Wednesday, August 19, 2009

Cartel Technocrats & Central Planners Off to Jackson Hole

Our financial overlords will be meeting secretly this week in Wyoming to further plan our collective economic futures; this is a great example of how American Democracy works: a group of unelected technocrats, bureaucrats, economists and private bankers meet behind closed doors to congratulate themselves on nearly destroying the global economy, then bringing it back from the brink.

See, they need help deciding how the availability/price of money/credit should be artificially set over the coming months so as to assure the financial-political establishment stays, and grows, in power for the foreseeable future. They understand the obvious short-coming of central planning, that a council of 'wise-men' can not possibly know more than the market itself, so rather than abdicate and let the market set rates, issue bank notes, and extend credit they try to incorporate a greater number of 'wise-men' into the planning. It gives them a sense of confidence in their actions, much like how a child will be more likely to set off a fire-cracker in his mouth if his buddies participate.

They need to figure out the best way to manipulate markets, alter the masses' perceptions, expropriate from one group for the benefit of another, eliminate threats to their financial hegemony, and act like all-knowing-philosopher-god-kings for the benefit of humanity. What, you thought these meetings are secret for the public's benefit?

My suggestion: just hold the meeting out in South Hampton - invite members of the FOMC, Obama's puppet master(s), NY Fed officials, the heads of Goldman, JPM, CITI et. al. - and drop all the pretenses. Ahhh, such a dreamer I am.