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Central bankers, storytellers, charlatans who have no shame
Central bankers ready if markets don't 'obey'- MSN Money Bill Fleckenstein - " . . . Four years ago Ben Bernanke and company talked about exit strategies. Now, they discuss only reducing the amount of monthly money printing from $85 billion to $70 billion -- and if they try to do even that, they are going to find out they have to reverse gears and go the other way. Only the bond market can put this insanity to rest. I believe we are very close to the world realizing that the Fed is trapped. The only question is when will people realize it and understand the consequences? . . . Speaking of trapped central bankers, an Aug. 22 article in the Financial Times by Gillian Tett, headlined "Central bank chiefs need to master the art of storytelling," concluded with what I thought surely had to be a spoof. "The next Fed chair also needs to be a masterful storyteller and cultural analyst, who can read social sentiment, shape norms, (re)create trust and persuade us all to think in a manner that suits the Fed's economic goals, without us even noticing. "Somebody, in other words, who can cast spells with both their spreadsheets and words. In short, what is needed is nothing less than a monetary shaman.". . . "