Janet Yellen Explains Why You Should BTFATH - Live Feed

Tyler Durden's picture




 

Alongside that other canard of global monetary machinations, Christine Lagarde (who oddly declared earlier that "the global economy will not return to 'pre-crisis' world" and asked if central banks need a 'financial stability goal' -mandating a market "put" of sorts); Fed head Janet Yellen will be addressing her peers at The IMF this morning. We expect a lot of "noise" comments, "lower for longer", "weather" excuses, and escape velocity is coming any minute as she desperately tries to keep the "don't worry, you will be ok without all our money printing" meme alive.

 

  • *YELLEN: `WE HAVE MUCH TO LEARN' IN MACROPRUDENTIAL OVERSIGHT
  • *YELLEN: POLICY MAKERS SHOULD COMMUNICATE CLEARLY ON STABILITY
  • *YELLEN: POLICY AT TIMES MAY BE APPROPRIATE TO ADDRESS RISKS
  • *YELLEN SAYS FINANCIAL STABILITY COMPLEMENTS FED'S DUAL MANDATE
  • *YELLEN: MACROPRUDENTIAL RULES SHOULD BE MAIN STABILITY DEFENSE
  • *YELLEN: STABILITY BEST PROMOTED BY MACROPRUDENTIAL OVERSIGHT
  • *YELLEN 'MINDFUL' OF HOW LOW RATES CAN PROMPT 'REACH FOR YIELD'
  • *YELLEN SAYS RATE POLICY SHOULDN'T CHANGE OVER STABILITY CONCERN
  • *YELLEN SAYS RATES SHOULDN'T BE MAIN TOOL ENSURING STABILITY

 

 

IMF Live Feed...Yellen due to start at 11ET (if embed is not working use Bloomberg below)

 

Bloomberg Feed (click image for feed - no embed)

 

Lagarde:

The world is continuing to change. Monetary policy, and central banking, will not go back to what they used to be once the crisis is finally behind us. This tumultuous period from which we are beginning to emerge has raised fundamental questions. It has pushed us outside of our comfort zone and forced us to learn.

Full Yellen Speech:

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Wed, 07/02/2014 - 11:02 | 4917740 replaceme
replaceme's picture

I'm Learnding!  - Janet "Wiggums" Yellen.

Wed, 07/02/2014 - 11:06 | 4917756 spastic_colon
spastic_colon's picture

translation...."it's ok to use monetary policy to create financial instability, just not ok to use it to create stability"....

Wed, 07/02/2014 - 11:08 | 4917764 NotApplicable
NotApplicable's picture

Well, given the only monetary policy to achieve stability is to let nature take its course, it's easy to see why they'll never do anything but create instability.

Wed, 07/02/2014 - 11:14 | 4917787 Honey Badger
Honey Badger's picture

How cute, she learned a new word..."macroprudential"

Wed, 07/02/2014 - 11:44 | 4917825 hedgeless_horseman
hedgeless_horseman's picture

 

 

More of this consequence-free intellectual-circle-jerking from ivory tower central planners available here...

http://www.ijcb.org/

Special Issue: Inflation Targeting and Its Discontents

lol  Discontents?  Mr Abe...paging Mr Abe.

When CBs are the market then everybody...fucking everybody...that is managing
money for a living in 2014 should be reading this rag cover to cover
every single quarter. 

Wed, 07/02/2014 - 11:33 | 4917845 nickels
nickels's picture

A "robust macroprudential approach" to be instituted. This is the change in Fed-Speak that should be noted. Run this thru your Enigma machine and it says "We screwed this pooch and now we're gonna try to find Jesus- fair warning!"

Wed, 07/02/2014 - 11:59 | 4917951 Doña K
Doña K's picture

I am wondering  if I can  use macroprudential methods to stabilize the family's finances.

How can we do that Mr. Yellen?

Wed, 07/02/2014 - 11:21 | 4917810 Stoploss
Stoploss's picture

** YELLEN **  "We know monetary policy is causing the continued crisis, but we're not changing it 'cause we learnin'.

I am more confident than ever i will live to see the FED DIE.

