DEFINITELY High On Crack: Janet Yellen

Janet Yellen, the Vice Chairman of the Federal Reserve, sites a Fed paper that claims that the various iterations of Quantitative Easing—id est, money-printing—which will have totaled $2.3 trillion dollars between September 2008 and June 2011, will have added 3 million jobs to the U.S. economy. Here’s the Bloomberg link.

Fed Vice Chairman Janet Yellen.
Do her eyes look glassy to you too?

The claim is sketchier than a Toulouse-Lautrec napkin doodle—it’s all part and parcel of the Federal Reserve’s effort to calm the Treasury bond markets, which are at that point where they’re about to break like a skittish horse.

In the speech where she floated the “3 million jobs saved” schizoid factoid, she also trotted out the tired bromides: Core Inflation is around 1% (nevermind real-world prices), there is no “asset bubble” building (all evidence to the contrary in the surreally unreal equities markets), et cetera, et cetera.

The Federal Reserve is really going for broke, in the PR campaign: “Three million jobs saved”—my! That’s a whopper!

Think of it this way: If what Janet yellen said is true, then the Fed created $766,666 for every job it “saved” (as they claim).

Therefore, question: Couldn’t the Fed just write a check to each of those 3 million unemployed? And if they could do that, would they mind making out one of those checks to little ol’ me?

“We at the Fed saved three million jobs”—like I’ve said before: Either the Trolls at the Eccles Building are smoking crack, or they are arrogant to the point of blindness.

(Actually, if those are the only two options, then I fervently hope that they are high on crack: The other possibility is simply too disturbing to contemplate.)