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Janet Yellen Is An Insult To Americans
By Raul Ilargi Meijer of The Automatic Earth
Janet Yellen Is An Insult To Americans
Dorothea Lange Siler City, North Carolina Jul 1939
If you’re a girl and you’re old and you’re grey and you’re the size of a hobbit, who’s going to get angry at you? If your predecessor had all the qualities anyone could look for in a garden gnome, and his predecessor was known mainly as a forward drooling incoherent oracle, how bad could it get? Think they select Fed heads them on purpose for how well they would fit into the Shire?
Janet Yellen has a serious problem: the story no longer fits. The Fed under Bernanke said in its forward guidance that it would taper if certain job market conditions were met. And now they have been, at least on paper, but Yellen knows only too well that those are not the real numbers [ZH: as we explicitly warned would happen in December 2012].
She’s acutely aware of how the BLS calculates US unemployment numbers. She knows about all the millions of people who are not counted as being in the labor force anymore, all the millions who are forced to work part time jobs, all those working more than one job just to make ends meet, and all of the above who simply don’t bring home enough money at the end of the month to pay the bills.
She knows it all, but she has to go by the official numbers, lest the US government looks like a bunch of manipulative inglourious lying bastards. So this afternoon she once again went off into that staple most boring and elaborate speech this side of your least favorite librarian. It’s a routine job for Janet.
But imagine, or maybe you don’t have to because you actively experience it on a daily basis, that you’re unemployed or you’re working 3 jobs or you’re simply just scraping by and still always falling behind, you got credit card debt, maybe a looming foreclosure. And then Janet Yellen speaks, at Jackson Hole, an event you will certainly never be invited to, but she talks about the policies she and her minions decide on that will greatly influence your life too.
How about this fine paragraph courtesy of her spin writers:
… wage developments reflect not only cyclical but also secular trends that have likely affected the evolution of labor’s share of income in recent years. As I noted, real wages have been rising less rapidly than productivity, implying that real unit labor costs have been declining, a pattern suggesting that there is scope for nominal wages to accelerate from their recent pace without creating meaningful inflationary pressure. However, research suggests that the decline in real unit labor costs may partly reflect secular factors that predate the recession, including changing patterns of production and international trade, as well as measurement issues. If so, productivity growth could continue to outpace real wage gains even when the economy is again operating at its potential.
If you’re an unemployed American, like millions of your fellow country(wo)men, what are you supposed to think about that, or do with it? If you’re busting your behind just to feed your kids, and perhaps provide a decent education for them, so they don’t end up in the streets in some gang or drug operation, what do those words mean?
Janet Yellen is not talking to you. But she IS talking about you. Just in a language you don’t understand. And that you’re not supposed to understand. Or she would choose to use different words. Yellen and her fellow ” the ring is mine” chasers won’t invite you to their meetings, and they won’t talk in a language that relates to you. They will, however, make decisions that affect your life, and often to a great extent.
What Yellen said in her speech today is that while she’s bound to go by the official numbers, she knows very well those numbers have very little to do with the reality Americans experience in their lives.
Which is why she says things like:
More jobs have now been created in the recovery than were lost in the downturn
And follows up with:
... it speaks to the depth of the damage that, five years after the end of the recession, the labor market has yet to fully recover.
More jobs created than lost, but the job market hasn’t recovered. Go figure. Yellen could tell the BLS to redo their numbers, but instead says “the labor market has yet to fully recover”, which is a polite way of saying it’s a mess out there (always note the choice of words). More Yellen:
I would like to provide some context concerning the role of the labor market in shaping monetary policy over the past several years. During that time, the FOMC has maintained a highly accommodative monetary policy in pursuit of its congressionally mandated goals of maximum employment and stable prices.
This in nonsense, and she knows it very well. The Fed’s ‘highly accommodative monetary policy’ was never aimed at the job market, and even if it were, it failed so badly, once you count part time and poorly paid and not in the labor force, that it should have been abandoned. Instead, the policy was – always – aimed at keeping banks standing up, zombified as they are, at the cost of the people scrambling for their share of the jobs market, and their children too.
As the recovery progresses, assessments of the degree of remaining slack in the labor market need to become more nuanced because of considerable uncertainty about the level of employment consistent with the Federal Reserve’s dual mandate
How empty can a speech be? What does this have to do with Americans who only seek to feed their kids? How is this not mere gobbledy gook designed to put the unemployed to sleep while their few remaining future resources are being looted?