Wed, 07/02/2014 - 11:41 | 4917886 Herd Redirectio...
Herd Redirection Committee's picture

"We have been forced to choose between the annual government budget, and the integrity of the US dollar."

"It is with much sadness that we announce an inability to reduce the annual gov't budget..."

"But the Strong USD will live on!  Take our words for it!"

Wed, 07/02/2014 - 11:14 | 4917788 tempo
tempo's picture

tapering doesn't mean lower stock prices or less liquidity!!! With higher withholding taxes this year, the Treasury needs are lower and less funding is required. The FED tapering reflects the Treasury forecast. Liquidity to primary dealers is very high.

Wed, 07/02/2014 - 11:41 | 4917880 OneLessZombie
OneLessZombie's picture

The FED is going to break inflation off in our asses whether we like it or not.

 

I've seen this story play out before and it wasn't pretty.  Volcker finally had to put a reign on it, but not until prices got so high that nearly no one could afford to do anything and we are already well cooked in that stew. 

 

The MORE they raise prices, the LESS BUSINESS there will be.

 

FACT.

Wed, 07/02/2014 - 11:44 | 4917906 Herd Redirectio...
Herd Redirection Committee's picture

Raise interest rates.  Cut taxes.

I will tell you what would happen.  There would be a lot of happy people, and a small group of EXTREMELY upset people.  Former gov't employees, former GS and JPM bankers (really they were just monkeys trained to gamble), those in the 'defence industry', those in higher education...  Property speculators...

Everyone else though would rejoice.  Recipe for Civil war, you say?

Wed, 07/02/2014 - 11:07 | 4917743 buzzsaw99
buzzsaw99's picture

open sesame bitchez [/alibaba ipo joke]

Wed, 07/02/2014 - 11:22 | 4917814 CrashisOptimistic
CrashisOptimistic's picture

headlines.ransquawk.com/headlines/fed-s-yellen-due-to-speak-in-15mins-and-expected-to-reiterate-her-recent-comments-of-note-she-will-not-have-the-latest-nfp-report-until-this-evening-so-it-is-unlikely-she-will-speak-about-it-02-07-2014

 

WTF is this shit?  Her staff can take positions in Asian futures markets?  Or European futures markets?  No goddamn wonder there are big moves overnight before news comes out.

Wed, 07/02/2014 - 11:04 | 4917747 PlusTic
PlusTic's picture

In summary...FAKE MKTS ARE HERE TO STAY

Wed, 07/02/2014 - 11:05 | 4917749 666
666's picture

It's interesting that The Bernanke has been completely forgotten (absolved?) in all this insanity.

Wed, 07/02/2014 - 11:08 | 4917767 astoriajoe
astoriajoe's picture

Not sure why you say forgotten/absolved, but honestly, does it matter who sits in the chair at this point?

Wed, 07/02/2014 - 11:11 | 4917775 NotApplicable
NotApplicable's picture

Where's the value in blaming the old puppet? It isn't like either one of them are/were actually in charge of anything.

The only fear Yellen should have is to be replaced by CGI.

Wed, 07/02/2014 - 11:46 | 4917912 Herd Redirectio...
Herd Redirection Committee's picture

Even Dimon is getting ready to exit stage left, with his 'throat cancer'.

Hey, I'm cynical, what do you expect.

Wed, 07/02/2014 - 13:35 | 4918383 Squid Viscous
Squid Viscous's picture

his place in hell is assured, hopefully he is tortured first... but that's just wishful thinking

Wed, 07/02/2014 - 11:33 | 4917751 astoriajoe
astoriajoe's picture

The world is continuing to change. Monetary policy, and central banking, will not go back to what they used to be once the crisis is finally behind us. This tumultuous period from which we are beginning to emerge has raised fundamental questions. It has pushed us outside of our comfort zone and forced us to learn

 

I don't remember who said this yesterday here, but "Jesus, Mary & Joseph!!" that's one scary quote.

All your markets now are belong to us.

Wed, 07/02/2014 - 11:37 | 4917858 CrashisOptimistic
CrashisOptimistic's picture

Yeah?

Well they haven't learned shit unless they learn how to print oil.

