"The decline of Candy Crush Saga will be more than offset by our new IP"
It's hard to admit that one is only being used as a conduit to hoover up loose cash coming from suckers and badly managed pension schemes, all driven by the relentlessly burning heat of our socialistic money printing policies.
As is well-known, one of Tobin’s first students to be conferred a PhD after he repaired from his Washington follies to Yale was Janet Yellen. That was 1971. If Keynesian economics in a national bathtub that was not at all a closed system was nonsense even then, it surely is nothing less than a laughingstock in the blooming, buzzing, churning global economy of today—-a place where the source of the marginal supply of labor and capital cannot even be pronounced in Washington, let alone be measured, calibrated and factored into a policy equation.
Yet here is Janet Yellen at a Congressional hearing yesterday faithfully lip-synching professor Tobin. She has not even learned any new jargon in 43 years!
“In light of the considerable degree of slack that remains in labor markets and the continuation of inflation below the (Fed’s) 2 percent objective, a high degree of monetary accommodation remains warranted,” Ms. Yellen said.
This was all by way of justifying the lunatic proposition on which the Fed is now operating: Namely, that for the 68th consecutive month it kept the money market rate at zero—a condition that has never previously occurred in all of human history. Well, outside of post-bubble Japan anyway, and its evident how well that’s working.