And You Thought Bernanke Was Bad: Brad Delong Fantasizes About Replacing Him With A $6 Trillion Quantitative Easer
BREAKING NEWS: Janet Yellen To Run The World
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Sadly, this is not a joke. The discussion of possible Bernanke replacements has already begun, and Brad Delong is positively giddy about the prospect of a new and improved Fed Chairman willing to do $6 trillion in monetary stimulus (quantitative easing through the purchase of longer-dated Treasuries) between now and October.
You read me right. These shameless political econo-trolls (Keynesians are more politician than economist as they advocate massive spending as a means to win elections, all notions of fiscal sanity be damned) are more dangerous to your children than any other form of human species. They would gladly sacrifice $6 trillion to keep their party in power.
The seemingly benign task of reading their polluted machinations sends me into near apoplexy. I have no words to express the disgust I have for these creatures, who would suggest we mortgage your children's future via absolute dollar destruction, so that their side might retain a few more House seats in November.
Without words, I will resort to the only thing I have left: raw emotion. Fuck you Brad Delong. You are the most irresponsible, despicable Keynesian econo-troll I have ever come across, including your cousin Krugman. May you and your kind (Keynes) lose power and may you personally get buried under 2,000 pounds of Ding-Dongs inside your Berkeley headquarters. And do not share the processed chocolate delights with your soulmate Christina Romer, as she, like you, has had plenty already.
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Super Galactic Queasing
Excerpt:
No Exit: The Case for $6 Trillion More Monetary Stimulus, by Joseph Gagnon, Peterson Institute for International Economics: A lively debate is under way between those who want more fiscal stimulus to create jobs and those who worry that our national debt is already too high. Both sides are ignoring the obvious alternative--one that would create jobs and lower the deficit. In a newly-posted Policy Brief, I present the argument for easier monetary policy in all the main developed economies.
As the latest job figures demonstrate, the economies of the United States, the euro area, Japan, and the United Kingdom are suffering from historically high rates of unemployment. In all four economies, the overwhelming majority of forecasters see weak economic growth and lackluster job creation over the next two to three years. In Washington, the Obama administration has just held a Jobs Summit, underscoring the concern about how to put more Americans back to work. Clearly, we need more macroeconomic stimulus to reduce the suffering and allay the long-term damage caused by persistent unemployment as well as to ward off the risk of harmful deflation. But record peacetime fiscal deficits and rapidly rising public debt point to monetary policy, rather than fiscal policy, as the way to go.
Short-term interest rates already have been reduced to near zero. But the Federal Reserve and its counterparts have other tools to use for monetary stimulus. Over the past year, the Federal Reserve and the Bank of England have pushed down long-term borrowing costs for both the public and private sectors through their large-scale purchases of long-term bonds. There is considerable scope for additional purchases to drive borrowing costs even lower. The European Central Bank and the Bank of Japan should join the Federal Reserve and the Bank of England in combined purchases of an additional $6 trillion in long-term bonds designed to push 10-year bond yields down another 75 basis points.
At a time of concern about fiscal deficits, it is important to note that reducing yields on government debt actually reduces the federal deficit. Reducing yields on private debt will also speed the repair of private sector balance sheets and encourage businesses to invest and expand employment. A more rapid recovery further reduces fiscal deficits by raising revenues.It is time to stop arguing about tradeoffs. Monetary policy can create jobs and reduce the deficit at the same time.
I would prefer a different word than "monetary policy" to describe Joe Gagnon's proposed policy: it affects the economy not by changing the monetary base but rather by changing the riskiness and duration of the asset pool held by the private sector, and thus seems to me to be more banking than monetary policy. But it is a coherent plan based on a coherent, and in my view likely to be accurate, view of the world.
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DB Here. Under this plan the Dollar would be destroyed, Euro dysfunction be damned
It's a short term fix (that would boost jobs only in the near term) that is shamelessly political in nature, and is outlandish even by lax, econo-troll standards. Gagnon and Delong would obviously do anything to see their side win, and in a just world, the mere suggestion of this idea really ought to disqualify them from ever being taken seriously again.
Oct 8, 2013 at 7:46 PM
Reader Comments (83)
I like THIS one...
"And there is no sign in financial markets that we are close to the edge of America’s debt capacity right now. And our reserve army of the unemployed is larger than the U.S. armed forces at their World War II peak."
