The Federal Reserve is filled with the smartest people in the United States. They are all knowing, all seeing. They’re smarter than you.
Well, at least that’s what we’re told by the many admirers of central planning and the central planners, mostly the statists, Keynesians and big-time stock market investors. But what happens when the Fed is wrong? Nothing. The bobby soxers of the Fed don’t utter a word.
The chart below (via David Stockman’s Contra Corner) compares the Fed’s projected gross domestic product from 2011 to 2015 to actual GDP numbers. Let’s just say that the Fed has been wrong time and time again. For whatever reason, the Fed is considered to be the gold standard of central banks worldwide. Why?
They’ve struck out more times than when batters face Boston Red Sox ace David Price.
And whatever will Mr. Moran discovers he’s more often writing to himself in the mirror. Every bit, if not more so, to blame for everything he mindlessly ridicules about the REAL causes of the imminent collapse nigh at the doors globally at once.