Janet Yellen – Fed Central Planner
Posted by Martin C. Fox on September 19, 2015
The hallmark of free market theory is that no one person or group (central planners) can decide how to allocate resources. Only the actions of consumers can put a value on any given resource. Resources, finished products even the dollar can only have its value determined by aggregate demand. The opposite of this is central planning. The most glaring example of central planning was the Soviet Union. Where else could one have the pleasure of standing in line for hours only to get a left shoe. The process to be repeated a few weeks later for the right shoe. Where else would an entire region (Ukraine) be sentenced to starvation due to less than ideal agricultural planning.
Interest rates are no different from shoes or bread. The aggregate demand of the market place should determine the cost of borrowing.
Janet Yellen and her team of unelected officials, planning their actions in secret, are as inept, as harmful and in fact no different from a run of the mill Soviet central planner.
Be seeing you