As an accounting matter, the drop in the participation rate since 2008 can be attributed to increases in four factors: retirement, disability, school enrollment, and other reasons, including worker discouragement. Of these, greater worker discouragement is most directly the result of a weak labor market, so we could reasonably expect further increases in labor demand to pull a sizable share of discouraged workers back into the workforce.
Indeed, the flattening out of the labor force participation rate since late last year could partly reflect discouraged workers rejoining the labor force in response to the significant improvements that we have seen in labor market conditions. If so, the cyclical shortfall in labor force participation may have diminished.
I’m going to leave it at this as far as quotes are concerned. I’m bad at never ending empty. And that’s all Yellen has to offer.
Janet Yellen was brought up with the idea of economic cycles. The short term ones. She doesn’t look like a huge 70 year Kondratieff cycle afficionado.
The scary thing about these people is that they seem to believe in what they say. Which is based on some hodgepodge stew of Keynes and Milton Friedman, not exactly people with proven track records outside of college class rooms.
But wouldn’t you know, while Janet did her show and tell, the international financial press is overflowing with experts and analysts who insist Europe’s state is so bad that trillions of euros in not even yet existent taxpayer money must be thrown at whatever the problem is Europe have got.
The only counter voice is Germany, but Germany landed a negative GDP number. So the pressure on Draghi continues. From all the people who claim that QE has been such a great success in the US and UK. Which sounds cute as long as you don’t count all the debt added to get to what US and UK seem to be at now. Without adding that debt.
London and Washington look good for now, but then so does China, which has launched more debt into the new global stratosphere than anyone else. Will that end well? How about Japan, which has QE’d itself into a trough we will only see the true despair of as we go forward? How good do they make US and UK look? Beyond next week?
All these people who sing the praises of QE, and who say Europe should pour in a trillion or two, they live in their rear-view mirrors. Thay want to go back to what once was, and at all costs. But how realistic is that? And moreover, how wise is it? Do we really want to return, even if it were possible, to, let’s say, the situation of 10 years ago?
It may be tempting when you look at certain sets of numbers, like GDP growth and housing markets, but once you realize all that was achieved only through a huge accumulation of additional debt, is it still all that attractive? And do we really want to risk adding more debt, before the old piles are paid off or restructured, just to return there?
Europe’s problem is the entire western world’s problem: people don’t spend nearly enough to keep the economy growing. And it’s not as if nothing has been done to lure them into more spending. The thing is, you won’t get there by making them borrow. People will spend more only when they have more. But rapidly increasing numbers of them have precious little. And if they don’t spend, you’re not going to get more of the so-called inflation (which is defined as rising prices).
It’s a dead end street, the whole thing. There’s only one school left in economics, and it was never a serious field to start with, let alone a science. But the nincompoops who emanate from the various schools and universities end up having an enormous influence on government and central bank policies, all at the cost of you and me. All they have is theories about how things should go, but nothing for when they don’t.
Central banks exist to protect banks, and the banking system as a whole, from danger. They pretend that they protect the larger economy, and the people on Main Street, but that’s just a convenient little story. Enhanced by the idea that what is good for banks is also good for you. Which is absolute baloney, but it works like a charm.
More often than not, banks’ interests are 180º opposites of Main Street, they certainly demonstrably have been since 2007. But then, how would you ever know? The Fed and Wall Street and Washington and all the media that are supposed to inform you but in reality promote only their propaganda, have got an iron grip on how the picture is painted.
So what if the banks themselves are the danger, and not the real economy? Well, then you’re out of luck, because the first thing on the agenda is always to save the banks, no matter what its costs Main Street or the children of Main Street.
And that’s why Janet Yellen holds stupid and insulting speeches like the one today. To tell you that she knows, but she just doesn’t care.
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Israeli citizens hold key US government positions: Report
http://www.presstv.ir/detail/2014/08/20/376014/israel-citizens-hold-key-...
ROTFLMAO. That article is from the Bush Administration you fucking idiot. None of those people have positions anymore. Did you even read the fucking article? You typify the level of intelligence here. Moreover, I seriously doubt the article was correct when it was written--it claims that a bunch of high-ranking officials had dual citizienship--I say bullshit! Prove it.
I've written this at an earlier time in relation to 'good Jews' and the destruction being wrought on Western society by their psychopathic co-ethnics.
I wish ..... that the Jewish-American elite didn’t in fact represent the broader Jewish tribe. If so, then it is the responsibility of the broader Jewish tribe to rein in their destructive, anti-white Jewish cousins. Will it do this, or would it rather blame those who understand the nature of the game, and have the temerity to point out the prominent Jewish role in it? It should also be said that the Jewish poison being fed to whites (and other races, for that matter) doesn’t become any sweeter just because some Jews are idiotic enough to swallow some themselves.
