FedSpeak (and the divine right of the rich)
|Fed officials purposely speak
in riddles. They claim it is necessary to stop people from profiting on
inside information regarding Fed plans. But critics say "FedSpeak" mainly
serves to confuse the public and mystify economics, keeping decisions exclusively
in the hands of the financial elite.
"While time preference may appear to be relatively stable
over history, perceptions of risk and uncertainty, which couple with time
preference to create discount factors, obviously vary widely, as does liquidity
preference, itself a function of uncertainty."
"Do not meddle with the main points of government, for
that is my craft . . . I will never give a plausible answer; for it is
an undutiful part in subjects to press their King."