YAY, It's the FSA (Free Shit Army), led by none other than Brad Delong, Asshole General under command of the North American Expeditionary Forces of the Federal Reserve!
MOAR free monies! MOAR printing! MOAR 'bamaphones, bitchez!
Too many Ding-Dongs do that to your face, you know, Brad...
Anyone with half a brain and a computer can do the research and find that this organization has never represented the American Majority, it's actions always favor the ultra rich and corporate elite. The fact that 95% of the value of our currency has vanished under the FED's 100 years of mismanagement should have put an end to the FED long ago. Instead we now have quantitative easing, (" the greatest backdoor Wall Street bailout of all time.") setting our children and grandchildren up to be slaves for the Oligarchy thats turning the U.S. into a third world country.
Get your heads out of the sand people, it's later then you think.
http://rare.us/story/ex-federa...
http://rt.com/op-edge/end-fed-...
http://rt.com/usa/quantitative...
http://www.youtube.com/watch?v...
http://rare.us/story/ex-federal-reserve-official-quantitative-easing-the-greatest-backdoor-wall-street-bailout-of-all-time/
http://rt.com/op-edge/end-fed-us-paul-crisis-673/
http://rt.com/usa/quantitative-easing-fed-official-610/
http://www.youtube.com/watch?v=bBx2Y5HhplI
democracy with monopoly/privatization
and the ally (spouse sometimes is enough)
demonizing to make afraid of being demonized
the disapprover.
what's telling is today the demonizers are all gay
the more witchhunt'y paranoid insulting the likelier gay
Hitler was gay. The Nazi leadership was gay.
The annihilation of German gays preceded the Jews.
The pop psych on the radio's scapegoat'y and a demonizer of
gays likely because the ideal ally is like that.
The son of that will be gay.
Gay gene passes maternally is consistent with prior
basis of homosexuality man hating mother and especially
Peter Pan Syndrome.
WItchhunt is the original basis of psychiatry.
It's also the proof of morality.
The author(s) of Oz understood that.
That's why the W. Wtch of Oz was proof of morality
despite its coining of "witchhunt" itself, originally.
We are becoming a world where only financial maneuvers are profitable. A world of grift. The new Pope knows this and is beginning to speak out. But, I think we are ultimately so screwed.
Happy New Year to all, and particularly to DB, wherever he is...
http://www.silverbearcafe.com/private/12.13/comingout.html
Happy New Years everybody!!!
http://www.liveleak.com/view?i=3e8_1364168554
The Golan Oil, Rupert Murdoch, Rothschild..
for the same reason Israel can't
give up plutocracy.
Witchhunt's the demagogue
substituting democracy with
privatization and the mouthpiece
demonizing to make afraid of
being demonized any disapprover.
The leading bankers are the
bankers to the Vatican.
They understand they're part
of a proving that included
demagogues replacing democracy
with privatized government and
markets with monopoly protected
by government for pay (mafia
model.) They simply don't
know how to come clean.
Disapprovers have been called
gay, equating sociopathy and
masculine insecurity with
morality.
Ego defenders in turn are still
part of the community defined
by masculine insecurity and
the associated judging partners.
American Jews have sold out to
a fascist state in return for
support of a privatized Israel.
Inappropriate privatization is
feudalism and the goal of fear
and control.
If you're getting bullied just say
your being right handed and having
a ring finger longer than your index
finger means it's statistically almost
impossible for you to be gay.
The MORE macho, the likelier gay
news.bbc.co.uk/2/hi/science/nature/695142.stm
http://www.slate.com/articles/news_and_politics/chatterbox/2001/03/does_being_a_jock_make_a_man_gay.html
http://www.berkeley.edu/news/media/releases/2000/03/03-29-2000a.html
http://www.sciencedaily.com/releases/2000/07/000710071931.htm
Russia's population is collapsing
cause if forces gays to marry
heterosexually.
http://www.bild.me/bild.php?file=3016012img069.jpg
https://duckduckgo.com/?q=newsweek+carren+strock+a+painful+discovery
a little rougher:
http://pageeasy.com/aconveyedproving123/
elsewhere on the web it's explained
how this is part of a conveyed
proving (information lives,
math, morality and history are one)
with the Lost Tribes proving
love must be a living information
while the other leg in history
is judging to control to enslave
banks, health, food, etc. and some
dame happily calling unmanly anyone
who doesn't like it is descended from this.
https://duckduckgo.com/?q=rothschild+banker+to+the+vatican
It's symbol of love errant for control, and
its sellout.
