Tuesday, April 10, 2012

The Fed Speaks and Speaks and Speaks

I have never quite seen a week like this. Fed Chairman Ben Bernanke spoke yesterday, but it starts a week of Fed governors and presidents speaking and speaking and speaking:


Fed Gove Daniel Tarullo Speaks
10:00 AM ET

Boston Fed Prez Eric Rosengren Speaks
10:30 AM ET

Minneapolis Fed Prez Naryana Kocherlakota Speaks
12:15 PM ET

Dallas Fed Prez Richard Fisher Speaks
12:30 PM ET

Atlanta Fed Prez Dennis Lockhart Speaks
12:45 PM ET

On Wednesday:

Lockhart Speaks (again)
8:20 AM ET

Kansas City Fed Prez Esther George Speaks
9:30 AM ET

Rosengren Speaks (again)
10:30 AM ET

St. Louis Fed Prez James Bullard Speaks
4:00 PM ET

Fed vice-chairman Janet Yellen Speaks
7:30 PM ET

On Thursday:

NY Fed Pres William Dudley Speaks
7:15 AM ET

Dudley Speaks( for a second time on Thursday!)
11:00 AM ET

Philadelphia Fed Prez Charles Plosser Speaks
12:30 PM ET

Minneapolis Fed Prez Naryana Kocherlakota Speaks
1:00 PM ET

Fed Gov.Sarah Bloom Raskin Speaks
3:00 PM ET

On Friday:

The week is closed out by the heavy hitters speaking again:

Dudley Speaks (yet, again)
8:00 AM ET

Bernanke Speaks (again)
1:00 PM ET

I have never seen a calendar week with so many Fed speeches. So what's up with all this speaking?  Is it because Lent and Passover are over and they are comfortable sinning again?


  1. The purpose of these appearances is to allow the TV networks the opportunity to present these clowns as wise, but boring and indecipherable, sages and priests. C-Span recently ran and re-ran an hour of the WSJ’s Jon Halsenrath reverential treatment of Bernanke lecturing at George Washington business school:


    Am I wrong or we back to there being no Austrians ever on even the 24 hour news channels? Even MMT lunatic Mike Norman is a regular on CNBC:


    Mike Norman seriously claims that the Fed is not debasing the dollar. But he limps away when challenged:


    All of these folks are so obviously so afraid of us that they will NEVER engage either us or our ideas.

  2. I'm going to be wildly optimistic and say that all these speaking engagements for the Bernanck are a response to the Ron Paul Revolution.

  3. Bob Roddis:

    Wow, that Mike Norman is an idiot. He actually believes the dollar has not been devalued...and why? Because the productivity of labor has risen? Good lord.

    1. Yeah, that's all they have is the sweat equity of our labor and future generations! And just how long is it going to take for us to realize that? Good Lord indeed.

  4. Apparently, MMT is on a roll. It’s hard to say where the dishonesty starts and the stupidity begins. Mike Norman has doubled-down on his claim that the dollar has not lost its value. Look, Norman, you moron, the dollar has indeed lost 96% of its value while simultaneously what one can buy in terms of real goods and services with the same amount of human labor has skyrocketed. Norman, you are dishonest and a liar, and pretty bad liar to boot.


    Also, FORBES magazine seems to have gone MMT.


    I personally love Myth No. 2: Treasurys crowd-out private financing. When a person buys treasury bonds, he can always use that very same money at the very same time to make loans to entrepreneurs to improve upon the efficiencies of capital goods, right? Just because I spend it, doesn’t mean I still don’t have it, right? OMG. These people have no shame.


    Always note that no Keynesian ever engages even basic Austrian School concepts. Those concepts are like Kryptonite to the tiny-brain Keynesian.

    Back in 2008, I would have certainly never predicted that an even more extreme strain of Keynesian lunacy would prevail after the prior extreme Keynesian lunacy which caused the housing boom. But there it is.