{"id":23613,"date":"2017-04-16T09:33:58","date_gmt":"2017-04-16T14:33:58","guid":{"rendered":"http:\/\/olduvai.ca\/?p=23613"},"modified":"2017-04-16T09:33:58","modified_gmt":"2017-04-16T14:33:58","slug":"fake-news-from-the-fed","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=23613","title":{"rendered":"Fake News From the Fed"},"content":{"rendered":"

Fake News From the Fed<\/a><\/h3>\n
\"FakeWhat you see in the media is mostly \u201cfake news.\u201d<\/div>\n
\n

Reuters had this story recently:<\/p>\n

Most Federal Reserve policymakers think the central bank should take steps to begin trimming its $4.5 trillion balance sheet later this year as long as the economic data holds up, minutes from their last meeting showed\u2026<\/p>\n

Provided that the economy continued to perform about as expected, most participants anticipated that gradual increases in the federal funds rate would continue and judged that a change to the Committee\u2019s reinvestment policy would likely be appropriate later this year,\u201d the Fed said in its minutes.<\/p>\n

This is the public spectacle \u2013 where tiny and often trivial bits of real news are conflated with vast myths and illusions.<\/p>\n

The Fed fiddles with short-term interest rates\u2026 President Trump tweets a threat to the Freedom Caucus\u2026 the GOP proposes a new health-care plan\u2026<\/p>\n

You can\u2019t know what any of these \u201cfacts\u201d mean without reference to a huge body of non-facts \u2013 beliefs, ideas, and prejudices, many of them absurd.<\/p>\n

Remember, a \u201cmyth\u201d is not necessarily untrue; it just can\u2019t be tested or disproven.<\/p>\n

And since reality is infinitely complex, and a myth can only reflect a small trace of it\u2026 no matter how attractive or \u201ctrue\u201d it is, the myth always leaves out more truth than it describes.<\/p>\n

Critical Narrative<\/strong><\/p>\n

We make no pretense of ever knowing the \u201ctruth.\u201d<\/p>\n

That would be impossible. All we can do is try to identify the most ridiculous myths\u2026 and find the most useful one, the one we can believe without getting kicked in the pants.<\/p>\n

Imagine you were a Jew in Germany in the 1930s\u2026 or a stock market investor in the US in 1929\u2026 or a merchant in Mosul, Iraq, in 2003.<\/p>\n

In each case, there were plenty of ways to understand what was going on. But the critical narrative was: Time to get out of town.<\/p>\n

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

Fake News From the Fed What you see in the media is mostly \u201cfake news.\u201d Reuters had this story recently: Most Federal Reserve policymakers think the central bank should take steps to begin trimming its $4.5 trillion balance sheet later this year as long as the economic data holds up, minutes from their last meeting […]<\/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":[2,6],"tags":[49,6190,122,2779,303,6228,534,683,3650],"class_list":["post-23613","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-balance-sheet","tag-bill-bonner","tag-central-bank","tag-fake-news","tag-fed","tag-international-man","tag-monetary-policy","tag-reuters","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/23613","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=23613"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/23613\/revisions"}],"predecessor-version":[{"id":23614,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/23613\/revisions\/23614"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23613"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}