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What The Newest Member Of The FOMC Really Thinks About The Fed's Policies

Tyler Durden's picture




 

With the appointment of Neel Kashkari as Minneapolis Fed president, and little to no detail on his policy persepctive, we found the former Goldman banker and bailout boss's Twitter feed provided considerable color...

Starting out, he is "for" fed Independence (though one wonders how he reconciles working for Goldman, then the Treasury, then PIMCO and then the Fed as being anything remotely "independent")...

But is the first to admit The Fed is entirely political...

And then defends The Fed's policies - with some actual common-sense...

 

I think they are trying to do what they can for unemployment. But problems are bad fiscal policy, which monetary policy can't help.

Clearly has some real-world perspective on just how it all works...

Then some specific on policies...

And then demolishes the mainstream narrative of falling unemployment rates...

But then goes a little deeper into the policy consequences - with a rather shocking admission that we are sure Ms. Yellen will not like...

 

And then finally, perhaps most crucially given the current box in which The Fed has placed itself...

*  *  *

Finally, we note that in 2017, 4 of the 5 voting regional Fed presidents will be ex-Goldman... just saying.

 

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Tue, 11/10/2015 - 14:19 | 6773227 Grandad Grumps
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I think it is better if the Fed did not exist and "instead", there were free markets.

Tue, 11/10/2015 - 14:21 | 6773246 MarketAnarchist
MarketAnarchist's picture

they will sit him down and give him "the talk".   If he complies he will live, if he doesn't, he will die.

Tue, 11/10/2015 - 14:23 | 6773262 Looney
Looney's picture

He will be suicided by an electric drill or a lawn mower. Or both.  ;-)

Looney

Tue, 11/10/2015 - 14:26 | 6773284 TBT or not TBT
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He ran for governor of California as a "Republican", right?   He often also tilts at windmills, I'd guess.  

Tue, 11/10/2015 - 14:31 | 6773321 RaceToTheBottom
RaceToTheBottom's picture

Corporate shill.  His history indicates that.

Tue, 11/10/2015 - 14:31 | 6773323 Troll Magnet
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He's a goy though.  Can't be trusted.

Tue, 11/10/2015 - 14:52 | 6773325 nope-1004
nope-1004's picture

I'm starting a new reality show:  Keeping up with Kash n' Kari.

My plan is to keep the acting trend in place and only feature highly insulated, ignorant, and judgmental money launderers whose actions and statements are not only miles away from those on main street, but removed from anything remotely real.

 

Tue, 11/10/2015 - 14:30 | 6773316 SHEEPFUKKER
SHEEPFUKKER's picture

Kneel "print" Cash-kari

Tue, 11/10/2015 - 14:54 | 6773459 venturen
venturen's picture

Neel do you realize that if Goldman had been allowed to fail...we would have recovered years ago?

Tue, 11/10/2015 - 15:04 | 6773527 BullyBearish
BullyBearish's picture

Another "owned" by the bankers and willing to do their bidding...

Wed, 11/11/2015 - 00:45 | 6775926 garypaul
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Sorry but Neel's comments are just hot air for the consumption of the public. Remember that Alan Greenspan wrote one of the most eloquent essays praising gold and the gold standard, but look what he did once he became Fed chairman.

Tue, 11/10/2015 - 14:22 | 6773258 undercover brother
undercover brother's picture

he'll be playing ball soon enough and will be forced to disavow prior statements.

Tue, 11/10/2015 - 15:07 | 6773545 seek
seek's picture

Or they'll just make it clear he's going to shut up, which seems almost certain to happen once you're part of the Fed anyway.

Tue, 11/10/2015 - 14:24 | 6773272 brockhardman
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Correction: Ex-FOMC.

"We have learned that a nail gun incident has taken the life of..."

Tue, 11/10/2015 - 15:54 | 6773774 herkomilchen
herkomilchen's picture

Those darn malfunctioning nail guns.

Tue, 11/10/2015 - 14:26 | 6773286 E.F. Mutton
E.F. Mutton's picture

Only one solution here.  Kashkari vs. Krugman.  Thunderdome.  I'd give my next paycheck to see that on PPV.

Tue, 11/10/2015 - 14:28 | 6773290 Bernoulli
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Oh come on! That was 2 years ago!! Does anyone look that far back?

He for sure changed his mind by now.

Tue, 11/10/2015 - 14:28 | 6773294 dcohen
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It is not only about the quantity of monetisation or the monetisation itself, the failure is also a function of what the monetisation has been used for and in whose pockets the tax payer money have ended up in.

The criminal gang runs the FED and they basically print for themselves. No aspect of the monetisation has gone to benefit the tax payers.

 

Tue, 11/10/2015 - 14:28 | 6773295 humanstakeaction
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Of course, free banking and sound money is preferred, but if this guy is what his twitter feed says he is, it's a breath of fresh air.

