The Fed Bashes Bloggers

Some Fed economist (with a hard-earned Ph.D mind you) named Kartik Athreya (who lasted at Citigroup as an associate Vice President for a whopping 7 months before getting sacked in 1998 only to find solace for his expiring unemployment benefits in the public sector) has written the most idiotic “research” piece to come out of the Federal Reserve since 1913, and the Fed has written a lot of idiotic research since then – after all you don’t destroy 98% of the dollar’s purchasing power in 97 years with non-idiotic research.

But this just takes the cake. In “Economics is Hard. Don’t Let Bloggers Tell You Otherwise” Kartik says: “I argue that neither non-economist bloggers, nor economists who portray economics —especially macroeconomic policy— as a simple enterprise with clear conclusions, are likely to contribute any insight to discussion of economics and, as a result, should be ignored by an open-minded lay public.”

Alas, all Kartik achieves is to convince the general public that feeding Fed “economists” alcohol after midnight and letting them directly upload their resultant gibberish to the Fed’s broad RSS feed the second they think they have a coherent thought, is generally a disastrous idea.

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