Well, looks like I'm not the only want that thinks the Fed is a nonsense. 

Source: iStock

The Federal Reserve just tried to get fashionable and appeal to the masses, and oh boy was this the biggest fail of all time. They have failed miserably, much like their monetary policy regime.

Now, whether this has opened up a direct dialog with the very people that the Federal Reserve claim to serve is another matter, considering the Fed is a privately owned organization, but it has certainly given the haters and trolls a blank open forum to really lay into them. 

One of the posts that stood out to me was, "“It is well enough that people of the nation do not understand our banking and money system, for if they did, I believe there would be a revolution before tomorrow morning.” Henry Ford, founder of the Ford Motor Company." Another that is very fitting was , “ There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.” ~ Ludwig Von Mises

So there you have it, 

Be my guest and take a look at it all for yourself here

Source: Free Images

Go ahead, give some of those messages a like, I did!

At the start of the week, I wrote a short piece on the Fed and a 6 minute video on intended new policies that can both be read and watched here: 

How to play, "The New Norm for Dummies"

Moving on from the Fed and the Jackson Hole at the end of the week, we also have the US GDP data; something I touched on but did not go into in any great detail.

GDP revisions and U.S. perhaps already in a technical recession, but ... 

The first government estimate of Q2 GDP, where most had been expecting a big rebound to the very low 1.1% growth in the first quarter arrived at just 1.2% and substantially lower than the lowest estimate that anyone had made. Adding insult to injury, there were shocking revisions to prior revisions where the last two quarters were in fact revised down. 

The first quarter that was up 1.1% was actually revised down to just 0.8%. The fourth quarter that originally came in at 1.4%  was revised down to just 0.9%. This was alarming because that was the quarter where the Fed suggested all the data had been improving enough for them to begin their tightening policy of incremental rate increases 

So what will this quarter be downwardly revised by this time? 

Source: iStock

Remember, the government and the Fed are not even offering a realistic 

The main difference between nominal and real values is that real values are adjusted for inflation, while nominal values are not. As a result, nominal GDP will often appear higher than real GDP, so in effect, how far below zero on average would the economy really be expanding by? 

A technical recession is three consecutive quarters below zero percent. Also to keep in mind, the way the Fed measure inflation is so ridiculous as if to be beyond belief, if we had a more realistic measure of inflation for the US, the U.S. would likely already be in recession.

Source: iStock

But don't take my word for it, take the architect of this policy that the Fed are using, Alan Greenspan's:

"We’re in trouble basically because productivity is dead in the water," .. “What I’m concerned about mostly is stagflation, meaning I think we’re seeing the very early signs of inflation beginning finally to pick up as the issue of deflation fades...We’re just in a stagnation state.”

Talk is cheap

Source: iStock

Ironically, the very detail that tends to silent Yellen's ongoing mantra that I'm sure will come about at the Jackson Hole should she wish to offer any guidance on rates will be released the very same day - So perhaps she would be wise not to say anything this week?