But of course, we've been fooled before. Greenspan's essay "Gold and Economic Freedom" was an amazing treatise and highly influential for the libertarian movement. Then we got what we got from Mr. Greenspan.  http://www.constitution.org/mon/greenspan_gold.htm

Tue, 11/10/2015 - 15:07 | 6773343 RaceToTheBottom
RaceToTheBottom's picture

This guy ran TARP.  

He is only different from the Krugman in that Krugman wants welfaristas to be spread throughout society so economists future roles are locked in while this guy wants GS and the TBTF to make more money.

Both want moar FIAT

Tue, 11/10/2015 - 14:35 | 6773311 spanish inquisition
spanish inquisition's picture

I think based on his work history, his position will be the Fed should be independent of politics so it can concentrate on working with its business partners and owners.

Tue, 11/10/2015 - 14:38 | 6773365 Francis Marx
Francis Marx's picture

 

 

Give everyone a 15% tax cut....I guarrentee the economy would ramp up big time.

Tue, 11/10/2015 - 15:20 | 6773609 Hohum
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No it wouldn't.  Rich take their tax cut to the casino; poor go to Walmart and benefit the Chinese.

Tue, 11/10/2015 - 15:44 | 6773736 Blankenstein
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The poor don't pay income tax

Tue, 11/10/2015 - 16:15 | 6773872 NihilistZero
NihilistZero's picture

He didn't say income tax...  Besides the poor pay the highest percentage of their income on taxes because necessities make up most of their spending and they have been getting DESTROYED by the inflation tax for 40 years or so.

Tue, 11/10/2015 - 17:46 | 6774333 Apocalicious
Apocalicious's picture

+1000

 

And their basket of consumption happens to be weighted moreso towards high inflation items than the CPI, and the wealthy have a consumption basket that is lower inflation than the CPI. It's just a tax that doesn't get measured properly...

Tue, 11/10/2015 - 14:38 | 6773368 astoriajoe
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Any of those tweets still viewable at the source? 

Tue, 11/10/2015 - 15:31 | 6773374 oddjob
oddjob's picture

This cunt handed out hundreds of billions to his bankster buddies. He is an enemy of humanity.

Tue, 11/10/2015 - 14:48 | 6773431 Dadburnitpa
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I don't think we ever know what these sociopaths "really think".

Tue, 11/10/2015 - 14:48 | 6773434 optimator
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Make the Fed less political?   That would solve a lot of the problem, not letting any Likud members in would corret the biggest problem.

Tue, 11/10/2015 - 15:01 | 6773492 robertsgt40
robertsgt40's picture

Now that Neel is no longer on yhe outside looking in, I'm betting his views will change. Neel will kneel 

Tue, 11/10/2015 - 14:50 | 6773438 TheRideNeverEnds
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They all know the score. They may very well have good intentions and sound judgement but once they get in TPTB will make it very clear; do as we say or a swift death will be the best outcome they can hope for.

Consider this. If durring your first week in office you walk in one day to find a spook there with a laptop, he shows you pictures or footage of an assassination they carried out which all official sources said was a suicide or a crazy lone gunman and he tells you this is what happens to those who go against our wishes.

What would you do? Play ball or be destroyed is what.

There is a reason Barry Soetoros improprieties quickly went away and all tangible traces wiped out via death, destruction and coverup. He played ball.

Tue, 11/10/2015 - 14:57 | 6773479 venturen
venturen's picture

Seems like Neel is just lying to make us  feel better after he was an intergral part of rescuing the crooked bankers or his consceince is really bothering him. Since they just appointed him to the FED board...I am guessing LYING!

Tue, 11/10/2015 - 15:00 | 6773494 Yen Cross
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  He should stay out of expensive hotels inside the D.C. beltway, for the foreseeable future.

Tue, 11/10/2015 - 15:00 | 6773499 Keloid
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At what point do incarceration and expulsion become considerations?

Tue, 11/10/2015 - 15:06 | 6773534 Raoul_Luke
Raoul_Luke's picture

How the hell did that guy get appointed to the Fed?

Tue, 11/10/2015 - 15:07 | 6773546 Ghostdog
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Did the fed really say this or was this an Onion Piece? lol Aything that kicks fascist Krugeman in the balls Im good with

Tue, 11/10/2015 - 16:01 | 6773800 herkomilchen
herkomilchen's picture

Classic Wall Street bankster behavior.  Self-interest trumps all principles, all morals, and all other people.  Modern version of ancient warlords.  Just employing violence of the state rather than violence of own hand.  Otherwise nothing has changed.

Wed, 11/11/2015 - 00:16 | 6775851 malek
malek's picture

Talk is cheap.

I doubt his influence at the Minneapolis Fed will be used to change anything substantial.

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