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Janet Yellen Explains Why You Should BTFATH - Live Feed
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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I'm Learnding! - Janet "Wiggums" Yellen.
translation...."it's ok to use monetary policy to create financial instability, just not ok to use it to create stability"....
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.
How cute, she learned a new word..."macroprudential"
More of this consequence-free intellectual-circle-jerking from ivory tower central planners available here...
http://www.ijcb.org/
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.
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!"
I am wondering if I can use macroprudential methods to stabilize the family's finances.
How can we do that Mr. Yellen?
** 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.
"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!"
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.
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.
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?
open sesame bitchez [/alibaba ipo joke]
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.
In summary...FAKE MKTS ARE HERE TO STAY
It's interesting that The Bernanke has been completely forgotten (absolved?) in all this insanity.
Not sure why you say forgotten/absolved, but honestly, does it matter who sits in the chair at this point?
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.
Even Dimon is getting ready to exit stage left, with his 'throat cancer'.
Hey, I'm cynical, what do you expect.
his place in hell is assured, hopefully he is tortured first... but that's just wishful thinking
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.
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.
" and forced us to learn."
Welcome to the school of hard-knocks Bitchez!
Reminds me of how the Gold Standard was tossed in order to usher in the fraud known as the Gold Exchange Standard.
Silver is reacting in the right way :)
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
Getting anyone to listen , without them thinking that you have completely lost the plot is a lot harder than you think.
Long Alan Funt.
Still sticking with the farce that is the dual mandate !!!
Let them eat debt.
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!
Get ready..here come the fireworks.....hope everyone on here is prepared
their little jokes are so totally awful, laughing out so loud at how their little "central banking community" is screwing the world
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.
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.
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....
FED printing = record asset prices = good headlines!! No inflation except in asset prices. Labor is screwed.
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.
i bet she even has fake tits
It's a survival-of-the-fittests game. Some people get the rules some people don't.
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.
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.
at the end of every quarter she helps the banks circumvent regulatory requirements so it is all just lies and obfuscation
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.
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.
in a perfect world there would be no fed and no interest
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
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.
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.
If Green-span threw up a little at each Bernanke speech, right now he's probably drowning in vomit.
There are no Central Banks.
Is it the Central Bank like the one in the center of town? Or is it the Authoritarian Bank like the Federal Reserve? A central bank could be just about any bank and therefore its location, even if only metaphorically, is not the defining characteristic of the Federal Reserve bank. Instead, what defines the Federal Reserve is its authority over the entire banking system and everyone's life. However, calling the bank of authority in any nation the Authoritarian Bank is not as pacifying as calling it the Central Bank; nevertheless, one term is true and the other is false. It is similar to how dictators are called presidents as if they were genuinely elected to preside. Or, it is like how the currency that we exchange is called money when it is counterfeit. The purpose of tyranny's misuse of language by calling a thing what it is not is to hide from everyone what it is.
I think it is Centralized Bank Like we have a Command Economy.
If we go back to look at communist governments.
1) Centralized Military
2) Centralized Government
3) Command Economy (Centralized)
4) Screw the little people
5) Provide separate goods, services, shops, hotels to the Party Elite
6) Nationalize all Industry or make them controlled by a few Elite Party Members
7) Allow only Elites access to Foreign Currency or allow them to have a separate kind of currency within finance and perhaps banking with separate rules for the Elite
Oh, THAT SOUNDS LIKE THE USA NOW!
I find that picture racist because all of the money is green. Where is the black money?
it's called oil or coal if you prefer
"macroprudential" ?
macropudendum
On the last pudendal nerve
She has used the word at least 100 times in this speech.
In short- 'hey, 220, 221.....whatever it takes to please you central banksters!'
Good grief...I thought chairsatan was opaque, but this devil spawn bitch takes it to a whole new level!
well timed speech about nothing - no POMO today, big REPO has come and gone
so Yellen hangs the market with some rant - and the institutions get to trade up another day
tomorrow will be slow - big POMO on Monday - should be the end of the push - no POMO W, F - small POMO T, Th
so Janet, where's the buying coming from next week? any shitbag speeches to give next week, similar to the one to spewed today????
tick tock yellen
it's as if she had a dozen different assistants write different parts of this speech and then asked a couple of them to patch it all together. She drones on about upgraded system oversight, then makes entirely inane comments about balance sheets and financial stability within the system. as far as the obfuscation, the spin and the outright lies goes, this is typical of fed speak, but her voice is really grating on me to the point where I can no longer listen.
