{"id":15595,"date":"2015-12-23T11:37:24","date_gmt":"2015-12-23T16:37:24","guid":{"rendered":"http:\/\/olduvai.ca\/?p=15595"},"modified":"2015-12-23T11:37:24","modified_gmt":"2015-12-23T16:37:24","slug":"no-courage-feckless-experiments-and-the-deep-state","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=15595","title":{"rendered":"No Courage, Feckless Experiments and the Deep State"},"content":{"rendered":"<div class=\"art-postmetadataheader\">\n<h3 class=\"art-postheader\"><a title=\"Permanent Link to No Courage, Feckless Experiments and the Deep State\" href=\"http:\/\/www.acting-man.com\/?p=42263\" rel=\"bookmark\">No Courage, Feckless Experiments and the Deep State\u00a0<\/a><\/h3>\n<\/div>\n<div class=\"art-postheadericons art-metadata-icons\"><strong>Hosannas and Hat-Tipping<\/strong><\/div>\n<div class=\"art-postcontent\">\n<p>Today\u2019s post is about you dear reader\u2026 and the world you live in. That world got notice last week that henceforth short-term interest rates would be more than zilch. From all over the planet came hosannas and hat-tipping.<\/p>\n<p>Some commentators congratulated the Yellen Fed on its careful stewardship\u2026 others applauded the strength of a U.S. economy that permitted a \u201creturn to normalcy.\u201d But some fretted, too\u2026<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-42265\" src=\"http:\/\/www.acting-man.com\/blog\/media\/2015\/12\/hat-tipping.jpg\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" srcset=\"http:\/\/www.acting-man.com\/blog\/media\/2015\/12\/hat-tipping-300x222.jpg 300x, http:\/\/www.acting-man.com\/blog\/media\/2015\/12\/hat-tipping.jpg 719x\" alt=\"hat tipping\" width=\"640\" height=\"473\" \/>An overenthusiastic outbreak of hat-tipping\u00a0Photo credit: Jeremy Daniel<\/p>\n<p>Perhaps it is too soon, they thought. What if the economy failed to reach \u201cescape velocity\u201d? And what if the Fed \u2013 like has happened to so many other central banks around the world \u2013 was forced to beat a retreat?<\/p>\n<p>The first few hours of trading after the Fed\u2019s move seemed to confirm its wisdom: U.S. stocks traded higher. But over the following two days, the Dow lost more than 600 points. Then on Monday, it found its feet with a 123-point increase.<\/p>\n<p>A quarter of a percentage point rate hike is piddling. But supposedly, it signals a new regime \u2013 a recovering economy that can afford to pay rates of interest more closely connected to the real world.<\/p>\n<p>At the\u00a0<em>Diary<\/em>, we never claim to know what is true\u2026 what is right\u2026 or what the future will bring. The best we can do is to try to recognize error. And then, only big ones. But here we need no careful regard for the details.<\/p>\n<p>Here, big as life, we see George Armstrong Custer riding to the Little Big Horn. We see the Titanic\u00a0headed out of Southampton harbor. We see Lenin headed back to Russia\u2026 Napoleon back to France\u2026 and another Bush or Clinton headed back to the White House\u2026<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>No Courage, Feckless Experiments and the Deep State\u00a0 Hosannas and Hat-Tipping Today\u2019s post is about you dear reader\u2026 and the world you live in. That world got notice last week that henceforth short-term interest rates would be more than zilch. From all over the planet came hosannas and hat-tipping. Some commentators congratulated the Yellen Fed [&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":[2,5,6],"tags":[6275,6190,199,303,305,431,534],"class_list":["post-15595","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","category-liberty","tag-actingman","tag-bill-bonner","tag-deep-state","tag-fed","tag-federal-reserve","tag-interest-rates","tag-monetary-policy"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15595","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=15595"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15595\/revisions"}],"predecessor-version":[{"id":15596,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15595\/revisions\/15596"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}