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Today's Fed, led by Yellen, has become a technocratic institution blinkered by "data", unable to rise above its econometric myopia to see what really is happeni
by vegabook 10y ago
Today's Fed, led by Yellen, has become a technocratic institution blinkered by "data", unable to rise above its econometric myopia to see what really is happening in the society which it serves. It has essentially been subjugated to the same economic doctrines and dogmas which serve the elites so well, and which are rolled out every time a brexit or a trump rears its head: "careful, this is bad for The Economy" (read: this is bad for the elites).
Say what you like about Greenspan, but at least he had a self-determined intellect and swagger, which he used without needing to justify himself constantly with a spreadsheet's output (even if he used said swagger to serve his own class of capitalists).
So I don't blame Yellen. She genuinely believes she is doing the right thing by the rules of the game she has been carefully selected to be unquestioning in.
- ArkyBeagle 10y agoAs someone with Monetarist leanings ( which arguably makes me more "data driven" than the other branches, ironically ), I relate all this back to the Bank of England, that solemn engine of colonial oppression, being used as the template for all banking. The Fed balance sheet is being used as a prop in an economic horror movie. It is indeed econometric myopia. We set 2% inflation targets and then fail to meet them. But production is inherently extrinsic to central banks. With a populace that thinks more and more like retired people, it's harder to get the fire lit.
- gnaritas 10y ago> Say what you like about Greenspan, but at least he had a self-determined intellect and swagger, which he used without needing to justify himself constantly with a spreadsheet's output (even if he used said swagger to serve his own class of capitalists). That's not something to admire.
- deleted 10y ago[deleted]