Ah, March madness, AKA man cave season. I had a boss once who always took off starting the Thursday of the first tournament game and spent his whole weekend binge watching college basketball. I’m guessing he probably wasn’t alone.
I’m not quite that hardcore, but I do love me a little college hoops too, especially when my Cincy Bearcats are playing well. Nice win tonight over K-State!
Of course, watching basketball has also manages to interfere with writing, which is why I getting a late start with this week’s TWIR, which is why this won’t get posted until Saturday. But hey, a man’s gotta do what a man’s gotta do.
On a more philosophical note, it seems to me that March Madness isn’t limited to the basketball court, but can be found in any number of places having nothing at all to do with Mr. Naismith’s invention. Take for example…
There are few, if any, examples of mass derangement to rival the hoopla surrounding a meeting of the Federal Reserve Open Market Committee (FOMC).
Eight times a year we’re treated to weeks of speculation about the FOMC’s upcoming decision, will they or will they not raise interest rates.
These meetings, as well as the Fed chairman’s semi-annual Humphrey-Hawkins testimony before Congress, are breathlessly reported on by the mainstream media.
To give you a sense of the absurdity of the coverage, back in the day when Alan Greenspan was in charge of the Fed, there were people who believed they could tell what would be done with interest rates based upon which hand “The Maestro” used to carry his briefcase.
We were treated to another such round of absurdity this past week as Janet Yellen, high priestess of the FOMC herself, sauntered forth from the bowels of Eccles Building to announce to the world her latest oracle: The economy’s awesome and we’re hiking interest rates.
All this was reported with the utmost seriousness by the mainstream financial press who dutifully played their roll as Fed echo chamber.
All, that is, except for one.
As Zero Hedge reports, Kathleen Hays of Bloomberg TV was perplexed at just how a supposedly data dependent Fed – the Fed is always talking about how their decisions on interest rates depend on economic data – could hike interest rates at a time when hard economic data is in a downward spiral.
The Bloomberg report’s pointed questions apparently both annoyed and frightened t he high priestess who never really answered the questions put to her.
And so it goes.
An even better question then why the Fed is choosing to raise interest rates into a deteriorating economy is why the Fed should have any say in interest rates at all.
Interest rates are the price of money, and as with the price of all other goods and services, interest rates ought to be set by the free market, not the monetary politburo called the FOMC.
There is no sound Biblical, constitutional, or economic argument for central banks, central bankers, or the fixing of interest rates by them.
But while sound reason based on Scripture leads to the rejection of central banking, the Marxists love it. In fact, the establishment of a central bank was one of the Ten Planks of the Communist Manifesto. There, Marx on Engels advocated for the, “Centralization of credit in the hands of the State, by means of a national bank with State capital and an exclusive monopoly.”
In the US, the central bank is called the Federal Reserve Bank, AKA “The Fed.”
That’s right. The button pushing boys and lever pulling girls in the Eccles building (that the Fed’s headquarters) are the dupes, slaves, and minions of one of history’s most destructive thinkers.
Actually, if you throw in the money printing madness inspired by one John Maynard Keynes, you can make that two of history’s most destructive thinkers.
Stop the monetary madness! End the Fed!
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