{"id":5353,"date":"2015-02-07T08:17:49","date_gmt":"2015-02-07T13:17:49","guid":{"rendered":"http:\/\/olduvai.ca\/?p=5353"},"modified":"2015-02-07T08:17:49","modified_gmt":"2015-02-07T13:17:49","slug":"a-very-pernicious-partnership-keynesian-money-printers-and-wall-street-gamblers","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=5353","title":{"rendered":"A Very Pernicious Partnership: Keynesian Money Printers And Wall Street Gamblers"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/davidstockmanscontracorner.com\/a-very-pernicious-partnership-keynesian-money-printers-and-wall-street-gamblers\/\" target=\"_blank\">A Very Pernicious Partnership: Keynesian Money Printers And Wall Street Gamblers<\/a><\/h3>\n<p>No sooner was\u00a0the January jobs report released than the Wall Street Journal posted a succinct headline: \u201cHiring, Wages Pick Up as\u00a0<em><strong>Job Market Nears Full Health\u201d.<\/strong><\/em><\/p>\n<p>Whether the job market is actually\u00a0as red hot as the BLS\u2019 headline numbers is a debatable topic, but it is absolutely clear that the \u201cemergency\u201d the Fed cited 73 months ago when its pegged the money market rate a zero has long since vanished. Indeed, by the standards of all prior history,\u00a0ZIRP was a death bed remedy. Prior to December 2008, the Fed had never, ever pegged the funds rate at zero\u2014not even during the Great Depression.<\/p>\n<p>So\u00a0if the US economy did\u00a0generate\u00a0new jobs at the 4 million annual rate implicit in the November-January average, how is it that\u00a0not only is\u00a0the money market still pinned to the zero bound, but that the Fed\u00a0continues to energetically\u00a0waffle over how many more months it will remain there? Don\u2019t these people know\u00a0what the words \u201cemergency\u201d and \u201cextraordinary measures\u201d mean in plain English?<\/p>\n<p>Not that it really matters.\u00a0The truth is,\u00a0the stubborn and unaccountable\u00a0continuance of a\u00a0crisis era monetary policy in the face of a\u00a0purportedly\u00a0booming labor market reflects\u00a0something altogether different than economic common sense.\u00a0<em><strong>Namely,\u00a0it is the product of a\u00a0pernicious partnership of convenience between the Keynesian money printers who dominate the Fed and the gamblers who inhabit the Wall Street casino. Together they virtually smoother any recognition that the current\u00a0juxtaposition is just plain nuts.<\/strong><\/em><\/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>A Very Pernicious Partnership: Keynesian Money Printers And Wall Street Gamblers No sooner was\u00a0the January jobs report released than the Wall Street Journal posted a succinct headline: \u201cHiring, Wages Pick Up as\u00a0Job Market Nears Full Health\u201d. Whether the job market is actually\u00a0as red hot as the BLS\u2019 headline numbers is a debatable topic, but it [&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":[246,3264,431,467,538,860,1940,1939],"class_list":["post-5353","post","type-post","status-publish","format-standard","hentry","category-economics","tag-economy","tag-gambling","tag-interest-rates","tag-keynesian-economics","tag-money-printing","tag-wall-street","tag-zero-interest-rate-policy","tag-zirp"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5353","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=5353"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5353\/revisions"}],"predecessor-version":[{"id":5354,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5353\/revisions\/5354"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5353"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}