At the FOMC press conference on March 17th, Steve Liesman (not a bad name for a member of the mainstream media btw) of CNBC asked Federal Reserve Chair and Head of the FOMC (Federal Open Market Committee):[quote]Does the Fed have a credibility problem in the sense that says it will do one thing under certain conditions but doesn’t end up doing it and then frankly if the current conditions are not sufficient for the Fed to raise rates what would those conditions ever look like?[/quote]
So Yellen then begins to answer, “Well, let me start, let me start with the question of the Fed’s credibility……..” Now, pay close attention to the answer here. This will clarify any question you ever had, or ever will have, about the Fed’s credibility. I guarantee it……(call outs are added to the video to enhance your comprehension of the answer)
[youtube_advanced url=”https://www.youtube.com/watch?v=8u1S-tYMEts” controls=”no” rel=”no” theme=”light”]
So, are you clear now on the question of the Fed’s credibility? Unfortunately, shovels were not provided to the media present at the Q and A session. They certainly could have used them.
When questions that enter dangerous waters are posed to the Federal Reserve Chairman they invariably resort to their best and only tool- obfuscation! Yellen apparently is a master of the technique. Perhaps that above all is why she was chosen to replace Bernanke.
For an honest history of how the Fed was constructed and for what purpose (beyond the obfuscation) read, “The Creature from Jekyll Island: A Second Look at the Federal Reserve” by G. Edward Griffin. Janet will never put one over on you again. Read the book and you will clearly see why misdirection and indirectness are a necessary part of the Federal Reserve public face arsenal.
Without it, they would be in big trouble from a currently deceived public. Then again, with the high level of distraction to entertainment these days…….unfortunately and tragically…….perhaps not. What ever happened to the spirit of ’76?
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