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Spot the oxymoron: “Growth down, optimism up”

from Sovereign Man:

With a nod to the absurd, Federal Reserve Chair Janet Yellen freely admitted earlier this week that the Fed really has no idea what’s going to happen to the economy.

Bear in mind this is the person who controls interest rates in the United States, effectively setting the ‘price of money’ for the most widely used currency in the world.

This is key– because the price of money (interest rates) influence the prices of so many other things. Real estate. Business investment. Automobile sales. Agricultural commodity prices. Oil prices. Etc.

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2 comments to Spot the oxymoron: “Growth down, optimism up”

  • mickeymoist

    RIP William Darrell “Billy” Mays, Jr.

  • Ed_B

    “Bear in mind this is the person who controls interest rates in the United States, effectively setting the ‘price of money’ for the most widely used currency in the world.”

    Yes, they would be the ones who do that. But, a deeper question is “Why?”. In a country with an economy that supposedly is based on capitalism and the free market approach, why is the Fed or any other small group for that matter, doing a job that the free market can and should do? It is basic economics that no one and no group is smarter than the market. For some reason, however, people simply will not admit to this obvious fact and continue to put individuals and small groups in charge of things that they should not be running. The history of this approach is virtually devoid of success. One would think that success would be THE measure of whether or not a given approach to problem solving is used. Apparently, however, it is not.

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