The Federal Reserve Edition
I wasn’t planning on making this many “Don’t Trust The Experts” articles, but our friendly neighborhood “experts” just keep saying completely stupid things. So, here we are.
This time, we have a special Fed Reserve Economist edition.
In a discussion paper on the Fed’s website, Jeremy Rudd details exactly why our experts should not be trusted. As a primer, he is senior adviser at the Fed’s research and statistics division. He has served at the U.S. central bank since 1999. He also graduated from Princeton.
As you probably can guess by the general theme of these articles, the discussion paper is a cataclysmic failure.
With gems such as these:
Using inflation expectations to explain observed inflation dynamics is unnecessary and unsound
Mainstream economics is replete with ideas that “everyone knows” to be true, but that are actually arrant nonsense
[With the necessary note that he is only talking about “mainstream” things that go against the leftist worldview – things that have been empirically proven time and time again over decades. Which is why “everyone knows”.]
And the best of all:
One natural source of concern is if dubious but widely held ideas serve as the basis for consequential policy decisions.*
* [footnote] I leave aside the deeper concern that the primary role of mainstream economics in our society is to provide an apologetics for a criminally oppressive, unsustainable, and unjust social order.
Mainstream economics is certainly corrupted, but it is corrupted by people like him. Mainstream economics acting as apologetics for fighting against the leftist social (dis)order that is overtaking everything? Please, we could only wish for something so true. That’s a pipe dream of mine.
Just consider the last quote for a minute. A leading senior adviser at arguably one of the most important institutions in our country thinks that his entire field is meant to support a “criminally oppressive… unjust social order“.
This is the guy aiding in the most important money discussions in this country. This is the professional advising on how much money is circulated. This is the guy telling us what’s going to happen with inflation. This is the guy that works for an institution that has practically zero accountability but full control over your financial situation.
It is objectively obvious that he cares less about the field than he does the supposed “social order”. So, keep that in mind when the Fed tells you something. Are they actually interested in the domestic economy and your country’s longterm financial security… or do they have other things on their mind?
Meditate on that for a bit.
But, as always, Blindly Trust The Experts™.