Janet Yellen??? You gotta be kidding me...She doesn't look like she could bake a batch of chocolate chip cookies if the only thing she had to do was turn on the oven and turn it off ten minutes later... JY Jelly - makes it easier to BOHICA.....
Lagarde’s prophecy that “Monetary policy, and central banking, will not go back to what they used to be once the crisis is finally behind us” is dangerous. It means that we’re going to go from this crisis to some new kinds of crises because to go back to Ricardo, Mill and Say (before central banking) would be to solve problems and you can’t take over the world without creating problems whose solutions destroy freedom.
Simply said, pumping out more money to spend won’t help nations in economic crises if there is nothing to buy.
Says Law tells us that if “society works and produces, it will have the means to buy what it produces." Keynes Law - “if society spends, the goods will be produced” - fails to put the pride of place on production. Says Hunter Lewis, Keynes Law is “dangerous sophistry which impoverishes not only individuals but entire societies.”
Simply running money off the printing presses in the long run leads to inflation, not prosperity and growth. No country that wants to grow and prosper can do so without traditional savings, without economic incentives.
Paper printing by the crank Keynesian and Marxists Yellen and Lagarde cannot take the place of real labor, of real savings. Even Keynes knew this; he himself was a saver, nurturing and tending the investment capital he had mostly saved prior to 1919 until he became rich.
So Janet, you won't raise rates to address the financial excesses that are caused by dangerously low rates?
That makes sense.
I nominate "Macroprudential Oversight" for the Euphemism of the Year award.
Hell, maybe of the decade, and Yellen along with the bullshit phrase.
Yes, it has taken over for "Quantitative Easing". They make up BS phrases to confuse everyone and prevent debate over what they are actually doing.
She's babbling something about low volatility that people aren't looking at risks? WTF is she talking about, the Fed is engineering these numbers and she knows it well, there is NO WAY for even the most OBVIOUS future risk to manifest in these markets. Janet babe, "ZIRP", look it up, ask your friends, look in the friggin' mirror wouldja?
Groan ...
... but no, she is NOT telling us BTFATH she is telling us something else but I cannot even begin to guess WHAT she means instead - sell now and hold gold?
Why does anyone listen to lagarde? She has no experience in finance. She is a lawyer!
She is probably what is called a "Legacy"
She was born of High Blood, High Education, and perhaps like so many times in the USA... Her Family is recognized as having served in the Government Or Banking.
In the USA Legacy is when you follow your father or mother into a business making you a kind of expert or "Loyalist". We love Legacies for hiring the right kind of people with the right kind of politics. A follower you could say.
come on correction, get on with it..
No. these asshats just keep passing futures back and forth. If the indexes are lagging they just focus on NQ until the others come around.
Damn I missed what Janet Yellen Said her "Primary Tools" were now that she has said Monetary Policy is a "Secondary Tool"
Guess I have to scan the Printed version.
Per the Dunbass Senator Durbin, Yellen will just borrow power since Congress is impotent.
Yellen is a MACROPRUDENTIAL IDIOT!
Chairnanny would never do anything to hurt us.................
The one necessary qualification to be a Fed Chair is to be a bold-faced LIAR. Yellen has that one in spades!
I walk by the TV and saw Laggard interviewing Yellen.
Thats like Satan interviewing Hitler. Fuck we are doomed.
Her mentor's policies caused stagflation during the Kennedy and Johnson administrations. Would we expect anything better from her?
Her most revealing line, but not the first time she said this.
“At this point, it should be clear that I think efforts to build resilience in the financial system are critical to minimizing the chance of financial instability and the potential damage from it. This focus on resilience differs from much of the public discussion, which often concerns whether some particular asset class is experiencing a “bubble” and whether policymakers should attempt to pop the bubble. Because a resilient financial system can withstand unexpected developments, identification of bubbles is less critical.
In other words, the banking system can handle the fall out of risk asset repricing.
Her most revealing line, but not the first time she said this.
“At this point, it should be clear that I think efforts to build resilience in the financial system are critical to minimizing the chance of financial instability and the potential damage from it. This focus on resilience differs from much of the public discussion, which often concerns whether some particular asset class is experiencing a “bubble” and whether policymakers should attempt to pop the bubble. Because a resilient financial system can withstand unexpected developments, identification of bubbles is less critical.
In other words, the banking system can handle the fall out of risk asset repricing.
