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Matt07924's avatar

Are we totally sure Yellen is clueless? The ruling elite knows full well what they are doing. They just play "dumb" to keep the rubes in line. The Federal Reserve's REAL mandate is, as a banking cartel, to wring out as much profit as possible from the interest on the debt issued to everyone from people to corporations, to entire countries. The Federal Reserve's monetary policy is very short term as they, as you have pointed out, have very little tools in their toolkit to really make a difference. It's all about profit and power. Having said all of this, Yellen has done remarkably well and that is why she has been brought back to the table. She understands inflation all too well and is well aware where it is leading us as a country. But, she gets a nice paycheck and a few homes here and there. Life is good...why mess it up by telling the truth? Far easier to play "dumb."

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John Horst's avatar

They love to throw the word "data" around. "As the data comes in..." (As if they can do anything useful with it when they have no historical data to use for back-testing their models.) They say their decisions are "data-driven," get that data from the Executive branch, and then claim to be "independent."

With 1/4 of the CPI being a farcical quesstimate (owners equivalent of rent of residence), the CPI badly understates inflation. And since inflation is the "deflator" when calculating GDP, if you understate inflation you overstate growth...

They don't anticipate a recession??? Hell. we're already in one. If they understood inflation and measured it correctly they'd know that.

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