JANET YELLEN IS A COWARD
Headline:
Yellen Is Loathe To Change Easy Money Policy
With her diminutive stature, dutch-boy haircut and puffy facial features Janet Yellen certainly does not look like a leader…more like a Brooklyn grandmother eager to tell you her special recipe for
chocolate chip cookies. In this case, unfortunately, her appearance does not deceive.
You might ask What Are The Traits of a Leader? Naturally, there are many but one trait, I can assure you, that does not define a leader = COWARDICE…and that dubious characteristic seems to describe Yellen’s recent tenure at The Federal Reserve.
It is a strong statement. I am aware. But, sadly, it is an assertion that is not too difficult to support.
Definition of Coward:
a person who lacks courage in facing danger, difficulty, opposition, pain, etc.
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First of all, Yellen has demonstrated no thought leadership at The Fed. She is simply “preaching the same gospel” as her nerdy predecessor Ben Bernanke. I suppose that since her “hero” [her words] decided that debt monetization and interest rate suppression were a sound strategy for the economy then she might as well continue with the same approach…despite its limitations. This copycat approach seems to suit her well and, of course, that is unfortunate. Her lack of rational action, with respect to interest rate policy, reminds me of those that just do not have the courage to think for themselves…always wanting to piggyback on other people’s ideas rather than to devise thoughts of their own. Anyway it seems change is not in Yellen’s DNA [as it would require original thought] while she is forcefully fighting a logical change of course on interest rate policy. Maybe because any type of change is painful [see definition of coward above] even if the change itself is relatively minor [as in a 25-75 basis point increase in interest rates]?
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