Thinking Outlaud
Janet's Speech seems to put the Onus on US Congress and the European Governments (EU).
In the private sector, key vulnerabilities included high levels of leverage, excessive dependence on unstable short-term funding, weak underwriting of loans, deficiencies in risk measurement and risk management, and the use of exotic financial instruments that redistributed risk in nontransparent ways.
In the public sector, vulnerabilities included gaps in the regulatory structure that allowed some systemically important financial institutions (SIFIs) and markets to escape comprehensive supervision, failures of supervisors to effectively use their existing powers, and insufficient attention to threats to the stability of the system as a whole.
It is not uncommon to hear it suggested that the crisis could have been prevented or significantly mitigated by substantially tighter monetary policy in the mid-2000s. At
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the very least, however, such an approach would have been insufficient to address the full range of critical vulnerabilities I have just described. A tighter monetary policy would not have closed the gaps in the regulatory structure that allowed some SIFIs and markets to escape comprehensive supervision; a tighter monetary policy would not have shifted supervisory attention to a macroprudential perspective; and a tighter monetary policy would not have increased the transparency of exotic financial instruments or ameliorated deficiencies in risk measurement and risk management within the private sector.
I LIKE WHAT SHE SAID.
First, it is critical for regulators to complete their efforts at implementing a macroprudential approach to enhance resilience within the financial system, which will minimize the likelihood that monetary policy will need to focus on financial stability issues rather than on price stability and full employment. Key steps along this path include completion of the transition to full implementation of Basel III, including new liquidity requirements; enhanced prudential standards for systemically important firms, including risk-based capital requirements, a leverage ratio, and tighter prudential buffers for firms heavily reliant on short-term wholesale funding; expansion of the regulatory umbrella to incorporate all systemically important firms; the institution of an effective, cross-border resolution regime for systemically important financial institutions; and consideration of regulations, such as minimum margin requirements for securities financing transactions, to limit leverage in sectors beyond the banking sector and SIFIs.
I LIKE WHAT SHE SAID.
BUT THE PROBLEM is getting details and reforms out of the IMF, ECB, Fed. More important is GETTING REFORMS OUT OF Our FEDERAL, NATIONAL, or EUROPEAN Governments.
Legalized Slavery, Legalized Decapitalization, Legalized Banks saying Americans are Stupid, Unskilled & Lazy so we are shipping Jobs Overseas or Down Rating your Business...
WTF
Here is where she is Naive (Or She Is Screwing US):
She assumes we think she knows what is happening to Consumers/Households
The Fed should be Coordinating like a Primo Intelligence organization (Stazi or KGB or CIA or NSA) with FTC, SEC, Local & Regional Federal Reserve Branches and the new consumer protection agency. Below is the Quote:
To date, we do not see a systemic threat from leveraged lending, since broad
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measures of credit outstanding do not suggest that nonfinancial borrowers, in the aggregate, are taking on excessive debt and the improved capital and liquidity positions at lending institutions should ensure resilience against potential losses due to their exposures.
GREAT. For this Public "Dog and Pony Show" they even touch on Shadow Banking and risks there in.
No word of Violence to the Orifices of their Illegitimate Children(Inflation & Currency Collapse).
Bears Repeating:
Monetary Policy only benefits Big Banks and Fed Dealers. This is true since they have NO PATRIOTISM. Banks & Corporations don't go to war and sacrifice their lives. They don't deserve a VOTE. If Banks and Corporations are NOT Forming Good Capital Foundation (Companies, Expansion of work force, Manufacturing, Research & Development with Spin Off Companies)
Well... It must be up to Regulation & Federal Government. Capital Controls comes to mind. Tariffs. Let's GET Benefits from Foreign Investors who want to build in America in the form of anything: Taxes, Fees, Require Domestic Partners, Donations to Charities, Donations to Social Security/Medicare, or Donations to Unemployment or SNAP.
But I see Immigration as Suppression of Wages & Benefits too.
Open Borders proves the Hypocrisy of the Global War On Terror. Borders are open and H1B1 Tech VISAs are existing to benefit Corporate Investors. Some of them are probably US Congress who want to suppress the US Wage Rates.
Is "MACROPRUDENTIAL" some type of insurance you buy for protection when the Fed. and CONgress decide to do a "bailin" on your assets and bank accounts?
Translation for the layman- we are going to keep all the money and keep you barely alive and on the neverending treadmill.