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Jim Cook

 

RUNAWAY SOCIAL SYMPATHY

Every once in a while I switch the TV channel from Fox to CNBC to see what the liberals are saying.  After listening awhile I get a deep sense of hopelessness and foreboding for our country.  The most important thing for the left is giving money to people.  They are happy to see the growth of food stamps, disability payments, housing subsidies, free healthcare and all the other welfare benefits.  They utterly fail to see the damage it is doing to the recipients.  Whole cities that once flourished have deteriorated into rotting eyesores populated with shambling hulks of chemically dependent drones.  These people are no longer employable.  They have become incompetent and helpless and the liberals can’t see that it’s their doing.

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The Best of Jim Cook Archive

 

Condensed Articles

August 6, 2014

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FED-UP
By Ty Andros

(condensed)

Fed chair, Janet Yellen, commenting on recent legislation urging the Fed to create a mathematical rule to guide future interest rate decisions: "It would be a grave mistake for the Fed to commit to conduct monetary policy according to a mathematical rule."

Keep in mind the Fed has been flying by the seat of its pants since the global financial crisis erupted.  Policies previously unseen in history (other than Zimbabwe, the Weimar republic, and Argentina) such as unlimited money printing and zero bound interest rates for almost 6 years are illustrations of financial and monetary systems on life support.  Money is at no cost to the banks and government but priced expensively for the public, and savers who earn nothing on their accumulated life savings.
The very idea that unaccountable mandarins of money need to play without rules or guidelines should have been halted decades ago.  Now, it is too late to do so.  Normalization of rates will bring down more things than any of us can imagine as the world is awash in financial assets which yield little or nothing.  This is malinvestment in the classic Austrian definition.