The dumbest idea in the entire history of finance is back!
Learning to code
If Bin Laden had just stayed hidden in Pakistan for another 14 years, he might today be meeting the President, wearing a suit.
“What Federal Reserve independence has meant is a lack of accountability…Federal Reserve independence has meant the Federal Reserve gets to tell you how it's doing, which is the exact wrong thing and that's why we're stuck in this mess…"
"They're extremely intelligent people. If you need...a very elegant statistical equation, they can be able to do that for you in a moment's notice. It'll be awesome....You need them to tell you something about how the real economy works, they won't have a damn clue."
The CPI has now been above the Fed’s made-up “2% target” for 49 months in a row.
For future reference, Paul Musson does a nice summary here of Kevin Warsh's outstanding recent critique of the Federal Reserve which I discussed in “The financialization of everything”.
"Institutional drift has coincided with the Fed’s failure to satisfy an essential part of its statutory remit, price stability.”
Meanwhile…
Waller Signals Firing Fed Officials Would Be Bad for US Economy
Waller wants continued unaccountability.
It’s annoying to see every clown on CNBC (e.g., Scott Wapner) act as if we had no inflation until tariffs showed up.
“You would have supposed that all these upheavals in the banking world were so many thunderbolts which had fallen from the heavens above. And each day they gave more of their space to insisting that the previous day's misfortunes were the last — that by no chance could there be any more thunderbolts to fall.”
Upton Sinclair, The Moneychangers
“The salvation of the world depends on the men who will not take evil good-humoredly, and whose laughter destroys the fool instead of encouraging him.”
George Bernard Shaw, The Quintessence of Ibsenism
I’ve got such a backlog again, and don’t want to overwhelm you (as much as I could,) so here we go below…
Stop being poor(!), the usual stock market insanity, Sir James Goldsmith, Luke Gromen, Melody and Travis, Horizon Kinetics, bankruptcy, private credit, negative rates, San Diego, Alan Greenspan, Ayn Rand, Nashville, and other things.
fyi I did a fun podcast with Tim Price and Paul Rodriguez last week, so check that out if you’re bored. Godspeed.
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