by Nick Hubble, Daily Reckoning.com.au:
So Janet Yellen’s first hearing took place a few nights ago. It was fairly boring. She’s expected to sail through and become the next chairperson of the Federal Reserve. Given that the last few years of extraordinary monetary policy have achieved a miserable recovery, what’s she going to do differently?
Nothing. Just more of the same. While hoping for different results, of course. Heh.
Then again, the beauty of economics is that it is about a complex system. That’s a snazzy way of saying that causation is hidden. For example, you don’t blame an avalanche on the snowflake that triggered it. It was the structure of the mountain and all the previous snowflakes. But blaming a gigantic rock and billions of snowflakes is kind of bizarre.
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