The Always-Surprised Fed Waxes Avant-Garde Like James Joyce

Rad note » the text contained in this entry has been lifted from another entry. It was short enough that I (simply) duplicated the entire section and posted it here.

Having its own, separate entry allows me better focus on this topic that I find interesting and worth exploring further.

At the end of this entry (that you are now reading) I will provide a link that returns you tyo the exact spot in the original entry.

The impetus for this entry came from the statement where I wrote »

» I figure, "Hey, the 21st century economy is being run in 'experimental' mode, so the 21st century artist should probably not be far behind."

Here you go...

The Always-Surprised Fed » 'makes it up' As They Go

Jim Rickards says that the always-surprised Fed makes it up as they goTo my point about our economy being run in "Experimental Mode" ..

.. we have Jim Rickards saying here (Feb 12, 2014) »

» "The Fed is *always* surprised .. because their models are flawed. Their forecasting record is about the worst in Economics. That's not just rhetoric.

You can actually go back and look at their one-year forward forecast for the last four years. Every one of them was wrong by orders of magnitude.

So they have a terrible forecasting record. So the fact that they were surprised by the data doesnt surprise me because they're always surprised.

The Fed has missed every bubble for the last twenty years. They didnt get one of them right. We have Bernanke on record in 2007 talking about the mortgage meltdown saying that this is going to blow over.

They've been making it up for the last five years and they're going to keep making it up." <end Rickards' quote>

» Federal Reserve Waxes Avant-Garde Like Joyce

James Joyce (1882-1941)Notice in particular, the phrase » making it up. Because the process of » making-it-up-as-you-go ..

.. sometimes called » stream-of-consciousness ..

.. is normally associated with avant-garde writers such as James Joyce.

Let me quote for you directly from the opening line of his Wikipedia entry:

"..an Irish novelist and poet, considered to be one of the most influential writers in the modernist avant-garde of the early 20th century."

Joyce, okay. I can go there. I can understand Joyce making it up as he goes.

But to run an economy in experimental mode .. would be even more dangerous than running a nuclear reactor in experimental mode ..

(.. because it can harm so many more people).

A ship sailing in uncharted waters .. would not that venture seem more risky? Than a voyage you had made many times before.

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••• today's entry continues here below •••

Two points. Point #1 » The artist should be out there on the bleeding edge .. not the crafters of the economy ..

.. particularly when they and their friends are not the ones doing the bleeding. Feel me?

Point #2 » If you keep making excuses for dysfunctional economic policy, you should not be surprised when you get » more of the same. And it seems that I am not the only one who feels this way.

James Joyce is » One of Us

Joyce, by the way, died the same year that Dylan was born » 41. Just like Galileo died the same year that Newton was born (1642).

It is beyond the scope of today's entry .. but perhaps I should note that, after becoming familiar with Joyce ..

.. my impression of him is » he is one of us.

As opposed to say somebody like, say » Nabokov (1899-1977, born the same year as Hemingway) .. who I read and feel like he is a talent that defies grasping. A monster talent. Obviously. "How the fuck does he *do* that?"

James Joyce | Age 6 (1888)Joyce, on the other hand, is someone with whom I feel a certain, easy sense of artistic kinship.

Nabokov used to teach classes on Tolstoy and Anna. These classes, I feel, were certainly some of, if not THEE best college classes in the history of education.

The end. ■

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This page contains a single entry by Rad published on February 12, 2014 2:12 AM.

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