Israeli Jews are aware, whereas AIPAC members
are not.
That's why AIPAC members are unaware almost
100,000 Jewish Israelis have moved to Germany
for comparative freedom, while perennially
over 200,000 demonstrate against plutocracy
and privatization in Israel.
Except it's actually technically illegal today
to protest privatization and plutocracy in Israel.
http://www.vice.com/en_uk/vice-news/israel-radical-left-part-1
Part of that has to be understood
by way of knowing that the most
zealous religiously know ancient
Israel WAS a plutocracy that DID
declare being gay a capital status
crime (death for existing.)
AIPAC members would have you believe,
for various reasons respectively,
liberals are anti-Semitic, conservatives
are anti-Semitic, and one by one the
citizens of virtually every European
nation are anti-Semitic.
It's of course a general paranoia, played
for plutocracy. There's an understandable
"transference" from scapegoating along
history.
In fact, though, everyone's history
is actually confirmed, despite the
errors. Except, judging to control to
enslave exists at the expense of love.
Here is how it is virtually the entire
religious right is gay and virtually every
murderer of straight married men with
children mistaken for gay have proved
being gay. They've also murdered
newly widowed men. They've caused
their sons to bully in most schools, with
millions suffering for life because of it.
http://www.bild.me/bild.php?file=3016012img069.jpg
http://articles.economictimes.indiatimes.com/2014-02-14/news/47336502_1_orientation-genes-chromosome
Besides
https://duckduckgo.com/?q=rothschild+banker+to+the+vatican
was C. Richelieu/Napoleon
birth of psychiatry
identification of the Peter Pan Syndrome
But the events, though they mimic the
immoral negative side of the Bible
(the part meant to be rejected,) it may
not have been entirely imitative of
a formula. The events were foretold
by Nostradamus, who saw them as confirming
prophesy. Nostradamus was a Jewish
physician and son of a Jewish master of
Kabbalah who became a priest and found
Catholic prophesy valid, even if he
otherwise would have pursued this path
to conform and gain access to books.
If our leaders are errant and
communicative with people described
in the Bible, then they are communicating
with the errant ones, and others are
trying to say history defines love.
Jews and Muslims please meet at
the Dome so as to have this proved.
back-up email for proof
of ownership or lose
the hotmail account in
several days
if you (like me obviously) no longer
have access to that old linked
account that you yused for
creating your msn account many
years ago, there's literally no
way of otherwise retaining your
hotmail account
so you MUST download your
data and say goodbye to MSN
The politics of masculine insecurity, the economics of the mafia,
was simply the first element of divide and conquer.
Follow the oligarch or be called unmanly, is any name calling
by any kid, and any imaginable division or basis of control
by judging or reaction by judging.
The child will be a gay fascist simply because the
scapegoating parents will include a parent
inclined in the scapegoating community to
marry heterosexually. The family genetic
passes maternally. It's not about one or other
gender being made defensive. It simply passes
maternally.
At best the child will be arrogant.
It will have been taught judging and ego defense.
Israel's a product of this alliance not wholly, but
largely. Even AIPAC members largely don't
know this, though some undoubtedly do but
welcome the bargain. Others are likely simply
zealous after ancient standards, which would be
fully congruent of the arrangement.
The follower of scapegoating for oligarchy
are no less fascist. That's why perfectly
well intended but confused Jews don't
understand the disconnect.
It runs parallel to the use of Jack Ruby and Jack
Abramoff.
The errors simultaneously prove the prophesies of
each (including Catholic,) and validate each.
In other words, it's an errant meant to be.
It may be a history given to us.
History is information, as is everything, and as is love.
designation Rothschild upon the marrying of his
family to that of Pope Clement
(Aldobrandini.)
Somewhere thereafter was invented
privatizing food with gmo's and some
broad calling you gay if you don't like it.
She be unwilling to accept her being gay
will transfer the gene after teaching scapegoating.
Hitler killed gays first.
Then he killed Jews.
Hitler was gay.