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This Is What Happens When Goldman Writes The Central Banker Script

Curious what happens when Goldman writes the script for its central banker alums? This.

  • DRAGHI SAYS EXCHANGE RATE IS IMPORTANT, NOT A POLICY OBJECTIVE
  • DUDLEY SAYS VALUE OF DOLLAR CAN IMPACT APPROPRIATENESS OF MONETARY POLICY, NOT A POLICY GOAL

At this point one should just laugh.

By now it should be obvious that we have reached the Central bank, i.e., Goldman Sachs, singularity, where a few Princeton economists, MIT central-planners and Goldman partners, are desperate to micromanage everything, every single market and asset, or else watch as the house of cards is swept away by years of pent up market "efficiency."

We wish them the best of luck.