Stepping on the same rake.
The anecdotes are usually right.
"The thing I have noticed is when the anecdotes and the data disagree, the anecdotes are usually right. There's something wrong with the way you are measuring it."
“I do love QE. It is one of my favorite things when we can do it. It's a great, great, great elixir, a great drug."
“Janet Yellen was the strongest advocate for unlimited quantitative easing."
- Betsy Duke, Fed Governor from 2008 to 2013 Quoted by Chris Leonard, in his great book, "The Lords of Easy Money: How the Federal Reserve Broke the American Economy."
"I like to nickname quantitative easing “monetary policy for rich people.”
You could quote me on that."
Drug Dealer Richard Fisher in March 2016
“We have yet to reach a full reckoning of the consequences of the era of easy money, but it's abundantly clear that it ruined us. The damage was incremental at first, but the perverse incentives and distortions of easy money--zero-interest rate policy (ZIRP), credit available without limits to those who are more equal than others--accelerated the institutionalization of these toxic dynamics throughout the economy and society. Fifteen long years later, the damage cannot be undone because the entire status quo is now dependent on the easy-money bubble for its survival.”
Yellen is a menace to (most of) society.
Don't underestimate how insane they will get to protect the kleptocracy.
Keep reading with a 7-day free trial
Subscribe to A Havenstein Moment. to keep reading this post and get 7 days of free access to the full post archives.