That the Fed’s U.S. economic forecasts have been consistently wrong over the years and decades is a statement of the obvious, but also not a knock on the Fed. The horrid forecasting speaks to the obnoxious conceit of economists in general that they can model the myriad doings of man and machine not just in one country, but the infinite doings of man and machine around the world that inform those doings.
The “closed economy” that is the world economy doesn’t just run roughshod over the Fed’s laughable attempts to roll out or retrieve the proverbial “punch bowl,” it also mocks the even sillier notion that an entity unequal to economic measurements would somehow believe itself capable of engineering “soft landings.”
The very notion. It’s a waste of words to say the central planning that underlies Fed conceit always fails, not to mention that the surest path to lower prices is economic growth as is.
Read the rest at Forbes.