“Tale-bearers are as bad as the tale-makers.”
Richard Brinsley Sheridan, The School for Scandal
"Life is a school of probability."
Walter Bagehot
And the Fed is one of the modern schools for scandal. Or at the least, an academy in service to their owners. This seems to be the dernier cri of our professional class, a mark of status being whom you serve and how well.
Tale-bearers they may claim to be, just doing what needs be done, and at the behest of the powerful few. They only serve the needs of the money men, and their fellow valets in the credentialed class of whatever needs to be said or done in service to the powerful status quo.
Insiders never speak ill of insiders, and so the public is held stagnant by their comfortably smug complacency. And this is the heart of the problem, and the credibility trap.
However, their complicity in a long standing series of egregiously self-serving policy errors will be very hard to overlook and forgive when the tails of probability come lashing out again.
Have a pleasant evening
