The article was just to illustrate the point that the Fed can't control unemployment, and therefore shouldn't have a dual mandate (like every other Central Bank in the world). Getting into the wording of the article was never my objective. But since bigarrow only wanted to focus on the wording, I had to do my best to try to explain what the author was going for. That ended up being a waste of time.
On the Fed's ability to control unemployment, and other silly Ricter thoughts...
- Thread starter Tsing Tao
- Start date
The article was just to illustrate the point that the Fed can't control unemployment, and therefore shouldn't have a dual mandate (like every other Central Bank in the world). Getting into the wording of the article was never my objective. But since bigarrow only wanted to focus on the wording, I had to do my best to try to explain what the author was going for. That ended up being a waste of time.
There's no argument that Bernanke is a smart person, academically. As for his understanding in what his policies are doing, there are two possible explanations:
1. He has no idea whatsoever of the damage he is causing because he simply refuses to believe it is his (the Fed's) fault.
Or worse...
2. He is very much aware of what he is doing, and doesn't care, because his objective is to save the large financial institutions.
I can. This is, as you know, because the other side relies on faulty data, manipulated statistics and flawed policy for it's answers. And then there is the biggest evidence of it all - where it's gotten us currently pursuing these types of policies.
But when the other side refuses to debate the issues point by point, and instead goes after grammatical inconsistencies, the source of the article as a person, etc., it's not worth the time. All they're interested in doing is tying up the phone line, so to speak.
No, it's not possible. Not because I can't be wrong, I'm wrong all the time (as my wife will certainly proclaim). This isn't ME being right. There is proof everywhere you look of the debasement of the currency, of debt bloating down the system, of corruption in the banking system that leads through the regulators and the Fed. Hell, just today Bernanke was up there dancing about the Fed's involvement in the biggest scandal in banking yet - Libor manipulation! There's proof positive of business cycle manipulation and bubble creation that causes a collapse of equity and pricing when it finally does pop. And who gets hurt? You, me, our fellow mortals. Never do the gods themselves up on Olympus go to jail, or get fined personally, or have to change or answer for their losses.
This is the system on which the Federal Reserve has been designed. And the justification they use to keep it going is things like "We control unemployment - if you take us away, you will have a Great Depression!"
Lies and damned lies. And folks like yourself who follow their teachings eat it up. The only comfort I have is that someday, somewhere, you will finally have your eyes open. Then, if you aren't busy chasing down all those the Federal Reserve blames for the crisis, you might actually realize it was they all along that were behind it.
Until the majority of the US population gets beyond this "left vs right" bullshit, I expect that anything critical of a monetary policy WHILE THEIR TEAM IS IN OFFICE will be met with the kind of childish response displayed by Big Arrow.
Basically, everything has become even MORE partisan 4 years after this administration declared that "things would change". But they never do and they certainly won't in the next 6 months, 2 years, etc...
I still can't fathom how adults (say over the age of 30) can't connect the dots between Clinton to Bush...or Reagan to Bush to Clinton, etc, etc...or hell go back as far as you like, I'm just talking recent history as the financialization of the economy went into overdrive...
It's still taboo to mention that Clinton's Administration, with the aid of Rubin, Summers and Greenspan repealed Glass-Steagall..or that the MASSIVE consolidation of the banking industry (just wikipedia some of the TBTF banks to remind yourself of how many "minnows" were swallowed whole to create these juggernauts). All of it occurred during the Clinton Administration.
The main point is that it's all a very seemless transition from one administration to the other. These guys will campaign on one ideology, but once in office, they always follow the script.