The high priests of money

The power of mammon is now such that we hang on the words of the high priests of central banking. Janet Yellen, Chair of the US Federal Reserve, like Paul Volker, Alan Greenspan and Ben Bernanke before her, has the power to move markets and destroy economies... but only because we believe in her power.

The Entire Global Economy Now Hinges on One Thing by James Corbett
That’s right, with just a few magic words uttered at today’s meeting of the Economic Club of New York, Fed chair Janet Yellen will cause entire markets to rise or fall. A single declarative sentence could strike down a small country. An effusive adjective could cause an entire industry to boom, a disparaging remark could cause that same industry to collapse. A rising intonation, an arched eyebrow, a significant pause, even a semi-colon could be the difference between rags and riches for millions of workers around the world.

Much has been written about central banks and their power in Daily Pickings;  the power of banking really is the biggest obstacle to change... or rather it is belief in their power, our belief, which is the biggest obstacle to change. Only when we pull back the curtain do we really understand that their power is illusory and can be easily recovered along with our collective sanity.Then we can build a political economy which benefits us all rather than the high priest of money and their masters.


0 #1 James Walter 2016-03-30 14:46
I was flabbergasted that Yellen said the economy was not doing that well and stocks went up because she was not going to raise interest rates! It was exactly like a bunch of porno addicts hearing "t*t" and getting aroused no matter whose they were talking about (well, I was not really flabbergasted since this happens all the time.) If you read the fundamentalist reports about earnings, they are all BAD. Most companies are lowering expectations (so they can beat them and look good even though they are not doing good.) As Korzybski said, "those that control the symbols (money) control us" Europe is in deflation, China is not doing well, and the US profits are sinking while wages are stagnant (the other reason she did not raise interest rates - when they do, it is to squash worker pay)

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