What would a liberal Federal Reserve do:

[EdwardBaiamonte]

To find out all we have to do is ask Bernie Sanders and remember that Obama voted to the left of Sanders while in the Senate. God help us all if Obama ever got to appoint a liberal inflationist Fed Chairman.

Oh, and we might remember that when their God, Keynes, was asked about the future consequencs of his ultra easy monetary policies he said, don't worry about the future, we'll all be dead.


Bernie Sanders: Another very important issue is with unemployment so high, how can we strengthen the Fed's full-employment mandate[ with inflation] and ensure that it conducts monetary policy to achieve maximum employment? [ through inflation]. In other words the Fed has a number of mandates and one of them is to control inflation. But one of them also is to pursue policies that lead to full employment. Is the Fed doing that in an adequate way? Well I would argue that by definition when you have 16% of people unemployed and underemployed it really is not.

 

[Oddball]

What would a liberal Federal Reserve do:

They'd do exactly what they've done since 1913.

Lend out "money" that doesn't exist, charge interest for it, inflate the hell out of the currency and line their pockets in the process.

Then, they'd bankroll endless stupid foreign wars, the socialistic welfare state, massive Ponzi schemes, endless bailouts of states, cities, corporations and foreign nations....

 

[PredFan]

The same thing a conservative Fed would do, and then they'd call it brilliant and give obama the credit.

 

[DSGE]

An NGDP target can fix the unemployment problem without resulting in inflation.

That's a gross misunderstanding of the Keynes quote. Here's the full quote:

"But this 'long run' is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again."

What he's saying isn't, obviously, that we shouldn't care about the long run. What he's saying is that economists are taking the easy way out only ever considering the long run. We need not only theories of the long run, but also theories of the short run.

 

[Oddball]

Nobody can "fix the unemployment problem"....This is the fatal conceit of socialistic central planners coming out of the chute.

 

[DSGE]

Nobody can "fix the unemployment problem"....This is the fatal conceit of socialistic central planners coming out of the chute.

Nope, it's just an application of monetary theory.

 

[EdwardBaiamonte]

An NGDP target can fix the unemployment problem without resulting in inflation.

You ought to call Ben right away and tell him what a genius you are!!!

 

[Oddball]

Nobody can "fix the unemployment problem"....This is the fatal conceit of socialistic central planners coming out of the chute.

Nope, it's just an application of monetary theory.

What it is is monetary central planner witch doctors, like those at the Fed, trying to tell us that you really can push strings.

 

[DSGE]

Nobody can "fix the unemployment problem"....This is the fatal conceit of socialistic central planners coming out of the chute.

Nope, it's just an application of monetary theory.

What it is is monetary central planner witch doctors, like those at the Fed, trying to tell us that you really can push strings.

What the fuck are you talking about? You think Milton Friedman was a central planner witch doctor?

 

[Oddball]

Nope, it's just an application of monetary theory.

What it is is monetary central planner witch doctors, like those at the Fed, trying to tell us that you really can push strings.

What the fuck are you talking about? You think Milton Friedman was a central planner witch doctor?

He worked with and enabled some of the greatest authoritarian economic witch doctors of all time, including FDR....In fact one of Friedman's greatest regrets is that he foisted income tax withholding upon the nation.

Unlike some, I don't consider Friedman to be an economic demi-god.

 

[DSGE]

What it is is monetary central planner witch doctors, like those at the Fed, trying to tell us that you really can push strings.

What the fuck are you talking about? You think Milton Friedman was a central planner witch doctor?

He worked with and enabled some of the greatest authoritarian economic witch doctors of all time, including FDR....In fact one of Friedman's greatest regrets is that he foisted income tax withholding upon the nation.

Unlike some, I don't consider Friedman to be an economic demi-god.

Do you have any substantial criticisms of the content of monetary theory, or is all you got inflammatory name calling and offhand dismissals?

 

[EdwardBaiamonte]

Nobody can "fix the unemployment problem"....This is the fatal conceit of socialistic central planners coming out of the chute.

