Confederacy of Dunces
Soren Kierkegaard (1843)1
Karl Marx wrote that history repeats itself, the first time as tragedy, the second as farce. He didn’t say what happens the third, fourth and fifth times, but I have some suggestions as it pertains to the serial mismanagement of monetary policy by the Federal Reserve: delusion, confusion and despair. Having engaged in a long period of delusion driven by basic misunderstandings of the data driving its twin mandates, the Fed has now entered a period of confusion by extending its excuses for inaction to conditions in foreign markets far beyond its jurisdiction. Having watched Barack Obama cede our foreign policy to Russia and Iran, Janet Yellen decided to follow suit and hand over the reins of monetary policy to China.
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