note the preparations already happening across Europe and the ME, i.e. ISIS and Ukraine). Dumping of US Treasuries will commence enmasse, as they already have with a few countries.
These are the goals, this is the plan, and it's working quite well, except for some of the sheeple beginning to take notice, finally.
These assholes are becoming so brazen they are creating an awakening that will be their ultimate undoing. This shit won't last.
The masses will rise like nothing we have ever seen or imagined. Posters at ZH give me faith that this can and WILL happen.
You mean Negative Interest Rate Policy, don't you?
The EU has already dipped its toe in the water here, Japan is next, and Yellen will follow the leaders.
“Once we squeeze all we can out of the United States, it can dry up and blow away.” Benjamin Netanyahu, 2002
This.
The simple answer is "there is no official market for true price discovery". this also explains all the backroom negotiating lately.
I had a colleague ask me during a heated discussion; "What about the Fed's 4+ trillion dollar balance sheet, doesn't that matter?"
My response was; "It matters just as much as the balance sheet of any other centrl bank. For example, can you tell me what the balance sheet for the People's Bank of China looks like?"
The bottom line from my, rather simple, perspective is only trade matters. That and people who have real goods and service to offer, want something fucking real in return (you can keep you paper promises), period.
If this breaks down we start killing each other, history is rather clear on this part.
Hedge/live/act accordingly.
They are not mutually exclusive. Lying and/or incompetent. There, I fixed it.
lying
incompetent
I think I remember hearing a central banker confide that 'when it gets serious, you have to lie.' Or somesuch utterance. I guess this means it's serious.
Can't it be both? Lying and/or Incompetant
Beat me to it......I'd have just said lying AND IncompetEnt
"Any sufficiently advanced incompetence is indistinguishable from malice".
That is a pretty deep thought. Would you mind repeating the source?
"Janet Yellen: Either Lying or incompetent"
My 1st thought was same as yours:"Why not both?"
This piece states: "Deflation did hit for a total 12-14 months (late 2007-early 2009)." What is he talking about? Over the last few decades, and outside of several months using gamed/bogus numbers, we haven't seen any signifcant deflation, let alone a year or more of it.
They ONLY (I repeat, the ONLY!) possible explanation for this erroneous statement regarding 'deflation' is the DEFLATION of the HOUSING/ STOCK MARKET bubble. It wasn't actually 'deflation' in the classical sense (where ALL prices dropped uniformly). It was a period; rather; of 'redistribution of wealth'. Home owners and stock holders LOST, but some players GAINED.
That 'giant sucking sound' you heard was your wallet being vaccuumed out. All that money was taken away, and put in to a centralized and much smaller group of individuals. Deflation for most, inflation for a few. For every action, there is an equal and opposite reaction. The amount of energy and matter in the universe is massive but FINITE, and nothing can actually be 'destroyed'; it simply changes its' state of existence. If it's not in YOUR portfolio, it is in someone else's.
The only serious deflation was single family houses. And that got taken care of by the hedgies and the Chinese. Now the seminar monkeys have taken over, trying to flip that house (pathetic). So, because froth.
"There ain't nuthin uglier than an old white woman." Fred Sanford, Sanford & Son
B) She has no idea and C) She is a liar
If I were in her position I'd be perpetually terrified of what was heading my way and losing lots of sleep. And while she has plenty of loose skin I see no bags under her eyes....
She's a terd who broke off from the Obowelmovement, and what HASN'T the Obowelmovement lied about?