Thursday, October 31, 2013

Faber: Eric Rosengren, Janet Yellen are money traders

We have a government bureaucracy class that essentially pursues its own interests and within that class you have the treasury department and you have the central banks. 

The thing is, I know quite a few members and former members of the Fed, this is an institution, it’s a club of, say on paper, educated people but with no business experience. They are not familiar with the problems of the businessmen and they have developed group thinking. All of them are money traders.

Now, some are maybe larger money traders like Eric Rosengren of Boston Fed or Yellen[Janet], and some are maybe less money traders. 

Basically they all trade money or intervene with monetary measures if the economy slows down or has a recession, a recession of degree. 

And my sense is that the government and the central bank will not solve the problem of central banks, only a major crisis that completely discredits the central bankers and the banking system will solve the problem.

(Pictured above: Janet Yellen, Eric Rosengren)

Source: Marc Faber Interview