Fed leaders meet as U.S. economic recovery loses steam

Fed leaders meet as U.S. economic recovery loses steam On one level this is a straightforward 'quality' news story from a 'quality' paper - what technical actions is an agency going to take in response to economic trends? On a deeper level this is a relentlessly ignorant and dangerous story - First, the WAPO implies that the monetary authority can 'boost' growth with its policy levers - essentially different ways to increase the supply of dollars. It of course can't and no one this side of the "Naughty" (or NYT) Krugman believes it can. Second, by focusing on the printing presses, WAPO takes the pressure off its clients, you know, the people who run the county. We have a massive and except for the Great Depression that it most resembles, unprecedented capital strike. The people in this economy who take risks and create wealth have lost faith in the core public institutions - all three branches of our Federal Government are now perceived to be venal, self serving incompetents 'gunning' the Federal Caddy into the Grand Canyon Thelma and Louise style.

And this story is Exhibit 1: Leaving an unelected 'technical' group to 'save' us by debasing the currency.

There really has never been a collapse of the global reserve currency because the Dollar is the first one. I fear it will have civilizational implications. When the western Roman Empire could no longer pay its armies, Europe entered the Dark Ages. What happens if the center doesn't hold this time?

Everyone mocks the Tea Party, spits on them really. But they are the only people who recognize the stakes. Indeed, they are the only people who really care about the poor and the weak. Because in a Hobbesian world, the weak die.