Group stink

And, when it comes to central banks, they’re absolutely, 110% committed to taking us on that highway to Hades.

The only thing today’s central bankers have a firm grasp on is their tools…policy tools that is.

And what an abject failure these tools have been.

But the Peter Panners remain completely blind to the mess they have created.

The following is an extract from the 5 August 2019 edition of theWall Street Journal.

The article was titled ‘America Needs An Independent Fed’, written by Paul Volcker, Alan Greenspan, Ben Bernanke and Janet Yellen.

I’m somewhat surprised Volcker put his name to this article. His legacy is one to be proud of…whereas the other three amigos…well, you be the judge.

Here’s an extract from the article…

As former chairs of the board of governors of the Federal Reserve System, we are united in the conviction that the Fed and its chair must be permitted to act independently and in the best interests of the economy, free of short-term political pressures and, in particular, without the threat of removal or demotion of Fed leaders for political reasons.

Collectively, we served our nation across nearly 40 years and were appointed and reappointed by six presidents, both Republican and Democratic. Each of us had to make difficult decisions to help guide the economy toward the Fed’s legislated goals of maximum employment and stable prices.

Here’s a quick look at the legacy of the three amigos.

The difficult decisions…lowering rates.

Must have been tough taking rates from the 20% range to the zero-bound level…and receiving all those accolades from Wall Street, financiers and borrowers.