by MN Gordon Economic Prism
More evidence was offered over the weekend validating our prediction for 2014. If you recall, at the beginning of the year we gazed deep into our crystal ball and saw a vivid image of the earth not getting warmer…but cooler. So far this guess has been right on the money.
“Pittsburgh is dealing with one of the coldest summers in history, and it’s having an effect on the trees,” reported CBSPittsburgh. “Friday morning temperatures fell into the 40s in Western Pennsylvania.
“Meteorologists say these cold temperatures are leading to trees changing colors in the middle of August. ‘“This is extraordinary for August, and certainly is a reflection of the prevalence of cool weather,’ KDKA Meteorologist Dennis Bowman said.”
Of course, we bring up our prediction of global cooling to pat ourselves on the back. We rarely hit the bull’s-eye with such accurate prescience. We must allow ourselves to gloat about our occasional triumphs.
So, too, we bring it up to grin and giggle at the consensus view for being so far off the mark. Scientists will twist and fabricate whatever numbers they can to their liking. Moreover, where agenda money’s involved – like from Al Gore – scientists will certify the most absurd claims.
A Very Full Rib Tickler
The point is, in both public and private life you must always be weary of blowhards and brokers. Mutual fund fees can parasite your retirement account and line the pockets of a questionable industry. Rare is the broker who’ll base his earnings on the performance of his recommendations. They’d rather collect fees when you lose money too.
From another questionable industry come the public servants. Up and down the spectrum, from the local to the federal level, these rubber spine fellows game the system in the most inexplicable ways. What’s more, they do it over and over again.
Some politicians have the grace and dignity to quietly exit public office and fade away. Others, unfortunately, hang around long past their expiration. They become laughingstocks…like Hillary Clinton.
For example, the other day we saw Hillary’s hollow mug on the cover of her recent book – Hard Choices. It was situated in the discount book section at Target. The empty title of the book and her empty face made for a very full rib tickler.
Yet it’s not just Hillary that’s so dang funny. Nearly every politician is some sort of cartoon caricature. John Boehner, John McCain, John Kerry, Chuck Hagel…come on? These guys are downright hilarious.
Janet Yellen’s Big Surprise
Then there’s the President. We’re not sure what’s more comical about the guy. Is it his name? Is it his ears? Or is it the gosh darn things that come out of his mouth when he moves his lips? Good grief!
But nothing is more humorous then Janet Yellen and her cohorts at the Federal Reserve. They actually think they can bring wealth and abundance to the world by emitting massive amounts of digital monetary units. No kidding, they have graphs and charts to prove it.
This week all the heavy hitters of the monetary policy realm will gather in Jackson Hole, Wyoming, for their annual powwow. There they will pontificate upon the glories of artificial interest rates and the brilliance of a centrally planned economy. They may even offer a hint or inkling about how much longer they’ll press the federal funds rate to zero.
The theme for this year’s conference is “Re-Evaluating Labor Market Dynamics.” We don’t quite comprehend what this means. But it may have something to do with the fact that the unemployment rate and the labor participation rate are declining in tandem.
Yellen will provide the keynote address on Friday. What is it that she could possibly say? “I don’t think she’s going to go anywhere close to monetary policy,” said Stephen Lewis, chief economist at ADM Investor Services.
Here at the Economic Prism we expect Janet Yellen to offer a big surprise. Stay tuned…
[MN Gordon (send him email) is the editor of the Economic Prism. Visit Economic Prism. The Economic Prism is published by Direct Expressions LLC. Subscribe Today to the Economic Prism E-Newsletter at http://www.economicprismletter.com]