Or maybe they sum up the last five months of Fedspeak? I couldn’t decide which.
To be honest, the hullabaloo over the Fed’s communications is the least of my concerns. It’s outranked by actual policies, which appear to be once again destabilizing markets, encouraging reckless behaviors, perpetuating global imbalances and enriching the parasitic practitioners of so-called financial innovation at the expense of the middle class.
On the other hand, Chairman Bernanke claims that clear communications are a key part of his approach, forward guidance being one example of how he manipulates the economy by telling us what to expect.
And yet, it sure seems like the more he and his colleagues talk, the less we know about what they’ll do next.
