Thursday, November 14, 2013

Janet Yellen: I Am a Major League Money Printer

Janet Yellen will say the US economy is performing “far short” of its potential at her confirmation hearing this morning  in prepared remarks that justify continued monetary stimulus, reports FT.

“We have made good progress, but we have farther to go to regain the ground lost in the crisis and the recession,” the nominee for chair of the US Federal Reserve will say, according to prepared testimony.

“Unemployment is down from a peak of 10 per cent, but at 7.3 per cent in October, it is still too high, reflecting a labour market and economy performing far short of their potential,” she will say.

“For these reasons, the Federal Reserve is using its monetary policy tools to promote a more robust recovery. A strong recovery will ultimately enable the Fed to reduce its monetary accommodation and reliance on unconventional policy tools such as asset purchases.”


6 comments:

  1. She omitted a sentence. “A strong recovery will ultimately enable the Fed to reduce its monetary accommodation and reliance on unconventional policy tools such as asset purchases. This will then result in the next recessionary period which will allow us to resume our monetary accommodation."

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    1. The economy will never be able to grow....With a 4t dollar balance sheet what happens if they start selling. Unless they never intend to sell, which means the destruction of capital and 0% interest rates forever. Bernanke's box has gotten so large all they see is dark with a large train light headed their way

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  2. So we go from Mr. "I love to print" Helicopter Bernanke to this dumb broad. From terrible to horrid. Great....

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    1. Here here!!! We've got the ECB bimbo and this one. We are soooooo f'ed!

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    2. Trying to look at the glass half full, maybe it will be the coup-de-grace that ends the suffering more quickly.

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  3. It is a great mistake to claim that someone is stupid when they can keep finding excuses to counterfeit money and convince otherwise intelligent people that they are saving the world as they loot it. Nasty, yes. Stupid, no.

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