No different from the incorrect data and policies used during Covid. We are living in Orwellian Ministry of Truth times. Truth does not get the results they want, so they say what they think will get the results they want. But people who live in reality know that it's a lie. They are literally lying in hopes that it will be enough to keep the economy going. You know, like they have been doing for years. It's the basis of our economy. Fantasy, marketing, narrative, speculation, drama. They will lie with a straight face and clear conscience because they believe the ends justifies the means and they believe they are doing the right thing.
How inaccurate the data truly is will always be a matter of debate. That is the primary reason I focus on trends more than data points. So long as the data collection methodologies are broadly consistent, trends will be largely the same regardless of how accurate or inaccurate the discrete data values are.
What is purely propagandistic is the spin. Just as with the Pandemic Panic Narrative, the data is being egregiously cherry picked, without the benefit of intersecting data sets and trends to provide confirmation (which is why I reference multiple data sets--if different indicators are pointing at the same end result that raises the confidence level in the end result).
Also similarly to the Pandemic Panic Narrative, we are witnessing the triumph of ideology over rationale, logic, and evidence. Powell is following the Volcker Playbook because "everyone knows" that's what works. Of course, if you look at Volcker's stewardship of the Federal Reserve, what inflation did, and how he managed interest rates, his "success" was more illusory than real, and subsequent attempts to replicate his results have generally been less than stellar.
This isn't even Orwellian as we generally apprehend the concept. This is more like a real world exemplar of Plato's Allegory of the Cave--Powell and the rest see the shadows dancing on the wall and are convinced that is the reality. They are completely disconnected from actual reality to a degree that is shocking even for Wall Street ad academic types.
No different from the incorrect data and policies used during Covid. We are living in Orwellian Ministry of Truth times. Truth does not get the results they want, so they say what they think will get the results they want. But people who live in reality know that it's a lie. They are literally lying in hopes that it will be enough to keep the economy going. You know, like they have been doing for years. It's the basis of our economy. Fantasy, marketing, narrative, speculation, drama. They will lie with a straight face and clear conscience because they believe the ends justifies the means and they believe they are doing the right thing.
How inaccurate the data truly is will always be a matter of debate. That is the primary reason I focus on trends more than data points. So long as the data collection methodologies are broadly consistent, trends will be largely the same regardless of how accurate or inaccurate the discrete data values are.
What is purely propagandistic is the spin. Just as with the Pandemic Panic Narrative, the data is being egregiously cherry picked, without the benefit of intersecting data sets and trends to provide confirmation (which is why I reference multiple data sets--if different indicators are pointing at the same end result that raises the confidence level in the end result).
Also similarly to the Pandemic Panic Narrative, we are witnessing the triumph of ideology over rationale, logic, and evidence. Powell is following the Volcker Playbook because "everyone knows" that's what works. Of course, if you look at Volcker's stewardship of the Federal Reserve, what inflation did, and how he managed interest rates, his "success" was more illusory than real, and subsequent attempts to replicate his results have generally been less than stellar.
This isn't even Orwellian as we generally apprehend the concept. This is more like a real world exemplar of Plato's Allegory of the Cave--Powell and the rest see the shadows dancing on the wall and are convinced that is the reality. They are completely disconnected from actual reality to a degree that is shocking even for Wall Street ad academic types.