Confessions Of Bernanke - Central Bank Does Not Necessarily Knows How To Drive An Economy - By Staff (28/3/14) PDF Print E-mail
Staff   
Friday, 28 March 2014 07:14

Future Fastforward
28th March 2014

Bernanke’s speech to the National Economists Club, 2004 – Excerpts

“First, policy makers working to try to keep the economy from going off the road must deal with informational constraints that are far more severe than those faced by real-world drivers. Despite the best efforts of statistical agencies and other data collectors, economic data provide incomplete coverage of economic activity, are subject to substantial sampling error, and become available only with a lag. Determining even the economy’s current speed consequently is not easy, as can be seen by the fact that economists’ estimates of the nation’s gross domestic product (GDP) for the current quarter may vary widely.  Forecasting the economy’s performance a few quarters ahead is even more difficult, reflecting not only problems of economic measurement and ther effect of unanticipated shocks but also the complex and constantly changing nature of the economy itself. Policy makers are unable to predict with great confidence even how (or how quickly) their own actions are likely to affect the economy.

“In short, if making monetary policy is like driving a car, then the car is one that has an unreliable speedometer, a foggy windshield, and a tendency to respond unpredictably and with a delay to accelerate or the brake.”

However, when Bernanke became the Chairman of the FED, he sang a different tune and was very confident that the car he was driving was without any defects. Other Central Bankers likewise do not practice what they preach

Everyday in the main stream media, we read that central bankers are very confident on the correctness of their policies even those which have no precedents and outcomes are unknown. They keep assuring that they have all the tools and the regulations to meet all contingencies and can anticipate any crisis.

Such is the arrogance of Central Bankers and economists with vested interests. 

But, each and every time, when the crisis hits head-on to their faces, they lament that the crisis was not foreseeable. 



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How This Central Bank Bubble Ends - By Bill Bonner (28/3/14) PDF Print E-mail
Bill Bonner   
Friday, 28 March 2014 07:11

Bonner & Partners

I sometimes get the feeling that somewhere across that huge puddle, in America, people sit in a lab and conduct experiments, as if with rats, without actually understanding the consequences of what they are doing.

– Vladimir Putin, 4 March 2014

We promised to explain how it ends. The world, that is. The world we live in now. The one in the middle of a rapidly inflating central bank bubble.

First, we need to understand that this is a very different world from the world of the 19th and early 20th centuries. It is a world where central bankers play a role somewhere between con artists, mad scientists and God Himself.



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Fisher Outs Bubbles Ben: QE Was A Massive Intended Gift To The 1% - By David Stockman (27/3/14) PDF Print E-mail
David Stockman   
Thursday, 27 March 2014 08:15

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The Fourteen Year Recession - By Jim Quinn (26/3/14) PDF Print E-mail
Jim Quinn   
Wednesday, 26 March 2014 07:44

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Message To The Fed: Here Are A Few Things That You Can’t Do - By F.F. Wiley (26/3/14) PDF Print E-mail
F.F. Wiley   
Wednesday, 26 March 2014 07:43

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