{"id":5032,"date":"2015-01-29T20:58:46","date_gmt":"2015-01-30T01:58:46","guid":{"rendered":"http:\/\/olduvai.ca\/?p=5032"},"modified":"2015-01-29T20:58:46","modified_gmt":"2015-01-30T01:58:46","slug":"the-wreck-of-the-monetary-hesperus","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=5032","title":{"rendered":"The Wreck Of The Monetary Hesperus"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/davidstockmanscontracorner.com\/the-wreck-of-the-monetary-hesperus\/\" target=\"_blank\">The Wreck Of The Monetary Hesperus<\/a><\/h3>\n<p>For 73 months running the Fed has lashed the money markets to the gross financial\u00a0anomaly of ZIRP. Never before in the history of the world has any central bank or other monetary authority decreed that overnight money shall be indefinitely free to gamblers\u00a0or that liquid savers should have their hard earned wealth chronically\u00a0confiscated by negative returns after\u00a0inflation and taxes. And, needless to say, never have savers and borrowers in a free market struck a bargain night after night after\u00a0 night\u00a0at 0% for six years running, either.<\/p>\n<p>Yet now comes another Fed meeting and announcement that our monetary overlords will be \u201cpatient\u201d with zero cost money for\u00a0several more\u00a0meetings.\u00a0Indeed, there are even hints that\u00a0the era of ZIRP could extend beyond mid-summer\u2014that is, for more than\u00a080 months.<\/p>\n<p><em><strong>So an urgent question screams out. Don\u2019t these obstinate zealots realize that\u00a0zero cost overnight money has only one use, and that is to fund the carry trades of Wall Street gamblers?<\/strong><\/em><\/p>\n<p>Accordingly, are they not\u00a0even\u00a0more culpable\u00a0than Longfellow\u2019s skipper,\u00a0who perished along with the\u00a0fair daughter he lashed\u00a0to his ship\u2019s\u00a0mast because he insouciantly\u00a0belittled a ferocious\u00a0storm made by nature?\u00a0\u00a0By contrast, these benighted\u00a0folks at the Fed are actually\u00a0fueling\u00a0their own\u00a0hellish financial storm,\u00a0thereby leaving in mortal danger the\u00a0main street economy which\u00a0they, too, \u00a0have foolishly\u00a0nailed to the mast of ZIRP.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Wreck Of The Monetary Hesperus For 73 months running the Fed has lashed the money markets to the gross financial\u00a0anomaly of ZIRP. Never before in the history of the world has any central bank or other monetary authority decreed that overnight money shall be indefinitely free to gamblers\u00a0or that liquid savers should have their [&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":[246,303,305,534,1939],"class_list":["post-5032","post","type-post","status-publish","format-standard","hentry","category-economics","tag-economy","tag-fed","tag-federal-reserve","tag-monetary-policy","tag-zirp"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5032","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=5032"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5032\/revisions"}],"predecessor-version":[{"id":5033,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5032\/revisions\/5033"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}