Federal Reserve Admits It Has No Idea What It’s Doing

‘Federal Reserve Chair Janet Yellen is stressing the need to review the unconventional monetary policies that central banks around the world deployed in response to the 2008 global financial crisis.

She said Thursday that the post-crisis period offers policymakers an opportunity toassess the effectiveness of the tools and better understand the impact of new regulation.

“Policymakers have to carefully weigh the advantages and disadvantages of alternative monetary implementation frameworks in the presence of new policy tools,” Yellen said in remarks at a two-day research conference sponsored by the Fed.

Translation: We have no idea what’s going on, or whether or policies are helping or making things worse.’

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