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Autonomy of the Federal Reserve Is Praised by Media

Written by Gary North on September 23, 2013

With the 100th birthday celebration of the FED coming in late December, the media have begun serving as the FED’s “Amen corner.” This Associated Press article on Janet Yellen is typical. Her main qualification is said to be her independence of the President. WASHINGTON (AP) — Janet Yellen is now the clear front-runner to be […]

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No Taper. Of Course.

Written by Gary North on September 19, 2013

The financial media have been hyping the taper since mid-June. As September 18 drew near, the media were filled with predictions of a taper. As you know by now, I regarded the entire thing as nonsense. Bernanke announced no change. So, what else is new? The Wall Street Journal announced the news within minutes. The […]

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The FED Does Not Control the Federal Funds Rate

Written by Gary North on September 19, 2013

In an article on the Federal Reserve’s mythical September taper, which the financial media invented last June and never challenged, the editors at Bloomberg wrote this. How, then, can the Fed give companies the confidence they need to hire and invest, and get the market’s mind off tapering? A clue can be found in the […]

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Silly Market Analysts or Silly Central Bankers

Written by Gary North on September 17, 2013

Tomorrow, the Federal Open Market Committee will meet. It will decide: leave things alone, and then publish a press release, or tinker at the margin, and then publish a press release. We read this on Yahoo Finance. Since the June 19 FOMC meeting, all eyes have been looking down the calendar to September, when market […]

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Summers Out, Asian Stocks Up, Economic Analysis Gone

Written by Gary North on September 16, 2013

The inability of the financial media to explain economic causation never ceases to amaze me. The simplest ideas regarding cause and effect elude the analysts. This headline caught my attention: Asia stocks rise as Summers exits Fed contention. It was supplied by the Associated Press. Lawrence Summers is the former president of Harvard University who […]

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The Utter Bankruptcy of Keynesianism: Summers’ Opponents

Written by Gary North on September 16, 2013

Keynesian Lawrence Summers has submitted his resignation from contention as the next head of the Board of Governors of the Federal Reserve. This leaves Janet Yellen in top contention. Janet Yellen has been Bernanke’s chief supporter on the Board. She is Vice-Chairman. She is seen as “Bernanke lite.” This is a mistake. She is not […]

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From Mini-Taper to FOMC Exit: Janet in Neverland

Written by Gary North on September 16, 2013

The media is Twitterpated over the thought of a mini-taper from $85 billion a month ($1 trillion/year) in counterfeit money to a mere $75 billion ($900 billion/year). Why is this tapering expected? Not because hiring is robust. Not because pay is rising. Not because consumers are spending more. Not because economic growth is accelerating. None […]

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Taper Speculation at All-Time High

Written by Gary North on September 13, 2013

The financial media are universally predicting that the Federal Reserve will announce next week that it will cut back on buying bonds. This story is typical. Federal Reserve Chairman Ben S. Bernanke and his colleagues meeting next week are poised to take two steps that appear inconsistent. They will probably lower their estimates for growth […]

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