Sunday, November 06, 2016

Jim Rickards*: 
A Federal Reserve Governor 
Actually Told Me 
‘We Don’t Know What We’re Doing’
This Fed official continued saying, “We try stuff, and if it works, we do a little more. If it doesn’t, we back off and try something else. We don’t know what we’re doing.” It’s a pervasive feeling among central bankers, Rickards says. He recalls another private conversation he had this time with former Fed head Ben Bernanke. “He described everything he did as ‘an experiment’ and said, ‘We won’t know whether it worked or not for another 30 years.’” .. Rickards describes the hubris of central bankers tinkering with their economies. “The problem with all this activism is that it creates uncertainty, and the capital goes on strike,” he says. “That’s the situation you’re in today.”
LINK HERE to the entire interview

No comments: