“The FOMC is firmly committed to fulfilling its statutory mandate from the Congress of promoting maximum employment, stable prices, and moderate long-term interest rates. The Committee seeks to explain its monetary policy decisions to the public as clearly as possible.
Such clarity facilitates well-informed decision making by households and businesses, reduces economic and financial uncertainty, increases the effectiveness of monetary policy, and enhances transparency and accountability, which are essential in a democratic society."
This really isn't being negative.
Or even really unfair.
The Fed has been blowing up the US economy, and taking the world to the brink of economic and political disaster, about every eight years since 2000.
They put the banking system first, and the devil take the hindmost.
Their policy errors will be a new chapter in backward predicting textbooks of the dismal science. And I would probably enjoy this if I were reading about it in the more distant future.
What were they thinking?
And they appear to be about right on schedule for their next Doofenshmirtz Moment.
US Treasury Warns Stock Market Is Approaching 'Two Sigma Threshold' and Quicksilver Markets
They are not evil.
Or even dangerously incompetent and frightened. They are equal measures servile, bureaucratic, arrogant, and banal.
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Video Length: 00:00:38
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