Where There’s Mania

One of the most deceptive stumbling blocks to figuring this whole thing out has been the rigidly binary approach to whatever any central bank does. The public is given one of only two choices: either monetary policies have been Goldilocks, just right; or, the message from critics, it is always ever in danger of being too good. That’s it; those are the only offered options.

By the end, it can only work out for the Bernanke’s and Draghi’s of the world because their critics have all falsified themselves. Authorities have managed to appear less clueless at least by comparison to those set up by the mainstream media as the sole voices opposed. When you make the FOMC seem reasonable by comparison; hey, we said we’d lower the dollar a bit and that didn’t happen, but they kept saying it would crash.

There is, has been, and will continue to be, a third view which just so happens to be the one consistent with every bit of evidence: neither of those other two groups has more than an outdated worldview (1960’s view of the 1930’s) of the monetary, financial, and economic ecosphere. These people aren’t idiots, it’s just that the discipline of Economics hasn’t advanced such that they have no way of interpreting facts.

That’s how there was a GFC1 in the first place. Credentials instead of evidence and real science.

Like QE, however, this is not a neutral situation; by contributing bad economics these inflationistas discredit more than their own theories and understanding since “all” monetary criticism gets lumped together, all critics painted as if having exactly the same objectionable track record.

When her name was first brought up as a possible nominee to serve on the Federal Reserve’s board, Judy Shelton thought it unlikely to succeed (it didn’t) because, as she admitted in early 2017, she’s been “sort of tagged with this gold bug idea.” Not just tagged, Shelton fit right in as someone who, like Warren Buffett, goes crazy over the Fed’s “money printing.”

Writing in 2013, for example, Shelton starts out right, as most like her do:

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Disclosure: This material has been distributed for informational purposes only. It is the opinion of the author and should not be considered as investment advice or a recommendation of any ...

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