They are oblivious.  They are not stupid.  They bring in consultants who tell them everything is fine with oil, because those consultants became "well respected" by telling oil people what they want to hear.  What consultant ever became well respected by telling his employer of the moment that doom approaches?  That guy's contract will never be renewed.

So they say glorious things, because after a career of doing so and paying for the Mercedes, they conclude that what they are saying must be right or they would not have that Mercedes.

Wed, 07/02/2014 - 11:08 | 4917762 flyingpigg
flyingpigg's picture

" and forced us to learn."

Welcome to the school of hard-knocks Bitchez!

Wed, 07/02/2014 - 11:12 | 4917781 NotApplicable
NotApplicable's picture

Reminds me of how the Gold Standard was tossed in order to usher in the fraud known as the Gold Exchange Standard.

Wed, 07/02/2014 - 11:08 | 4917766 Sudden Debt
Sudden Debt's picture

Silver is reacting in the right way :)

Wed, 07/02/2014 - 11:13 | 4917768 Kaiser Sousa
Kaiser Sousa's picture

if you care about friends or family who might fucking listen i would share this with them...very sound video.

http://www.youtube.com/watch?v=qrz76_j9MRs

Wed, 07/02/2014 - 11:28 | 4917831 Rosie-Redknapp
Rosie-Redknapp's picture

Getting anyone to listen , without them thinking that you have completely lost the plot is a lot harder than you think.

Wed, 07/02/2014 - 12:26 | 4918067 WmMcK
WmMcK's picture

Long Alan Funt.

Wed, 07/02/2014 - 11:10 | 4917770 Seasmoke
Seasmoke's picture

Still sticking with the farce that is the dual mandate !!!

Wed, 07/02/2014 - 11:10 | 4917774 joego1
joego1's picture

Let them eat debt.

Wed, 07/02/2014 - 11:45 | 4917786 khakuda
khakuda's picture

We're going to keep rates at zero, but verbally scold anyone who leverages up to take advantage of our irresponsibility?

She is SO naive.  ONLY higher rates can stop the parabolic bull at this point.

All clear, Trade on!

Wed, 07/02/2014 - 11:15 | 4917791 Obama_4_Dictator
Obama_4_Dictator's picture

Get ready..here come the fireworks.....hope everyone on here is prepared

Wed, 07/02/2014 - 11:15 | 4917794 hairInTheSoup
hairInTheSoup's picture

their little jokes are so totally awful, laughing out so loud at how their little "central banking community" is screwing the world

Wed, 07/02/2014 - 11:17 | 4917800 Dr. Engali
Dr. Engali's picture

YELLEN SAYS RATE POLICY SHOULDN'T CHANGE OVER STABILITY CONCERN
YELLEN SAYS RATES SHOULDN'T BE MAIN TOOL ENSURING STABILITY

I was for stabilliteeeeee before I was against it.

Wed, 07/02/2014 - 11:21 | 4917809 undercover brother
undercover brother's picture

all she's saying is that the fed is now in the business of moderating all financial markets as well as all that other bullshit they suck at.

Wed, 07/02/2014 - 11:22 | 4917813 BeetleBailey
BeetleBailey's picture

THE WHOLE FUCKING PREMISE OF "LOW INFLATION" MAKES ANYTHING SAID BY YELLEN OR ANY FUCKING MEMBER OF THE CRIMINAL FED STUPID.

IN FIVE FUCKING MINUTES, I CAN DESTROY ANY "LOW INFLATION' ARGUMENT YELLEN COMES UP WITH....OR ANY OTHER LIAR....

GEE JANET....IF THE ECOMONY IS SO FUCKING GOOD....WHY PRINT MORE FIAT?

FUCKING CONGRESS......ALL BOUGHT AND PAID FOR LACKEYS....

 

Wed, 07/02/2014 - 11:59 | 4917961 tempo
tempo's picture

FED printing = record asset prices = good headlines!! No inflation except in asset prices. Labor is screwed.

