Federal Reserve Employee Speaks to us common folk

[I can't think of a name]

http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100006729/time-to-shut-down-the-us-federal-reserve/


“Writers who have not taken a year of PhD coursework in a decent economics department (and passed their PhD qualifying exams), cannot meaningfully advance the discussion on economic policy.”

“The response of the untrained to the crisis has been startling. The real issue is that there is an extremely low likelihood that the speculations of the untrained, on a topic almost pathologically riddled by dynamic considerations and feedback effects, will offer anything new. Moreover, there is a substantial likelihood that it will instead offer something incoherent or misleading.”

“Economics is hard. Really hard. You just won’t believe how vastly hugely mind-boggingly hard it is. I mean you may think doing the Sunday Times crossword is difficult, but that’s just peanuts to economics. And because it is so hard, people shouldn’t blithely go shooting their mouths off about it, and pretending like it’s so easy. In fact, we would all be better off if we just ignored these clowns.”

As the article points out these are the people responsible for the mess

Matters of economic policy should be reserved to a priesthood with the correct post-doctoral credentials, which would of course have excluded David Hume, Adam Smith, and arguably John Maynard Keynes (a mathematics graduate, with a tripos foray in moral sciences).

The current generation of economists have led the world into a catastrophic cul de sac. And if they think we are safely on the road to recovery, they still fail to understand what they did. Central banks were the ultimate authors of the credit crisis since it is they who set the price of credit too low, throwing the whole incentive structure of the capitalist system out of kilter, and more or less forcing banks to chase yield and engage in destructive behaviour.

[JCR]

“Economics is hard. Really hard. You just won’t believe how vastly hugely mind-boggingly hard it is. I mean you may think doing the Sunday Times crossword is difficult, but that’s just peanuts to economics. And because it is so hard, people shouldn’t blithely go shooting their mouths off about it, and pretending like it’s so easy. In fact, we would all be better off if we just ignored these clowns.”

42..........

[Flagg]

All I have to say about the matter is the Fed druids must not have seen the following well respected websites yet:

iTulip.com

zerohedge.com

nowandfutures.com

shadowstats.com

Maybe if the Fed didn't bury it's worthwhile data so deep in "noise", if the BLS wasn't so politicized and complete bullsh!t as Baghdad Bob, and if Mainstream Media actually treated us like adults and shared relevant and accurate news we wouldn't DESPERATELY NEED bloggers to learn the truth.

[Mu-Meson]

42..........
Good point. Allow me to rebut.
63...............

[JCR]

I get the feeling that brit culture references just won't do with you yankee chaps.
The passage I've quoted was a modified Douglas Adams quote.


Space is big. You just won't believe how vastly, hugely, mind- bogglingly big it is. I mean, you may think it's a long way down the road to the chemist's, but that's just peanuts to space.

[sgt_G]

all I have to say is that it boils down to the failures of the education system

[Mein Teil]

Did the guys with the PHD's do any better?

[Xaito]

all I have to say is that it boils down to the failures of the education system

it boils down to the failures of people.

[Nano]

Hhahah the "Dr.'s" at the fed are crying, because no one is listening to them and nothing in real world terms is going their way and they blame the bloggers for that? That Dr. who has mastered all of unknown and known economics paradoxes needs to start working on fixing their **** ups first before he goes off on bloggers for "shooting their mouths off.." Perhaps the Fed needs to be properly fired and replaced since it appears that they are too busy reading blogs and responding than doing their jobs properly. I wonder how much of their time is spent on **** sites and blogs during work hours rather than on economic analysis? Perhaps it is time we the people audited the Fed properly and completely. I find it ironic that today we celebrate our Independence Day from a king yet we have yet to declare ourselves independent from another king of kings that is the Fed. All that any true blood and blood American needs to know and understand that those that did not support Ron Paul's Fed audit bill as it originally stood need to fired because by their actions/in action have proven their allegiance to our Constitution to be greatly in question and can not be trusted to lead.

[HK in AK]

All I have to say about the matter is the Fed druids must not have seen the following well respected websites yet:

iTulip.com

zerohedge.com

nowandfutures.com

shadowstats.com

Maybe if the Fed didn't bury it's worthwhile data so deep in "noise", if the BLS wasn't so politicized and complete bullsh!t as Baghdad Bob, and if Mainstream Media actually treated us like adults and shared relevant and accurate news we wouldn't DESPERATELY NEED bloggers to learn the truth.


Hey another fan of zerohedge and shadowstats.....................Woohoo!!!

[Flagg]

Hey another fan of zerohedge and shadowstats.....................Woohoo!!!

If it wasn't for those 4 I would have gotten hammered in the last couple of years.....they not only enlightened me beyond belief, but they literally saved my financial @ss......

The only mainstream financial media I follow is CNBC........and that's only to get further confirmation of what NOT to do. :)

The one frustrating thing that is STILL missing is a definitive site that meshes strong big picture finance/economic projections(like iTulip) with big picture geopolitical/national security stuff(like Small Wars Journal).

Seriously, someone's got to get those nerds all together for some beers so they can put their collective crystal ball together.......I'm happy with my financial @ss having been saved......I'd now like to understand how to save my literal @ss........we are quickly shifting into very "interesting" times.

[HK in AK]

Like I posted on Zerohedge in response to Tyler's article.............Will we be celebrating 235?

[junglejim]

If it wasn't for those 4 I would have gotten hammered in the last couple of years.....they not only enlightened me beyond belief, but they literally saved my financial @ss......

The only mainstream financial media I follow is CNBC........and that's only to get further confirmation of what NOT to do. :)

The one frustrating thing that is STILL missing is a definitive site that meshes strong big picture finance/economic projections(like iTulip) with big picture geopolitical/national security stuff(like Small Wars Journal).

Seriously, someone's got to get those nerds all together for some beers so they can put their collective crystal ball together.......I'm happy with my financial @ss having been saved......I'd now like to understand how to save my literal @ss........we are quickly shifting into very "interesting" times.


All I need is food, place to set up shelter, lots of ammo, and the occassional wimin... I'll help you cover your ass. I can gather some of my friends if that is needed, though I am not sure how deep your stocks are when it comes to wimin. Need lots of 5.56 though.