The Real Owners?
Continuing yesterday's theme and invoking Blame The Club?...
TR - "You're driving the Titanic and you see an Iceberg a long ways off. Why do they not start steering clear of it early and instead just ignore it till everyone is sure to drown?
Nattering - Do Fed members lack grounding in the real world (OTG experience, where the rubber meets the road)?
Does this ship of seemingly academic and corporate cronyistic fools attempt to blindly steer the economy, while being drunk on their own punch viz. falsity in econometrics (unemployment, CPI, PCE, GDP)?
Is said abundantly evident falsity, in support of an agendized narrative of self aggrandizing and expectation anchoring propaganda?
When one's data acquisition, monitoring and control system is FED false information, what else can one expect?
So many questions, so many men behind the curtain, and so little time?
Falsity (in econometrics or otherwise) whether intentional or not, and the resultant GIGO (unemployment, CPI, PCE, GDP, etc.) never guided anyone anywhere, other than into trouble in the extreme.
As long as one keeps getting drunk on their own punch, and is allowed to commander the ship in a haphazard fashion, steering blindly, and are not held accountable for their actions, what would one expect the advertised outlook and ultimate result to be?
Your mileage may vary? Debtberg dead ahead? What else would one expect of Capt. Obvious or Capt. Edward John Smith? Gives new meaning to Nero fiddled?
So are they really that stupid or just good at acting the part? Hollywood has nothing on these well trained professional actors? Who know exactly what they are doing, how to do it, and act the part for a clueless audience?
It runs down from the top? Who does the Fed answer to? The Fed is an independent entity with little control or oversight. The Board of Governors, is appointed by POTUS and confirmed by the Senate. The Fed does not receive any funding from the government.
The Fed's (Board and FOMC) decisions DO NOT have to be approved by the executive, legislative, or judicial branches. Each district is separately incorporated and has its own Board of Directors.
All at the Fed are employed by the owners of the Fed, who happen to be... the member commercial banks which hold stock in their District's Reserve Bank. Ownership of a certain amount of stock is, by law, a condition of membership in the System. Thus, the owners of the banks, own the Fed.
As Carlin said, it's a club and you and I ain't in it...
Who Owns The Fed?
"The modern central bank model was complete in its stunningly arrogant simplicity. It need only push around a single money rate, and from there it actually expected to control the marginal variations for the entire economy. It didn't know how or why, it just expected from that single input predictable outcomes would result."A fool's errand for those who really don't know what they are doing, and never have.
"Substituting statistical competence and comprehensiveness for on-the-ground understanding of, you know, an economy is a potentially fatal blindness."Another Confesses The Impossible, We Might Not Have Known What Were Doing - Jeffrey P. Snider
TR - "You're driving the Titanic and you see an Iceberg a long ways off. Why do they not start steering clear of it early and instead just ignore it till everyone is sure to drown?
Nattering - Do Fed members lack grounding in the real world (OTG experience, where the rubber meets the road)?
Does this ship of seemingly academic and corporate cronyistic fools attempt to blindly steer the economy, while being drunk on their own punch viz. falsity in econometrics (unemployment, CPI, PCE, GDP)?
Is said abundantly evident falsity, in support of an agendized narrative of self aggrandizing and expectation anchoring propaganda?
When one's data acquisition, monitoring and control system is FED false information, what else can one expect?
So many questions, so many men behind the curtain, and so little time?
Falsity (in econometrics or otherwise) whether intentional or not, and the resultant GIGO (unemployment, CPI, PCE, GDP, etc.) never guided anyone anywhere, other than into trouble in the extreme.
As long as one keeps getting drunk on their own punch, and is allowed to commander the ship in a haphazard fashion, steering blindly, and are not held accountable for their actions, what would one expect the advertised outlook and ultimate result to be?
Your mileage may vary? Debtberg dead ahead? What else would one expect of Capt. Obvious or Capt. Edward John Smith? Gives new meaning to Nero fiddled?
So are they really that stupid or just good at acting the part? Hollywood has nothing on these well trained professional actors? Who know exactly what they are doing, how to do it, and act the part for a clueless audience?
It runs down from the top? Who does the Fed answer to? The Fed is an independent entity with little control or oversight. The Board of Governors, is appointed by POTUS and confirmed by the Senate. The Fed does not receive any funding from the government.
The Fed's (Board and FOMC) decisions DO NOT have to be approved by the executive, legislative, or judicial branches. Each district is separately incorporated and has its own Board of Directors.
All at the Fed are employed by the owners of the Fed, who happen to be... the member commercial banks which hold stock in their District's Reserve Bank. Ownership of a certain amount of stock is, by law, a condition of membership in the System. Thus, the owners of the banks, own the Fed.
As Carlin said, it's a club and you and I ain't in it...
Who Owns The Fed?
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