News Flash: "Printing Money is no Substitute for Sound Fiscal Policy"
I hate to break this to Mike Pence or any of my fellow Fedbashers who might feel the same but, uh, the Fed is aware of this and knows that it's too late. The crackhead is hooked and there's no pulling away the pipe now. Isn't that right, Zimbabwe Ben?
The Hill on one Congressman's Don Quixote mission to keep the Fed busy (or is it un-busy?):
The Federal Reserve would focus its efforts exclusively on controlling inflation and stop attempting to simultaneously maximize employment under a bill introduced Friday by Rep. Mike Pence (R-Ind.).
Pence, who introduced a similar bill late in the last Congress, said that it is the government's job, not the Fed's, to boost economic growth and drive up employment.
"It is the job of Congress and the President to put forth pro-growth policies on taxes, to rein in government spending and to reduce the regulatory burden in order to create an environment that is friendly to our nation's job creators," he said in a statement. "Printing money is no substitute for sound fiscal policy."
That's really cute and all but here's the reality: pouring billions into McDonald's and Verizon wasn't necessarily in their mandate either but they did that, didn't they?
They aren't buying $600 billion more in Treasurys because they believe it will create jobs (don't listen to what the Fed's Co-Idiot-in-Chief Janet Yellen says about magically creating 3 million jobs by printing money, she's got her head shoved so far up her ass she wouldn't know deflation from taco farts at this point), they're doing it because deflation is their worst nightmare. True deflation (not asset deflation like we're seeing now, which is really just a desperate attempt on the part of over-manipulated markets to adjust to more realistic prices) means the perpetual debt machine that keeps them alive comes to a grinding halt and suddenly everyone realizes that those worthless pieces of paper we call money are just worthless pieces of paper. They don't give a fuck if you have a job and certainly are smart enough to know that all the worthless pieces of paper in the world aren't going to bring industry back to the United States. The jobs are gone. You know it, I know it and the Fed knows it.
So good luck with that, Mr Pence, and I mean that. It's too late to stop them now.