{"id":13887,"date":"2015-10-28T06:35:02","date_gmt":"2015-10-28T11:35:02","guid":{"rendered":"http:\/\/olduvai.ca\/?p=13887"},"modified":"2015-10-28T06:35:02","modified_gmt":"2015-10-28T11:35:02","slug":"the-federal-reserve-illusion-of-understanding-illusion-of-control","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=13887","title":{"rendered":"The Federal Reserve: Illusion of Understanding, Illusion of Control"},"content":{"rendered":"

The Federal Reserve: Illusion of Understanding, Illusion of Control<\/a><\/h3>\n

The net result is nonsensical policies that fail to achieve their stated objectives.<\/i><\/p>\n

We live in an era of illusion:<\/b>\u00a0the illusion of understanding, and the illusion of control.<\/p>\n

\"\"<\/p>\n

Few institutions reflect these illusions better than the Federal Reserve<\/b>, though the Pentagon, Congress, the Imperial Presidency, the sick-care cartel and the higher education cartel are certainly giving it a run for its money.<\/p>\n

The foundation of the illusion of understanding is data–Big Data.<\/b>\u00a0That the Fed has no idea of how the real economy actually functions is painfully apparent. But the state’s vast flood of data, neatly organized into slop-troughs that suggest precision, creates a very compelling\u00a0illusion of understanding<\/i>: media shills go to absurd lengths to treat bogus or marginal data as the equivalent of the tablets brought down by Moses.<\/p>\n

Sorry, Corporate Media: the unemployment rate and the official rate of inflation are not real. They are illusions rigged to lull the masses and enrapture the simulacrum\u00a0experts<\/i>\u00a0living high on the hog in academia, NGOs (non-governmental organizations) and think-tanks.<\/p>\n

Here is the reality, as expressed by IMF Chairwoman Christine Lagarde:<\/b>\u00a0what passes for precise data is a guesstimate at best, and a carefully executed distortion at worst.<\/p>\n

\"\"<\/p>\n

The net result is nonsensical policies that fail to achieve their stated objectives.<\/b>\u00a0Even more tragicomic, the spokespeople tasked with presenting this failure to the Great Unwashed are forced to speak gobbledigook that borders on the psychotic if taken at face value.<\/p>\n

For example, Janus Yellen must claim she is planning to raise interest rates while also proclaiming that she’s keeping rates at zero for the indefinite future.<\/b>\u00a0If a non-Elite person rambled on in this fashion, they would be tossed in jail as a 51-50 (involuntary psychiatric hold).<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

The Federal Reserve: Illusion of Understanding, Illusion of Control The net result is nonsensical policies that fail to achieve their stated objectives. We live in an era of illusion:\u00a0the illusion of understanding, and the illusion of control. Few institutions reflect these illusions better than the Federal Reserve, though the Pentagon, Congress, the Imperial Presidency, the […]<\/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":[127,6177,2299,190,303,305,8766,418,431,451,534,4924],"class_list":["post-13887","post","type-post","status-publish","format-standard","hentry","category-economics","tag-charles-hugh-smith","tag-christine-lagarde","tag-control","tag-data","tag-fed","tag-federal-reserve","tag-illusion-of-control","tag-imf","tag-interest-rates","tag-janet-yellen","tag-monetary-policy","tag-oftwominds"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/13887","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=13887"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/13887\/revisions"}],"predecessor-version":[{"id":13888,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/13887\/revisions\/13888"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13887"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13887"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}