{"id":18045,"date":"2016-02-20T14:26:30","date_gmt":"2016-02-20T19:26:30","guid":{"rendered":"http:\/\/olduvai.ca\/?p=18045"},"modified":"2016-02-20T14:26:30","modified_gmt":"2016-02-20T19:26:30","slug":"the-silver-age-of-the-central-banker","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=18045","title":{"rendered":"The Silver Age of the Central Banker"},"content":{"rendered":"
\n

The Silver Age of the Central Banker<\/a><\/h3>\n

We all sing along
\nBut the notes are wrong
\n<\/strong>– Matt & Kim, “Get It” (2015)<\/i>
\n<\/strong><\/p>\n<\/div>\n

\n

The strong do what they will, and the weak suffer what they must.
\n<\/strong>– Thucydides, \u201cHistory of the Peloponnesian War\u201d (c. 400 BC)<\/i>
\n<\/strong><\/p>\n<\/div>\n

\n\n\n\n\n
Xerxes:<\/strong><\/td>\nCome Leonidas, let us reason together. It would be a regrettable waste. It would be nothing short of madness for you, brave king, and your valiant troops to perish. All because of a simple misunderstanding. There is much our cultures could share.<\/td>\n<\/tr>\n
Leonidas:<\/strong><\/td>\nHaven’t you noticed? We’ve been sharing our culture with you all morning.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u2013\u00a0“300” (2006)
\n<\/em><\/p>\n<\/div>\n

\n

We have no eternal allies, and we have no perpetual enemies. Our interests are eternal and perpetual, and those interests it is our duty to follow.
\n<\/strong>– Henry \u201cThe Mongoose\u201d Temple, Viscount Palmerston (1784 \u2013 1865)<\/i>
\n<\/strong><\/p>\n<\/div>\n

\n

Rick Grimes:<\/strong>\u00a0[when he kills Shane<\/i>] YOU made me do this! Not me! YOU did!
\n– \u201cThe Walking Dead\u201d (2011)<\/i>
\n<\/strong><\/p>\n<\/div>\n

\n

\u201cI should have thought,\u201d said the officer as he visualized the search before him, \u201cI should have thought that a pack of British boys \u2013 you\u2019re all British, aren\u2019t you? \u2013 would have been able to put up a better show than that \u2013 I mean \u2013\u201d
\n<\/strong>\u201cIt was like that at first,\u201d said Ralph, \u201cbefore things \u2013\u201d
\n<\/strong>He stopped.
\n<\/strong>\u201cWe were together then \u2013\u201d
\n<\/strong>– William Golding, \u201cLord of the Flies\u201d (1954)<\/i><\/p>\n<\/div>\n

\nFor the past six plus years, ever since the Fed launched QE1 in March 2009, we have lived in an era I\u2019ve described as the\u00a0Golden Age of the Central Banker<\/a>, where the dominant explanation for why market events occur as they do has been the\u00a0Narrative of Central Bank Omnipotence<\/a>. By that I don\u2019t mean that central bankers are actually omnipotent in their ability to control real economic outcomes (far from it), but that\u00a0most market participants have internalized a faith that central bankers are responsible for all market outcomes<\/a>.<\/div>\n
<\/div>\n
\n

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

The Silver Age of the Central Banker We all sing along But the notes are wrong – Matt & Kim, “Get It” (2015) The strong do what they will, and the weak suffer what they must. – Thucydides, \u201cHistory of the Peloponnesian War\u201d (c. 400 BC) Xerxes: Come Leonidas, let us reason together. It would […]<\/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":[10321,6794,124,11737,303,305,661,662],"class_list":["post-18045","post","type-post","status-publish","format-standard","hentry","category-economics","tag-ben-hunt","tag-central-bank-omnipotence","tag-central-banks","tag-epsilon-theory","tag-fed","tag-federal-reserve","tag-qe","tag-quantitative-easing"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/18045","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=18045"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/18045\/revisions"}],"predecessor-version":[{"id":18046,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/18045\/revisions\/18046"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}