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Gold Is Laughing At Jerome Powell

 
Don Draper from Nantucket
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05/03/2021 11:19 AM

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Gold Is Laughing At Jerome Powell
[link to www.zerohedge.com (secure)]


Recently, my colleague, Egon von Greyerz, and I had some unabashed yet blunt fun calling out the staggering levels of open hypocrisy and policy desperation unleashed by former Fed Chairman, Alan Greenspan.

Poor Alan was an easy target of what I described as the “patient zero” of the reckless interest rate suppression and unbridled monetary expansion policies of the Fed which have always led to equally reckless boom and bust cycles in markets and economies.

But let us be fair to comical Fed Chairmen like Greenspan, as he is not alone in making a mockery of his post at the Eccles Building.

With the exception of Paul Volker and William Martin, the sad truth is that nearly every person who has sat in that lead Chair of a private bank masquerading as a “Federal” reserve has made the bank, and themselves, a public embarrassment.

As the legendary private investor Jim Rogers recently observed on Kitco news, almost all central bankers effectively lie and obfuscate facts as part of their job description (and job preservation) at the Fed.

A Central Banker’s Job Description
For the most part, over-hyped Fed Chairs know how to run up debt levels and create lots of money to appear “accommodative” to markets in the short term and then blame “animal spirits” on the disasters which always follow longer term.

In fact, if I had to come up with the most honest and historically-confirmed job description for a Fed Chairman, I would post the following job-post on LinkedIn:

“Seeking D.C.-based expert fluent in double-speak, comfortable with unsustainable debt expansion and handy with a money printer. Ivy League credentials a plus.”

The Latest Nonsense from Powell
As for double-speak, Mr. Powell is now seeking to outshine ol’ Mr. Greenspan’s art of spin with stunning elan.

At a recent economics club in Washington, Powell was both shameless and brilliant in his ability to spew fantasy with the skill of a circus promotor yet maintain the straight face of a circuit judge.

Specifically, Powell tried to downplay the U.S. debt elephant in the room by admitting to its horrific size yet promising a miracle policy shift sometime down the road…

That is, he was unable to deny what he described as the “unsustainable path” of current U.S. debt levels growing “meaningfully faster than economic growth,” but was quick to comfort anyone gullible enough to believe him that for now “there is no question of our ability to service our debt for the foreseeable future.”

Ahhhh. Such calming words, such confidence, such market-placating guidance.
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The Rolling Stones said it best...

"What's confusing you is the nature of my game"
Anonymous Coward
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05/03/2021 11:21 AM
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Re: Gold Is Laughing At Jerome Powell
Squash gold oh that doesn't matter its just a ceiling.
Don Draper from Nantucket  (OP)

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05/03/2021 11:23 AM

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Re: Gold Is Laughing At Jerome Powell
"once a nation crosses the Rubicon of 100% debt to GDP, and once a nation’s currency has lost greater than 98% of its inherent value due to fiat money expansion (as is the case today), economic growth has never, not once in the entire history of the financial world, ever occurred."
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The Rolling Stones said it best...

"What's confusing you is the nature of my game"
Tobie

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05/03/2021 11:37 AM
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Re: Gold Is Laughing At Jerome Powell
gold & silver jumped up this morning

not sure why
Anonymous Coward
User ID: 79588842
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05/03/2021 11:40 AM
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Re: Gold Is Laughing At Jerome Powell
gold & silver jumped up this morning

not sure why
 Quoting: Tobie



Demand vs. Supply

Nobody knows the true #'s, it's like playing Poker, call their bluff.
Head2Bunker

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05/03/2021 11:43 AM
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Re: Gold Is Laughing At Jerome Powell
Bernanke was a legend!

5a


bernankeprint

Last Edited by Head2Bunker on 05/03/2021 11:43 AM
Anonymous Coward
User ID: 76091994
Netherlands
05/03/2021 11:43 AM
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Re: Gold Is Laughing At Jerome Powell
gold & silver jumped up this morning

not sure why
 Quoting: Tobie



Demand vs. Supply

Nobody knows the true #'s, it's like playing Poker, call their bluff.
 Quoting: Anonymous Coward 79588842


Dig a pond use a scarp or rubber floor wait 3 years ditch it and underneath you will find silver platinum gold even as residue of trying
Don Draper from Nantucket  (OP)

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05/03/2021 11:58 AM

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Re: Gold Is Laughing At Jerome Powell
Bernanke was a legend!

5a


bernankeprint
 Quoting: Head2Bunker


No doubt. I was thinking the same thing when the article was talking about ole Greensplat as being the Father of all this insanity! Just think of all the names that have been involved in the destruction of our currency since that old vampire was at the helm!

Geithner
Bernanke
Paulson
Yellen
Throw in people like Dodd and Frank and man it's like a who's who!


I know I'm missing a lot of the names, but you guys know them!
PLATA BITCHEZZZZZZ

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The Rolling Stones said it best...

"What's confusing you is the nature of my game"
Don Draper from Nantucket  (OP)

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05/03/2021 12:51 PM

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Re: Gold Is Laughing At Jerome Powell
gold & silver jumped up this morning

not sure why
 Quoting: Tobie


cheers
PLATA BITCHEZZZZZZ

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The Rolling Stones said it best...

"What's confusing you is the nature of my game"
Don Draper from Nantucket  (OP)

User ID: 57553864
United States
05/03/2021 04:11 PM

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Re: Gold Is Laughing At Jerome Powell
gold & silver jumped up this morning

not sure why
 Quoting: Tobie



Demand vs. Supply

Nobody knows the true #'s, it's like playing Poker, call their bluff.
 Quoting: Anonymous Coward 79588842


Dig a pond use a scarp or rubber floor wait 3 years ditch it and underneath you will find silver platinum gold even as residue of trying
 Quoting: Anonymous Coward 76091994


waitwhat
PLATA BITCHEZZZZZZ

UPGRADE UNAVAILABLE

The Rolling Stones said it best...

"What's confusing you is the nature of my game"





GLP