WELL ACTUALLY YELLIN SAID SHE “MAY” HAVE BEEN WRONG:
The worst Fed Chairperson in 100 years Janet Yellen – has admitted that she is wrong. She made policy based on information related to:
- Employment that is weaker than she thought
- Inflation that is weaker than she reported and thought
We told you so – hardly cuts it. We told you and told you she was wrong the Fed was wrong and their policies are creating CATASTROPHE. Which is coming due to her failed policy.
She now suggest accommodation may be longer term than she thought. As she is destroying the foundation of the fragile recovery. Her timing is awful. Always. Janet Yellen has done the impossible. In two steps on her watch:
- She admitted she was wrong a first.
- She has shattered TRUST and CONFIDENCE with the Fed globally
As you may have seen no one pays much attention in the markets today to the FED because the Fed has become irreverent. Today beside reporting SHE WAS WRONG she said the reverent sentence no one is really reporting much:
She said…to Congress:
…the federal reserve board will have limitations on response to recessions in the future within present accommodation as we will not have tools and tactics to respond to unknown contingency……
Or as the recent BLOG you READ here the FED is now irrelevant as policy maker which is why we urgently advocate emergency legislation to merge the FED process back into the United States Treasury. For the good of the world and for America.
The Fed is out of bullets. If a gun fight occurs in economic markets the Fed pill bottle is out of Viagra. They can talk and wave their warms. They can do THAT. They spent their economic capital and they now are stuck. Their panic point is any contagion they lack tools and tactics to fight today. Trust me that is the FED PANIC going on behind the curtain. The big brains know they have no ability to have financial intercourse. They are DONE. From age. Obsolete. Antique . Out of touch with DIGITAL MARKETS using Pony Express models to manage a world that has passed them by.
We need an innovative creator like former SEC Commissioner Roel Campos – sixteen years in the White House – senior economic strategist at Hughes and Hubbard serving Sovereign Nation Funds world wide. As Fed Chairman we have a winner to RETOOL the merger into Treasury and create a ENTERPRISE STAR SHIP of revisiting – the BOX TOP RULES for an all NEW TREASURY DIRECTED FEDERAL RESRVE BOARD that was finally and for the first time truly FEDERAL . The existing private stock firm is fatally conflicted in its interest to mission and can never untwined its own entanglements.
As an economist that creates new IP for global economies and there are few of us at that source creative for new IP level – there is hope and promise. Change is always avoided. Improvement is embraced.
We need to IMPROVE and Re-INVENT THE FED.
To fail to do so is to risk the financial system of the world. Who says?
- The World Bank
- The IMF
- Janet Yellen may God rest her into tenured professor hood somewhere.
Janet Yellen legacy sit is will be the worst Fed Chairperson – EVER .
Make NO mistake about that record and it is real.
She predicts – that we will have a future down turn and that the Fed now lacks “accomodatiion” which my readers already well know – but today Janet was like a blog reader. Al Gore coined a phrase so long ago some of you may recall:
Jane….IT “IS” TIME FOR YOU…….TO GOOOOOO !
Berny Dohrmann – Keeping what IS going on OUT there in your face …..today