Ashok Dhillon
Apr 27, 20161 min
Updated: Feb 11
In the most non-anticipated non-event, Janet Yellen, Chairman of the US Federal Reserve went through the motions of announcing the results of the FOMC meeting, confirming everything that everyone who follows such things already knows, that the global and the US economic conditions do not, yet again, allow for an interest rate hike. The foolish part comes in where everyone knows that she and the Fed know that not only interest rates cannot be raised now, but that there is no economic recovery, and in fact the United States and the World are heading into another recession, quite possibly, in fact, most probably, much worse than the last one. But she and the Fed must go through this “Charade” every six weeks, pretending that the bogus labour rates and the ever elusive (to the Fed but not the citizens) inflation rate somehow matter in the face of the far larger and more critical economic disaster indicators that are flashing red all over the globe.
In spite of the stunning predictability, and wrong-headedness of the perennially stunted policy, she comes out and gives her little speech, which has been increasingly the same as the last one, with equal seriousness and straight face-ed-ness. Perhaps when she goes out of the room and in private she and the Committee crack up. Surely they can’t be expecting anyone to be taking their empty commentary and most predictable actions, amounting to total foolishness, seriously.