Wed, 07/02/2014 - 13:26 | 4918328 TeethVillage88s
TeethVillage88s's picture

Did you say

-Criminal Stupid
-Felony Stupid
-Treasonaly Stupid
-Racketeering Stupid
-Cartel Stupid
-Keiretsu Stupid
-Zaibatsu Stupid
-Assault on the Constitution

https://en.wikipedia.org/wiki/Zaibatsu_busting
https://en.wikipedia.org/wiki/Keiretsu
https://en.wikipedia.org/wiki/Racketeering

Interesting Sounds like 9-11:

A racket is a service that is fraudulently offered to solve a problem, such as for a problem that does not actually exist, will not be affected, or would not otherwise exist.

Wed, 07/02/2014 - 11:25 | 4917823 SethDealer
SethDealer's picture

i bet she even has fake tits

Wed, 07/02/2014 - 11:28 | 4917830 NOTaREALmerican
NOTaREALmerican's picture

It's a survival-of-the-fittests game.  Some people get the rules some people don't. 

Wed, 07/02/2014 - 11:29 | 4917835 Atomizer
Atomizer's picture

Monetary policy, and central banking, will not go back to what they used to be once the crisis is finally behind us.

 

What crisis? Sock puppet gaslighting protocol.

 

Wed, 07/02/2014 - 11:34 | 4917841 khakuda
khakuda's picture

So, instead of raising rates to quell speculation, she is going to try and increase regulatory capital requirements?  Is she so foolish so as not to know that there are ways around the regulations?  Come on Janet, wake up.  Look at the size of the balance sheets of the financials relative to their equity.  Add some derivatives to the mix and it's well higher than it appears.

The only thing that works is higher rates.  The blunt tool is the best.  It's hard to game.

She is a fool's fool.  Give people free money and they will find a way to get around the macroprudential regulations.  Guaranteed.

Wed, 07/02/2014 - 11:35 | 4917850 buzzsaw99
buzzsaw99's picture

at the end of every quarter she helps the banks circumvent regulatory requirements so it is all just lies and obfuscation

Wed, 07/02/2014 - 11:42 | 4917893 khakuda
khakuda's picture

Exactly.  She doesn't even make sense.

ZIRP was designed to raise asset prices.  Years and years of ZIRP has raised them far more than fundamentals justify, posing a risk that they decline precipitously to reconnect with reality.  Telling people you will be keeping rates at zero will only cause the discrepency and risk to further increase.

Low rates are the risk and can only be resolved with higher rates.

Wed, 07/02/2014 - 11:59 | 4917958 Herd Redirectio...
Herd Redirection Committee's picture

The con is on.  The con is that the Fed acts independently.  The con is that the Fed is 'following its mandate'.  The con is that they are looking out for us. 

Truth is, they are taking orders from the banksters, GS, JPM, Lloyds, Barclays, HSBC, Deutsche Bank, ABNAmro...  And these banksters PLACE BETS on what decision the CBs will make,what policy they will follow.

Wed, 07/02/2014 - 12:24 | 4918055 buzzsaw99
buzzsaw99's picture

in a perfect world there would be no fed and no interest

Wed, 07/02/2014 - 12:50 | 4918167 TeethVillage88s
TeethVillage88s's picture

You might be right.

I have to scan the printed speech.

Higher Rates are being cited in ZH as something that will cause businesses or financial business to crash and burn.

But these business owners knew they were playing with fire if they commit to low interest rates for what ever reason.

Maybe someone can explain how the Economy goes boom from higher interest rates and that really hurts the rest of us. (Request for Info here)

But capitalist know they play chances and they are willing to suffer the lose of the business if they have pulled $200K or Millions in Income out of the system.

Call it boom & bust American capitalism

Wed, 07/02/2014 - 11:35 | 4917853 Ban KKiller
Ban KKiller's picture

Lies. The FED has failed in its stated goal while their unstated goal, of wealth confiscation, is working just fine. Inflation is killing us...meanwhile the MIC laughs. 

 

Death to the fascist oligarchy. 

Wed, 07/02/2014 - 11:38 | 4917866 ptoemmes
ptoemmes's picture

It's not that I actually miss Greenspan, it's just that there was so much fun to be had when he spewed forth words with no particular assocation to each other.

Wed, 07/02/2014 - 11:46 | 4917913 Cthonic
Cthonic's picture

If Green-span threw up a little at each Bernanke speech, right now he's probably drowning in vomit.

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