{"id":11612,"date":"2015-08-30T06:16:48","date_gmt":"2015-08-30T11:16:48","guid":{"rendered":"http:\/\/olduvai.ca\/?p=11612"},"modified":"2015-08-30T06:16:48","modified_gmt":"2015-08-30T11:16:48","slug":"the-central-bankers-malodorous-war-on-savers","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=11612","title":{"rendered":"The Central Bankers\u2019 Malodorous War On Savers"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/davidstockmanscontracorner.com\/the-central-bankers-malodorous-war-on-savers\/\" target=\"_blank\">The Central Bankers\u2019 Malodorous War On Savers<\/a><\/h3>\n<p>Well, that didn\u2019t take long!<\/p>\n<p>After\u00a0just three days of market turmoil the monetary politburo swung\u00a0into action. This time they sent out B-Dud to promise still another monetary sweetener. Said the head of the New York Fed,<\/p>\n<blockquote><p>\u201cFrom my perspective, at this moment,\u00a0<em><strong>the decision to begin the normalization process at the September FOMC meeting seems less compelling to me than it was a few weeks ago.\u201d.<\/strong><\/em><\/p><\/blockquote>\n<p>Needless to say, \u201cB-Dud\u201d is a moniker implying extreme disrespect, and\u00a0 Bill Dudley deserves every bit of it. He\u00a0is a crony capitalist fool and one of the Fed ring-leaders prosecuting a\u00a0relentless, savage war on savers. Its only purpose is to keep\u00a0carry trade speculators\u00a0gorged with free funding in the money markets and to bloat\u00a0the profits of Wall Street\u00a0strip-mining operations, like that\u00a0of\u00a0his\u00a0former employer, Goldman Sachs.<\/p>\n<p>The fact is, any one who doesn\u2019t imbibe in the Keynesian Kool-Aid dispensed by the central banking cartel\u00a0<em><strong>can see in an instant that 80 months of ZIRP has done exactly nothing for the main street economy<\/strong><\/em>.\u00a0Notwithtanding the Fed\u2019s\u00a0gussied-up theories about monetary \u201caccommodation\u201d and closing the \u201coutput gap\u201d the litmus test is real simple.<\/p>\n<p>To wit, artificial suppression of free market interest rates by the central bank is designed to cause households to borrow more money than they otherwise would\u00a0in order to spend more than they earn, pure and simple. Its nothing more than a modernized version of the original,\u00a0crude Keynesian pump-priming theory\u2014\u2013except it dispenses with the inconvenience of getting politicians to approve spending increases and tax cuts in favor of the writ of a\u00a0small posse of unelected monetary mandarins who run the FOMC and peg money market interest rates at will.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bankers\u2019 Malodorous War On Savers Well, that didn\u2019t take long! After\u00a0just three days of market turmoil the monetary politburo swung\u00a0into action. This time they sent out B-Dud to promise still another monetary sweetener. Said the head of the New York Fed, \u201cFrom my perspective, at this moment,\u00a0the decision to begin the normalization process [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[3858,8469,8545,124,5979,2120,303,305,376,1154,467,569,4916,1939],"class_list":["post-11612","post","type-post","status-publish","format-standard","hentry","category-economics","tag-banking-cartel","tag-bill-dudley","tag-central-banking-cartel","tag-central-banks","tag-contracorner","tag-david-stockman","tag-fed","tag-federal-reserve","tag-goldman-sachs","tag-interest-rate-policy","tag-keynesian-economics","tag-new-york-fed","tag-savers","tag-zirp"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11612","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11612"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11612\/revisions"}],"predecessor-version":[{"id":11613,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/11612\/revisions\/11613"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11612"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11612"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11612"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}