Drink From the Punch Bowl, Ms. Yellen – It Will Sour Soon Enough

Yellen looks toward a Keynesian approach … This has been a banner week for the world economy, inspired largely by events in the United States. In Washington, the first congressional testimony from Janet Yellen in her position as new Federal Reserve Board chairwoman reassured and impressed two notoriously petulant audiences: Tea Party congressmen, who had assembled a posse of hostile witnesses to attack the Fed’s “easy money” policies; and panicky Wall Street investors, who had spent the previous month swooning on fears that monetary policies might not be easy enough. – Reuters

Janet Yellen - Caricature

Dominant Social Theme: The depression is no more; the US is on the way up … and we have Keynes to thank.

Free-Market Analysis: Here is an article posted at Reuters that informs us that the economy is doing so well that “the world can finally see evidence that the extraordinary monetary and fiscal policies of the post-crisis period are starting to work as intended.”

When one is exposed to this sort of gloating, the academic rhetoric that usually cloaks the ghastly authoritarian grin is suddenly transparent. Those who write this sort of thing – and those who publish it – are determined to make it clear that globalist elites know what is good for us and ought to remain in charge.

Read more via The Daily Bell – Drink From the Punch Bowl, Ms. Yellen – It Will Sour Soon Enough.

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