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  • #61
    An interesting editorial,

    As the Federal Reserve summer symposium in Jackson Hole, Wyo. begins, I thought I’d set the record straight.

    The Federal Reserve cannot just set interest rates.

    I’m not exactly sure how it happened, but there seems to be widespread acceptance of this idea (that the Federal Reserve can simply make interest rates whatever they want them to be).

    Over the last year or so, Fed-watching journalists have routinely asked questions such as “When will the Fed raise interest rates?” And there’s no shortage of opinions on whether “the Fed should raise interest rates now.”

    But the Fed really doesn’t have that kind of control over interest rates. It can’t simply make interest rates whatever it wants them to be.

    The Fed certainly has limited influence over short-term interest rates, but to say it has some kind of ironclad control over rates is surely incorrect.

    There’s a whole spectrum of interest rates, even in the short-term market, and the Fed has the most influence over the one that it targets: the federal funds rate.
    http://dailysignal.com/2015/08/26/no...nterest-rates/
    Dispite our best intentions, the system is dysfunctional that intelligence failure is guaranteed.
    Russ Travers, CIA analyst, 2001

    Comment


    • #62
      Ever since I watched Alan Greespan address the Federal Reserve in 1987 and heard him say,

      “Since I’ve become a central banker, I’ve learned to mumble with great incoherence. If I seem unduly clear to you, you must have misunderstood what I said.”
      — in often-quoted testimony to Congress in 1987, via the Federal Reserve Bank of San Francisco

      I understood the ultimate truth, all chairman of the Fed. Reserve are just winging it, it's all smoke and mirrors, the best ones speak in nonsensical, uncomphendable jibberish and pretend it's the word of God.
      The prime goal is to pretend they are in control when things go well, and blame the masses when poop hits the fan.
      Dispite our best intentions, the system is dysfunctional that intelligence failure is guaranteed.
      Russ Travers, CIA analyst, 2001

      Comment


      • #63
        Originally posted by Urban hermit View Post
        Ever since I watched Alan Greespan address the Federal Reserve in 1987 and heard him say,

        “Since I’ve become a central banker, I’ve learned to mumble with great incoherence. If I seem unduly clear to you, you must have misunderstood what I said.”
        — in often-quoted testimony to Congress in 1987, via the Federal Reserve Bank of San Francisco

        I understood the ultimate truth, all chairman of the Fed. Reserve are just winging it, it's all smoke and mirrors, the best ones speak in nonsensical, uncomphendable jibberish and pretend it's the word of God.
        The prime goal is to pretend they are in control when things go well, and blame the masses when poop hits the fan.
        Yeah... sort of.

        The Fed has a great deal of short-term influence on interest rates. However, the underlying tempo of the economy ultimately dictates interest rates. A moribund economy leads to very low interest rates because there is little to no inflation.

        The Fed is like the fine tuning on the soundboard at a head-banging heavy metal concert.
        Watts Up With That? | The world's most viewed site on global warming and climate change.

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        • #64
          Originally posted by The Doctor View Post
          Yeah... sort of.

          The Fed has a great deal of short-term influence on interest rates. However, the underlying tempo of the economy ultimately dictates interest rates. A moribund economy leads to very low interest rates because there is little to no inflation.

          The Fed is like the fine tuning on the soundboard at a head-banging heavy metal concert.
          An economist is to the economy what a meteorologist is to the weather.
          Dispite our best intentions, the system is dysfunctional that intelligence failure is guaranteed.
          Russ Travers, CIA analyst, 2001

          Comment


          • #65
            Originally posted by Urban hermit View Post
            An economist is to the economy what a meteorologist is to the weather.
            Not even that useful. Weathermen are right some of the time.
            Quis Custodiet Ipsos Custodes? Who is watching the watchers?

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            • #66
              Originally posted by Mountain Man View Post
              Not even that useful. Weathermen are right some of the time.
              Both are observers
              Dispite our best intentions, the system is dysfunctional that intelligence failure is guaranteed.
              Russ Travers, CIA analyst, 2001

              Comment


              • #67
                Originally posted by Urban hermit View Post
                An economist is to the economy what a meteorologist is to the weather.
                The difference is that government can actually alter the economy based on the recommendations of economists. The problem is that government thinks it can alter the weather (climate).
                Watts Up With That? | The world's most viewed site on global warming and climate change.

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                • #68
                  Originally posted by Urban hermit View Post
                  Both are observers
                  And both have to rely on statistical models to make their forecasts.
                  Watts Up With That? | The world's most viewed site on global warming and climate change.

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                  • #69
                    Originally posted by The Doctor View Post
                    And both have to rely on statistical models to make their forecasts.
                    My dream job, being a weather forecaster in Hawaii !
                    Past performance is no guarantee of future returns, that should be tattooed on the forehead of every economists, we take them too seriously.
                    Dispite our best intentions, the system is dysfunctional that intelligence failure is guaranteed.
                    Russ Travers, CIA analyst, 2001

                    Comment


                    • #70
                      Originally posted by Urban hermit View Post
                      Both are observers
                      More like witch doctors.
                      Quis Custodiet Ipsos Custodes? Who is watching the watchers?

                      Comment

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