Minneapolis Fed President Neel Kashkari wants us to believe that the Fed is not a political entity.
Kashkari is either ignoring reality or simply providing cover for the single most political Fed in history. This is not a Left vs. Right issue, this is an establishment vs. legitimate reform issue.
Consider 2012. Supposed “Republican” Ben Bernanke launched QE 3 as a clear gift to the Obama administration’s re-election bid. The data didn’t warrant another QE program in any way. Moreover, the Fed was already engaged in Operation Twist at the time.
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Unemployment had declined steadily since the 2009 recession ended.
GDP growth rate had bumped higher from the 2011 dip.
Again, there was no real justifiable reason for the Fed to launch another QE program, let alone an open ended one. This was a clear gift from a Fed Chairman to a sitting President regardless of political party affiliation.
Today the politicization is even more obvious. We have Fed Governors openly contributing to Presidential candidate’s campaigns. And Janet Yellen met privately with President Obama in April 2016.
The official reason for this was to discuss “the economy and income inequality” but anyone with a functioning brain knows Obama was giving Yellen her marching orders to prop the markets up until the November election.
Why would two issues that have been in place since 2009 suddenly warrant the first private one on one meeting in 18 months… a mere eight months before Obama leaves office?
Again, the Obama Yellen meeting in April was very likely to put an election year fix in place in the markets. I and others have commented that since that meeting “someone” has very clearly been stepping in to defend the markets any time they take a nose-dive.
Every time this occurs the buying is both urgent and indiscriminate= the hallmarks of manipulation. REAL buyers do NOT panic buy billions of dollars worth of futures in a 1-minute span.
Again, the Fed is indeed a political entity. And this particular Fed is the single most political Fed in history. This is not about Left vs. Right, this is about maintaining the current political/financial power structure in the US at all costs.
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Chief Market Strategist
Phoenix Capital Research