“Victorians, Victorians, who never learned to weep.
Who sowed the bitter harvest that your children go to reap."
F. Scott Fitzgerald, This Side of Paradise
Ah, the vagaries of empire, and the New American Century. O brave new world, that has such wieners in it.
The Fed had to ask for 'a mulligan' on its forecasts from just a few months ago, and reflected that in their FOMC statement today.
They reduced the forecasts for growth and inflation for this year, and suggested they would not be raising rates quite so confidently.
And for all this they seemed to blame 'global developments.' As if.
Anyone with open eyes and an intermediate education in macroeconomics knows that the Fed is raising rates not for any benefits to the real economy, but to provide themselves some policy room to cut rates without going negative when their latest financial asset bubbles begin to collapse.
So the economic models continue to invent fictions about these long eight years that we have awaited The Recovery™, while the pampered princes of the Establishment nod their heads accordingly, with a few notable exceptions.
I wonder how well the huddled masses will take it, when they vote for hope and change again, and get thrown under the bus without so much as a fare thee well.
And in the distance, we hear the increasing murmurs from the long suffering sans-culottes.
Have a pleasant evening.