This morning on CNBC (aka… CNBS), the central bank lackey Steve Liesman spoke with the NY Fed President Bill Dudley on rate outlooks for the remainder of the year. And contrary to the fact that the FOMC choose not to raise rates in September, Dudley used the term ‘very good economy’ at least five times in less than five minutes during his interview, showing how out of touch the Fed really is when it comes to the true economy, and their need to persist in their propaganda manipulation.
Here is the interview with NY Fed President Bill Dudley citing continuously on how good the U.S. economy is
The reason that we are being critical of the Fed here is due to the fact that nearly all other important Western financial centers are admitting publicly of a coming financial crisis, and a marked slowdown of economies that in some cases, point to the fact that much of the world is already in recession.
Citigroup: Recession buzz is heating up on Wall Street
And of course there is the Bank of England’s Andy Haldane who is calling for not only negative interest rates, but ending cash in domestic and global economies.
The fact of the matter is, consumer spending is way down, trade deficits have increased, unemployment numbers don’t reflect the fact that 94 million Americans are out of work, and deflation is proving that the overall global economy is well into a recession. And since the stock market has already capitulated to a small extent, and no longer accepts all the propaganda and rhetoric of the business news talking heads, what remains is something that might have been unheard of in decades past, but is being talked about now in new and more critical ways… that the Federal Reserve’s credibility is being questioned, and how they are quickly losing the gravitas to make tough and accurate decisions that are instead being made by other channels and financial institutions.
Kenneth Schortgen Jr is a writer for Secretsofthefed.com, Examiner.com, Roguemoney.net, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.