And your headline of the week nomination is…
Jackson Hole more goat rodeo than Bretton Woods
For those of you unfamiliar, the Federal Reserve holds a conference every year at Jackson Hole, Wyoming that they claim helps them spread ideas about how to help the economy. Of course, this presumes that the Fed can help the economy in a meaningful and lasting way, so whenever our nation’s powerful and unaccountable shadow bankers head for the Tetons, the rest of us should probably head for cover.
Callaway sums it up:
Disagreements among each other about the need for more spending among governments to prop up the major economies has surged into the headlines in recent weeks, shaking investor confidence in banking policymakers worldwide. If this group can’t tell whether we’re headed for Japanese-style deflation or German style hyper-inflation, then investors certainly don’t want to be in the game at all.
The result is that the markets in the past few weeks have turned into a financial goat rodeo, as an old Canadian buddy of mine used to term anything that was screwed up beyond repair.
Sure, maybe the markets are a “goat rodeo” right now, but aren’t we more interested in the root cause of the SNAFU? Maybe the ultimate goat rodeo is what goes on inside the halls of the Fed.