Jason Burack of Wall St for Main St welcomed back hedge fund manager Kevin Duffy of Bearing Asset Management for another interview.

Follow Kevin on Twitter here: https://twitter.com/kevinduffy1929

Kevin’s recent interview with a Swiss markets website, Central Bankers Are Starting To Lose Control: https://themarket.ch/interview/central-bankers-are-already-starting-to-lose-control-ld.1175

During this 50+ minute interview, Jason asks Kevin about how much more bold and confident (hubris) central bankers are getting about how they want to fix society’s problems. Central bankers like Jerome Powell, Christine Lagarde and Neel Kashkari have recently made statements about helping the poor through central bank monetary policy, wealth redistribution or even funding “Green QE” for new environmental projects.

Articles With Central Banks Making Audacious Statements Full of Hubris Lately:
1) Fed’s Kashkari Says It’s Time For The Federal Reserve To Start Redistributing Wealth https://www.zerohedge.com/economics/feds-kashkari-says-its-time-federal-reserve-start-redistributing-wealth
2) Lagarde: “We Should Be Happier To Have A Job Than To Have Savings” https://www.zerohedge.com/economics/lagarde-we-should-be-happier-have-job-have-savings
3) ECB “Green QE” discussed: Lagarde promises to paint the ECB green https://www.politico.eu/article/christine-lagarde-promises-to-paint-the-ecb-green-european-central-bank/
4) An emerging priority for Powell Fed: The plight of the poor https://news.yahoo.com/emerging-priority-powell-fed-plight-164841931.html
5) A Central Banker Officially Loses It: “We Are Magic People” https://www.zerohedge.com/news/2016-05-11/central-banker-officially-loses-it-we-are-magic-people

Can The Fed Can Fight Wealth Inequality? https://finance.townhall.com/columnists/mikeshedlock/2019/11/26/can-the-fed-can-fight-wealth-inequality-n2557080

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36 replies
  1. GDC
    GDC says:

    The way central banks (including the FED) are acting, it appears the US and the rest of the west will be following Japan down the QE death spiral – particularly with western demographics. I'm not seeing a way back from these one way ZIRP/NIRP policies. Growth of debt > growth of GDP – Powell said it himself. Good luck raising rates – raising taxes is much more likely.

    Reply
  2. David Canatella
    David Canatella says:

    Can they solve the problems they cause? I think they only have skills in problem making. Wealth extraction is their whole nut. The extraction is becoming so bad it indicates that the central bank is delusional about leaving people nothing to lose.

    Reply
  3. Dave Kay
    Dave Kay says:

    They [central banksters] only redistribute wealth from we the people to themselves. They never saved us from 2008, we saved them!! They should not be trusted, they are not trustworthy. They ride OUR white horses, and they do not save the day, they destroy it. We have rate cuts because Trump intimidates them. When he's good and ready, he will destroy them. CB's make things worse from day one, never better, until a crash. Then they zero the game, and start making things worse again. And you guys play along, conceding that they are what they say they are. You are dupes, and dopes, no more than baby wannabe central banksters.

    Reply
  4. christian
    christian says:

    I think central banks realize that their monetary policy will help the rich. They want monetary policy to help the poor since clearly the rich are not helping the poor.

    Reply
  5. Jason Glazer
    Jason Glazer says:

    You could have had that same conversation with anyone. How about asking things your guest has a unique expertise or point of view on, like short selling or how his investment firm is coping with the search for yield?

    Reply
  6. marsmotion
    marsmotion says:

    help me out here, the fed is doing qe and probably secret asset purchases through other central banks. why is the money going to get cut off from the unicorns? thats the part i cant see. i think they will fund them no matter what because they serve the goal of creating their technocracy. forget socialism per say its this technocracy you better keep your eyes on. the creation of it is totally uneconomical and thats why they are giving all this free cash to tech anything. thats my concern and what i see.

    Reply
  7. Pekka Rousu
    Pekka Rousu says:

    The government deficit is about 32%. No country come close to this. For some reason NOBODY mention this. Why? What will the deficit be in a recession? A trillion extra? Today it's 1,3 trillion dollars per year = 32%. What will it be 50%? And with MMT maybe 100%?

    Reply
  8. Rob Neville
    Rob Neville says:

    Monetary inflation does not portend Price inflation, I agree. Where has this monetary inflation gone? Yes, asset bubbles, real estate, binds, Equities. When have you seen record returns in both bonds and Equities year over year? Never happens in a "normal" market setting. We haven't seen real Price inflation due to two things that are related, no wage inflation (due to world wide competition), and velocity of money/credit at historc lows. Wages probably will not see inflation, so this side of the equation is neutralized. Velocity will be difficult to increase in the current world economy and US situation. This all being said, the FEDs ability to push on this string and get the results they want is a nonstarter. Next turn will be defaults and deflation, IMHO. Act accordingly.

    Reply
  9. Claude
    Claude says:

    Do I have well understood? as long as oil & gas companies, unicorn s and all money loosing companies /zombies are keeping on loosing money!! the risk of high digit inflation due to monetary inflation is diminished!

    Reply
  10. Ian Cassie
    Ian Cassie says:

    no ones really highlighting AMAZONS change in the final quarter from 10 percent to minus 30 percent is that a 40 percent estimated drop in sales for the xmas sales???? or have i got it wrong

    Reply
  11. openview
    openview says:

    The best interview guest I have seen anywhere in some time. This guy has a mind like a steel trap, heaps of experience, and honesty. I have listened to it twice now. Congrats.

    Reply
  12. yougottabekiddinme
    yougottabekiddinme says:

    They are flat out stealing from us and people think they are dumb and don't know what their doing. Common! That much repo money and nobody even knows or asks where its going. This is flat out looting of the country.

    Reply
  13. superviola
    superviola says:

    capitalism? what capitalism? when the "Fed" is free to manipulate financial markets/money supply, do we really have capitalism? it's important not to defend crony capitalism (which really is reverse socialism) thinking it is capitalism. time to call it out and the first step is to ban the use of the word FEDERAL on non federal entities.
    when one alternative is ME being poor and in debt, and the other alternative is EVERYONE being poor, it is not hard to understand why the youths of today support a change. just look at Hong Kong.

    Reply
  14. Rob Bird
    Rob Bird says:

    There are absolutely astonishing amounts of waste and self-indulgence in west coast tech companies. They have stoked ludicrous property bubbles in the valley, Seattle, and Portland, with spreading issues in Denver / Boulder, Austin, Boise, etc. When they let go, expect a lot of crushed high tech workers deeply underwater. The cascading economic impact on the surrounding communities will be horrendous.

    Reply
  15. Chris Chong
    Chris Chong says:

    We should try to avoid beggar thy neighbour. It does not mean the losing nation must continue to lose but the losing should make the winning adjust their winnings to balance off the trade. This is exactly what Trump is trying to do, to balance trade with China but China wants status quo.

    Reply
  16. J D
    J D says:

    Of course the central banks don't think they can solve these problems, they created them purposefully, knowing full well the consequences to society,. Its a conspiracy of the grandest sort….yes I said it. Its only human nature to find it so difficult to accept it for what it is.

    Reply

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