In any event, you might as well give up trying to bamboozle those whites who already understand the nature of the Jewish attack on our people. That game is up, the evidence is overwhelming, and awareness is only going to grow from here. The horse is already out of the barn. The Jews had a good thing going, but as usual allowed their hatred and arrogance to get the better of them.
However, what you can do, if you are Jewish and if you are actually sincere, is work within the Jewish community to call off the dogs. You can work with them in a way that we can’t. Next time you are tempted to chastise the goyim, chastise your own instead. Persuade THEM, those who are doing harm, as opposed to US, who are simply pointing out the reality of the situation in a bid to salvage what we can out of the increasing wreckage of our own tribe. I don’t think you’re going to get anywhere with them, but I’d love to be proven wrong, and the long term results would be far better for everyone concerned. Doubt they’ll see it that way, though. They are more than happy for us to disappear, and will attempt to block any efforts that we make to reverse our decline. Key word is “attempt.” They will fail, but they will try.
The Israeli public across the political spectrum is near-unanimous in its support for the Gaza war. Gregg Carlstrom, Foreign Policy, wrote on August 20, 2014:
“Roughly 90 percent of Jewish Israelis support the war, according to recent polls. Less than 4 percent believe the army has used "excessive firepower," the Israel Democracy Institute found, though even Israeli officials admit that a majority of the 1,800 Palestinians killed so far are civilians.”
Carlstrom reports that "the media, by and large, has become a unanimous choir in support of destroying Hamas. The only exception is Haaretz, where Gideon Levy, one of the newspaper's best-known columnists, has started reporting with a bodyguard after he was accosted during a live television interview in Ashkelon. Yariv Levin, a Knesset member from Likud and a chairman of the governing coalition, wants to charge Levy with treason because of his writing.
"’I've never had it so harsh, so violent, and so tense,’ Levy said.
"’We will face a new Israel after this operation ... nationalistic, religious in many ways, brainwashed, militaristic, with very little empathy for the sacrifice of the other side. Nobody in Israel cares at all.’”
http://theweek.com/article/index/265954/how-israels-hawks-intimidated-and-silenced-the-last-remnants-of-the-anti-war-left
I say American's are an insult to America. They have been under siege since 1913 and to this day they are still accepting the outright pillage of their rights, freedom and wealth (thx to the Fed). Yellen is but tasked with procrastinating to the moronic public. Come on people, wake the F up and realize you have fascist/Nazis in power and they are running you over with the Patriot Act and all the laws that are completely unconstitutional.
Janet Yellen is an insult..indeed.
THe outdated Fed mission statement was crafted in an era before the international connections that exist today in world banking.....and before China put the US and Japan out of business...
That mission statement is being ignored.....Zero interest rates are NOT moderate...they are historically out of whack....and have removed the discretionary income from the middle class....and encouraged MORE debt creation by the Government and the consumer...
2% inflation sounds low, but it i NOT price stability, per the mission statement. 2% inflation for 5 years is well over a 10% haircut to the saver making 0%....and do we all recall the Cyprus plan to tax savers 10% in one hit...and the outrage that ensued? I guess it is okay if you do it over 5 years...or more.
THe Velocity of money is the key...and even it cannot be faked by the Fed.
Janet Yellen is an insult..indeed.
THe outdated Fed mission statement was crafted in an era before the international connections that exist today in world banking.....and before China put the US and Japan out of business...
That mission statement is being ignored.....Zero interest rates are NOT moderate...they are historically out of whack....and have removed the discretionary income from the middle class....and encouraged MORE debt creation by the Government and the consumer...
2% inflation sounds low, but it i NOT price stability, per the mission statement. 2% inflation for 5 years is well over a 10% haircut to the saver making 0%....and do we all recall the Cyprus plan to tax savers 10% in one hit...and the outrage that ensued? I guess it is okay if you do it over 5 years...or more.
THe Velocity of money is the key...and even it cannot be faked by the Fed.
One man's trash is another man's trasher.
The Rothschild's business model. Lie and steal.destroy and hire an asshole to lie about it.
Enough with these assholes.
FED = INSULT TO USSA
PRINT OWN MONEY........ It's the TAXPAYER ON THE HOOK EITHER WAY.......
let congress authoirize and be held responsible for consequences....
