You can call James Bullard a naïve optimist. Go ahead, do it. You’d almost certainly be right, but he doesn’t care. He knows that everything’s going to work out perfectly, and that means that the people who actually get a say on these things—and who are saying he’s crazy—will come around and say, “Hey, that James Bullard really is a great guy. And all of the improbably wonderful things he said would happen did happen. Let’s give him the recognition he deserves with an interest-rate hike for Christmas.” Read more »
Standing at the podium at Yankee Stadium for NYU’s commencement Wednesday, Janet Yellen was inspired. Not by the 27 championships and history of greatness and fantastic, unceasing ability to print money, which is, by right, her job. Instead, the first woman to head a major central bank looked at the 66% of the time Babe Ruth and Lou Gehrig didn’t get a hit, to ignominious choke-jobs in decade-old playoff series, perhaps even to the travails on Steve Cohen’s new drinking buddy, dug deep, and told the 22 year-olds to get ready for failure. Read more »
The Bitcoin Bugle: On Global Transmissibility, Relative Criminal Heinousness, Marx, Engels and the Crypto RevolutionBy Jon Shazar
The fake currency is still not the Fed’s problem, which is perhaps why the central bank can look upon it—from a safe distance—with a benign, almost encouraging eye. Those whose jurisdiction encompasses the sort of crimes that the Fed says can just as easily be committed with its own money are less so inclined. Read more »
Hardly news, yes. And hardly surprising that one of the things he didn’t know was what a TED spread is. But he overcame his natural hostility to those who do know such things, and elevated a genial, bearded, middle-aged man named Ben Bernanke to help.
He’s sitting out the next couple of years of FOMC meetings, where at some point Janet Yellen & co. will decide to raise interest rates for the first time in eight years and counting. But St. Louis Fed President James Bullard has a feeling—admittedly not one widely shared—that things are just going so great that the inevitable is just seven to 10 months away. Read more »