The economy and to a great extent the world today is run by would-be economic seers and prognosticators, probably more so than ever before in history. I say "would-be", however, because their track records are rather spotty. This contradiction should be no surprise to anyone who has been paying attention to the plentiful (and well-deserved) criticism of the Fed's recent actions (and statements), but many have also noted that it seems the Fed and its economic peers and groupies never seem to "get it right". There is a structural problem here, I would say; I think it has something to do with the true objective of these people being political rather than predictive success.
Read full story
