This is what an insider does: tells the rubes what they already know and charges them a big fee for the privilege.
You don’t get to be the President of a Federal Reserve bank unless you are an insider. Charles Evans qualifies, in spades. His bio proves it. Among other things he is a director of the Chicago Council on Global Affairs. I’m going somewhere with this, so bear with me. The CCGA was formed in 1922 and was originally called the Chicago Council on Foreign Relations. The Council on Foreign Relations was founded in 1921. I’m persuaded that this is no coincidence. It’s also no coincidence that serving on the board with Evans was Michelle Obama until her husband began getting national attention in 2008 and she decided that such a direct link to the insiders at the CFR wouldn’t serve him well in his presidential campaign, and so she resigned. Michelle, as proven by Trevor Loudon in his monumental “Barack Obama and the Enemies Within,” is a hard-core radical revolutionary committed to changing the United States in a totalitarian dictatorship.
That’s why Evans was invited to speak to the Asian Financial Forum in Hong Kong yesterday. His remarks are posted at the Federal Reserve Bank of Chicago’s website. The folks wanted to know what an insider thinks.
In normal times it would be fair to ask why the president of a bank in Chicago would be invited to speak in Hong Kong. What earthly reason would bring worthies together in Hong Kong to hear the president of a bank in the Windy City speak?
But these are not, nor have they been for many years, normal times. Evans has a seat on the Federal Open Market Committee which is described accurately by Wikipedia as “the principal organ of United States monetary policy.” And the folks want to know what the FOMC is thinking. So they asked Evans to fly over and tell them.
His speech is long. I just want to touch on one small part of it in order to prove my headline. He says the country faces three critical issues:
1. The amount of government debt compared to the country’s economic output “is quite high by our historical standards.”
2. The government has made promises to lots of people that it won’t be able to keep. He puts it this way: “This is the need to fund and deliver large benefits to an increasingly aging population.”
3. The Great Recession has put a lot of people out of work, taking them out of the tax-paying category and putting them into the tax-absorbing category. He says this has “complicated the formulation of policies aimed at adjusting to a new sustainable fiscal path.”
That’s Fedspeak, which is described by Alan Blinder as “a turgid dialect of English,” deliberately crafted to obfuscate and distract from the real issue while sounding profound. Here’s my translation of Evans’ comments: We’re in a helluva fix and we don’t have any idea how we got here or what we’re going to be able to do about it.
But the Fed has the answer: more printing. Here is what he said:
Monetary policy has an important contribution to make. It should provide financial conditions that help produce the most robust demand growth we reasonably can achieve, with appropriate measures in place to safeguard price stability.
Translation: We’re going to continue to do what we’ve always done. We’re going to continue to expand the supply of money which will continue to keep interest rates at absurdly low levels in the hopes – despite any evidence to the contrary – that this will somehow eventually stimulate the economy. And if some of that new money somehow leaks out into the economy and starts driving prices up, then we’ll stop.
For that precious nugget of insight the folks in Hong Kong paid his way, put him up in a fancy hotel, catered to his every need, expanded his ego, and paid him a big fat honorarium.
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