Central Economic Planning Will Get Better, Promise!

The Good and the Bad Bloomberg, which is a major purveyor not only of useful economic and financial data, but also a major proponent of economic central planning as practiced by modern central banks, informs us that Fed chair Janet Yellen has actually found the holy grail. Finally, central planning will work! At last, the promise of the ‘scientific monetary policy’ is about to be fulfilled. Nirvana has practically arrived.
In a once again slightly confusing Bloomberg headline we are told: ‘Yellen Takes the Good Greenspan, Leaves the Bad’. If that’s so, obviously nothing can go wrong. It does make us wonder though what she’ll do about the ugly Greenspan.

In a way, this is an almost prophetic poster, with its references to risk taking and someone ‘doing the cutting’…
So what is the promising secret sauce discovered by Ms. Yellen? After a string of abysmal failures over the past century, how is central economic planning by the Fed finally going to lead us to salvation? As the headline already indicates, tweaking Alan Greenspan’s playbook is believed to do the trick:

This post was published at Acting-Man on September 30, 2014.