Nope, it's just an application of monetary theory.

of course everyone who has gotten as far as college knows that monetary stimulus is artifical and so creates mal-investment or bubbles that burst and cause recessions.

 

[Oddball]

What the fuck are you talking about? You think Milton Friedman was a central planner witch doctor?

He worked with and enabled some of the greatest authoritarian economic witch doctors of all time, including FDR....In fact one of Friedman's greatest regrets is that he foisted income tax withholding upon the nation.

Unlike some, I don't consider Friedman to be an economic demi-god.

Do you have any substantial criticisms of the content of monetary theory, or is all you got inflammatory name calling and offhand dismissals?

I call 'em like I see 'em.

I see the peddlers of worthless fiat currencies and the economic carnie barkers who do their bidding as no more credible than a south seas witch doctor, who claims that the only thing that's keeping the copra crop from growing is that enough vestal virgins haven't yet been thrown into the volcano....Only that the Fed cultists dress better.

That metaphor substantial enough for ya?

 

[Oddball]

Nobody can "fix the unemployment problem"....This is the fatal conceit of socialistic central planners coming out of the chute.

Nope, it's just an application of monetary theory.

of course everyone who has gotten as far as college knows that monetary stimulus is artifical and so creates mal-investment or bubbles that burst and cause recessions.

College boys refuse to accept that there are 6+ billion irrational and capricious people on the planet, who refuse act like spread sheets and lab rats.

 

[DSGE]

He worked with and enabled some of the greatest authoritarian economic witch doctors of all time, including FDR....In fact one of Friedman's greatest regrets is that he foisted income tax withholding upon the nation.

Unlike some, I don't consider Friedman to be an economic demi-god.

Do you have any substantial criticisms of the content of monetary theory, or is all you got inflammatory name calling and offhand dismissals?

I call 'em like I see 'em.

I see the peddlers of worthless fiat currencies and the economic carnie barkers who do their bidding as no more credible than a south seas witch doctor, who claims that the only thing that's keeping the copra crop from growing is that enough vestal virgins haven't yet been thrown into the volcano....Only that the Fed cultists dress better.

That metaphor substantial enough for ya?

Not really. No economic theory, more inflammatory name calling, ... the use of metaphor in place of actual reasoning. You'd get along real well with Edward.

 

[Oddball]

Do you have any substantial criticisms of the content of monetary theory, or is all you got inflammatory name calling and offhand dismissals?

I call 'em like I see 'em.

I see the peddlers of worthless fiat currencies and the economic carnie barkers who do their bidding as no more credible than a south seas witch doctor, who claims that the only thing that's keeping the copra crop from growing is that enough vestal virgins haven't yet been thrown into the volcano....Only that the Fed cultists dress better.

That metaphor substantial enough for ya?

Not really. No economic theory, more inflammatory name calling, ... the use of metaphor in place of actual reasoning. You'd get along real well with Edward.

Unfortunately, neo-Keynesean central economic control rejects objective reasoning, in favor of its completely unverifiable and unfalsifiable postulates and assumptions.

That you find a very apropos metaphor to describe the Fed and economic central planners as inflammatory says far more about you than it does me.

 

[Baruch Menachem]

Too much of economics is guys without enough understanding of what they are doing playing with tools beyond their capacity to control.

It is not really a good deal to ignore problems, but it is better than just to make them worse by doing things seriously wrong.

Our professional economists are still like five year olds given 50HP chain saws and told off to make some kindling.

 

[sparky]

a liberal Fed ?

doling out bizillions to their own ilk @ % normal biz can't achieve ?

there's a world of better terms to describe this.....

~S~

 

[jillian]

To find out all we have to do is ask Bernie Sanders and remember that Obama voted to the left of Sanders while in the Senate. God help us all if Obama ever got to appoint a liberal inflationist Fed Chairman.

obama DID appoint a fed chairman, youi blithering idiot. it was ben bernanke.... the same guy who worked for baby bush.

 

[sparky]

Methinks he meant 'IF' BO had the chance to appoint Jillian

my take is BO would appoint who the banksters tell him to

~S~