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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: russwinter who wrote (13974)10/25/2004 1:21:39 PM
From: mishedlo  Read Replies (1) of 116555
 
Heinz on FedSpeak via email
Janet Yellen: "In making decisions in real time, however,
policymakers also need to estimate an intermediate-term equilibrium real rate that would promote full employment over the next several years."

Heinz comments:

the belief that monetary policy can be used to 'promote full employment' is ridiculous in the extreme. as Otmar Issing (ECB chief economist) has repeatedly pointed out, monetary policy can only aim to achieve a currency the value of which remains relatively stable, and it usually doesn't even achieve that.

it is NOT a tool to promote 'economic growth' or 'employment'. the printing of money is not the same as creating wealth.
the widespread fallacious belief in the central bankers omnipotence is of course most readily embraced by the central bankers themselves.
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