Roach vs. The Fed - J'Accuse!
Steven Roach of Morgan Stanley recently slammed the Fed pretty good in his Original Sin missive. But thats nothing new.
Many of the blogosphere macro heavyweights jumped into the frey. Calculated Risk, Kash @ Angry Bear, and Ben Jones @ The Housing Bubble.
But none more so than Macroblog's 3 part rant - J'Accuse!, the author Dr. Altig has intimate inside knowledge of machinations at THE FED, as the VP & AD of Research at the Cleveland branch.
My initial 2 cents worth was posted as a comment on his Macroblog, here it is for your consumption...
A good actor follows the script and improvises as necessary. Even the best of actors cannot breathe life into a daft script.
The cast of characters in your world are not good actors, and the script they have been forced to read from is heinous to say the least.
This is painfully obvious to anyone who bothers to pay attention and reads between the lines.
Being on the other side of your proscenium and being as kind as I can, market, currency and asset valuations are distorted in the extreme, and the CPI itself is illusory.
Any "decision" making based on these contrivances has and will only lead to sheer folly, as we are witnessing on an unprecedented scale.
As a critic, I dont blame the actors, I blame the script writers. Billy S. said, "The first thing we do, let's kill all the lawyers."
Others would say "First we start with the Politicians, then we work our way UP the food chain."
Many of the blogosphere macro heavyweights jumped into the frey. Calculated Risk, Kash @ Angry Bear, and Ben Jones @ The Housing Bubble.
But none more so than Macroblog's 3 part rant - J'Accuse!, the author Dr. Altig has intimate inside knowledge of machinations at THE FED, as the VP & AD of Research at the Cleveland branch.
My initial 2 cents worth was posted as a comment on his Macroblog, here it is for your consumption...
A good actor follows the script and improvises as necessary. Even the best of actors cannot breathe life into a daft script.
The cast of characters in your world are not good actors, and the script they have been forced to read from is heinous to say the least.
This is painfully obvious to anyone who bothers to pay attention and reads between the lines.
Being on the other side of your proscenium and being as kind as I can, market, currency and asset valuations are distorted in the extreme, and the CPI itself is illusory.
Any "decision" making based on these contrivances has and will only lead to sheer folly, as we are witnessing on an unprecedented scale.
As a critic, I dont blame the actors, I blame the script writers. Billy S. said, "The first thing we do, let's kill all the lawyers."
Others would say "First we start with the Politicians, then we work our way UP the food chain."
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