Recently, further evidence emerged supporting our forecast for 2014. At the beginning of this year, our analysis led us to predict that instead of warming, the Earth would actually experience cooling. Thus far, this outlook has proven to be remarkably accurate.
“Pittsburgh is experiencing one of its coldest summers ever, which is affecting the trees,” reported CBSPittsburgh. “On Friday morning, temperatures in Western Pennsylvania dropped into the 40s.”
“Meteorologists indicate that these chilly temperatures are causing trees to change colors in the middle of August. ‘This is extraordinary for August and clearly reflects the prevalence of cool weather,’ remarked KDKA Meteorologist Dennis Bowman.”
We reference our cooling prediction not only to celebrate our accurate forecast but also to poke fun at the conventional wisdom that is often far from reality. Scientists sometimes manipulate data to fit their narratives, especially when large financial interests, like those of Al Gore, are involved.
A Very Full Rib Tickler
The crux of the matter is that, whether in personal or professional realms, one must remain cautious of those who make grand claims. Mutual fund fees can erode your retirement savings while benefiting a questionable financial industry. It’s rare to find a broker who bases their income on the success of their advice; it’s often more profitable for them to collect fees regardless of your losses.
Public servants are another group shrouded in skepticism. Across all levels of government, from local officials to federal authorities, these individuals frequently manipulate systems in baffling ways, and often with impunity.
Some politicians gracefully exit public life, fading into obscurity, while others linger long past their usefulness, becoming subjects of ridicule—like Hillary Clinton.
For instance, we recently noticed Hillary’s face gracing the cover of her new book, *Hard Choices*, now relegated to the discount section at Target. The juxtaposition of her vacant expression and the book’s tepid title provided a hearty laugh.
But it’s not just Hillary who amuses; nearly every politician possesses a touch of caricature about them. Figures like John Boehner, John McCain, John Kerry, and Chuck Hagel often seem more like characters from a comedy than serious leaders.
Janet Yellen’s Big Surprise
And then there’s the President. It’s hard to pinpoint what’s most humorous about him—his name, his ears, or the bewildering things that come out of his mouth! Good grief!
Yet, nothing is quite as entertaining as Janet Yellen and her colleagues at the Federal Reserve. They genuinely believe they can create wealth and prosperity by flooding the economy with digital currency. Yes, they have charts and graphs to back up their theories.
This week, the key players in monetary policy will convene in Jackson Hole, Wyoming, for their annual conference. There, they will expound on the merits of artificial interest rates and the wisdom of a centrally planned economy, possibly even hinting at how much longer the federal funds rate will remain near zero.
This year’s conference theme is “Re-Evaluating Labor Market Dynamics.” While we’re unclear about what this entails, it may relate to the simultaneous decline of both the unemployment rate and labor participation rate.
Yellen is set to deliver the keynote address on Friday. What could she possibly articulate? “I doubt she’ll touch on monetary policy,” commented Stephen Lewis, chief economist at ADM Investor Services.
Here at Economic Prism, we anticipate a significant surprise from Janet Yellen. Stay tuned for what unfolds!
Sincerely,
MN Gordon
for Economic Prism
