Former Central Banker Admits "[They] Are Making It Up As They Go Along"

[RVWITHME]

So, how does any of this resonate with you? Former Central Banker Admits "[They] Are Making It Up As They Go Along"

http://www.zerohedge.com/news/2014-03-03/former-central-banker-admits-they-are-making-it-they-go-along

 

Submitted by Tim Price via Sovereign Man blog,

A few weeks ago, William White (former economist at the Bank of England, the Bank of Canada, and Bank of International Settlements) made a frank admission.

And while we search for assets whose prices are less obviously distorted by malign government intervention, it’s refreshing to hear a mea culpa from a member of the economics “profession”.

White said:

“

The analytical underpinnings of what we [mainstream economists] do are actually pretty shaky.

A reflection of that fact, is that virtually every aspect you can think of with respect to monetary policy, about best practice, has changed and changed repetitively over the course of the last 50 years. So, this stuff ain’t science.

 

“Think about what’s happened recently. One, its completely unprecedented. People are making it up as they go along. This is hardly science – building on the pillars of the past.

 

“Secondly, what they’ve been making up as they go along actually differs across central banks [The Bundesbank, for example, is fighting the threat of high inflation, whereas the Fed is more concerned about the prospect of deflation]. They can’t even agree amongst themselves about what’s the best way to do things.

 

“

I’m becoming more and more convinced that all of the models we use are basically useless.

 

“It’s surprising that we’ve had this huge crisis that the mainstream didn’t predict. It’s gone on for years, which the mainstream absolutely didn’t predict. I would have thought this was a basis for a fundamental rethink about what we used to think we believed. But that hasn’t happened.

 

“The policies that we’ve followed – on the monetary side at least – since 2007 are just more of the same demand-stimulating policies that we’ve been following, I think, erroneously, for the last 30 years.

 

“

We’ve got the potential to do so much harm by not getting the creation of fiat credit and money right.

We’ve got the capacity to do so much harm that we should be focusing much more on making sure that doesn’t happen.”

Doctors at least have the Hippocratic Oath: first, do no harm. If only economists and central bankers had a similar ethic.

 

 

[SnowGlobe7]

ouch

[PA10]

So, how does any of this resonate with me?

Reading this article causes me to visualize scenes from the movie War Horse, where the horses are forced to carry their burdens until they drop dead from exhaustion.

 

The analogy here is the Fed will ride the current Fiat system until the horse drops dead and lose the current currency war. At that point We The People will carry the full burden of our silent ignorance.

 

WHO OR WHAT IS THE "MAINSTREAM" he refers to?

 

“It’s surprising that we’ve had this huge crisis that the mainstream didn’t predict. It’s gone on for years, which the mainstream absolutely didn’t predict. I would have thought this was a basis for a fundamental rethink about what we used to think we believed. But that hasn’t happened."

 

MAINSTREAM WHO? BANKERS? ECONOMISTS? MEDIA? WTF.......The non- Mainstream has certainly seen the current situation evolving for YEARS!  Indeed, The Fockers have been making it up as they go along. We have to get the FIAT system loving Central Bankers out of the Money Printing Business. Kennedy tried to get us back on the right path 50-years ago and got assassinated for it.  

 

Edited March 3, 2014 by PA10

[dontlop]

Oh no everything s set in stone

Just ask the lopsters

They know better

You can't do this you can't do that

Hockey pucks

They can do as they see fit

End of story