AUDIT THE FED.....ASAP
is it coincidence that 2 presidents who wanted to do this GOT ASSASSINATED.... LINCOLN AND KENNEDY ???????
Central banks exist to protect banks, and the banking system as a whole, from danger.
Somebody needs to make a million of these into t-shirts and show up one "appointed day" of our choosing to the Mariner Eccles Building to say we're not leaving until you are all in handcuffs or decorating the outside swinging from the edge of the roof!
Ultimately like the legislative and judicial branches of government where the same needs to happen don't expect any change until you're prepared to do something like that!!!
HOW DARE U WHITE FUKN GENTILE GOYIM DOG FILTH INSULT THE PRINCESS OF THE TALMUDIC MASTERS OF BABYLON!
"SHE" IS ROYALTY YOU DOGS SHULD KNEEL AT HER FEET AND AND ASK FOR A 99.9% TAX RATE SO THAT HER THIRST FOR LOOTING OVERCOME HER THIRST FOR HUMAN BLOOD. PAY YOUR TRIBUTE AND YOU MAY BE ALLOWED INTO FEMA CAMP 7 FOR THE FILTHY WHITEY DOG GOYIM! I HEAR CELINE DION WILL PERFORM ONE SUNDAY EACH MONTH! "idiots"
Begone!! You Troll.
Dat biotch so fat, it takes her two trips to haul ass.
War of the Keystone Kops: http://www.theautomaticearth.com/debt-rattle-jul-29-2014-theres-a-war-going-on-already-in-europe/
"She knows it all, but she has to go by the official numbers, lest the US government looks like a bunch of manipulative inglourious lying bastards. So this afternoon she once again went off into that staple most boring and elaborate speech this side of your least favorite librarian. It’s a routine job for Janet."
It's the saving of the head (government) at the expense of the whole body (the country). The organism is dead nevertheless. The nerves may be still twitching.
It's a massive tapeworm. Remove it and the patient could make a full recovery.
Remove the tapeworm and the best part may be lost.
"And that’s why Janet Yellen holds stupid and insulting speeches like the one today. To tell you that she knows, but she just doesn’t care."
She cannot say anything of import or substance lest she bungle the markets. She is also the last person qualifiedfor this job for this job. Her speech seems as if written by the WH
Oil continues to crash...So much for Green shoots & recovery...the only bull market we have right now is the bull market in Propaganda!
the bull market in pure propaganda was officially signed off and approved in 1994 (NAFTA)... been on its bull run ever since. Not that there wasn't any pure propaganda going on full tilt before then. Even my good brother with his masters degree in finance knows little if anything about monetary principles... they apparently don't teach those things in colleges ... at least outside the constraints of the paper based derivative of sound money... they only 'teach' that which is acceptable to the paper pushers.
Saw the chinese film "Empire of Silver" this am .... cool and relevant film... you would appreciate it.
Bullish on bullshit!
The war is on
https://www.youtube.com/watch?v=FAvQSkK8Z8U&index=14&list=RD096LhjGNNCk
If Janet Yellen is "an insult to most Americans.", what was Greenspan? An inoperable brain tumor?
Central Banks are an insult to everybody but the get rich quick crowd: "Though it may be 'convenient', it is subversive to the rights of the States and dangerous to the liberties of the people....a 'monopoly' that hinders the common man...improving the fortunes of industrial and commercial businesses at the expense of farmers and laborers." - Andrew Jackson
Bon apetit!
Where is the ray of hope in this argument? It does look bad. We're strangling on debt, the people have no money to spend, government policy that postpones the inevitable by piling on more debt and allowing the accumulation of ever more phantasamagoric virtual claims is clearly reaching its final limit. What next?
This is no ordinary crisis. The crash of this or that market will be no ordinary crash. And for someone whose thinking is stuck inside the box the suicide option, the Samson option, will seem tempting, even logical.
But if you step back, this makes no sense. We are the most productive, best educated, best trained people on the planet, with the most talented best educated army of the unemployed ever. There is no shortage of things that need to be built and need to be done. There are enough resources -if not to do what is needed one way then to do it in another. There isn't even a shortage of money. It's just not available for consumers or for state and local governments, or for Federal programs that would put us back to work.
The human race has been building civilizations for tens of thousands of years. Particular civilizations rise and fall, but the larger adventure continues. We have no right to accept that the failure of our little episode in its history is terminal for our species, because our way is the only way possible.We need to start thinking and talking about a possible future outside the box.
We need to change the conversation from what's impossible to what's possible.
There is no way out of the hole.
Keep digging until the walls collapse.
That's Fed policy in a nutshell.