||Long Journal is Long…& angry. (Danger Econ Stuff)There was this amazing documentary I watch several years ago about borderline semi-novice mountain climbers paying a mountain guide company ($50K) to help them climb Mount Everest (Tallest mountain in the world.) The company would employ an army of sherpas to do everything from establishing the many base camps needed to laying every inch of guide rope so that the only work the client would have to do would be to hook themselves up to the guide ropes and place one foot in front of the other and transverse the mountain. (They didn't have to weigh themselves down with provisions, as the sherpa carried that task out for them.) There was one peak towards the top, that proved to be particularly tricky. No problem, the sherpas actually would place a ladder, (A LADDER) so that the 'climbers' wouldn't actually have to do any mountaineering. Despite this, 95% of the clientele would not make the summit.|
Why? Because it's Mount-fucking-Everst. The oxygen is so thin in "The Death Zone" that helicopters can't get enough lift to fly that high. If your body drops up there, it's there forever. A Chinese contingent sent a 30 man party to recover the body of ONE fallen climber from the year before. Despite the fact that the body hadn't even fallen towards the top they weren't able to recover anything, and lost men on the way back. In fact, once you're in "the Death Zone" (26000 ft) the oxygen level is so low it is considered insufficient to sustain human life. You're, in fact, 'on the clock' to get in and out as fast as possible as your body is indeed dying. There are so many mind boggling statistics/stories that underscore this point this journal can't hold them.
So, I'm not going to lie. Why did I watch this show? I was always waiting for that one 'Ah-ha' moment when the 'semi-professional-mountain-climbing-rich-guy-reality-star' would, despite all his notions and talk, would come face to face with the hard reality that, despite the army of sherpas and catered meals, he was not going to make it up the mountain and, in fact, was probably going to lose that finger.
So this journal entry is not about mountain climbers. Here's an interview from a Federal Reserve Banker talking about the economy:
Despite all the data, despite YEARS of zero bound interest rates, despite all the forward guidance, despite all the QE, despite the Fed's 4 Trillion dollar balance sheet (and leveraged 80 to 1), and despite reality, another Fed official (Evans) still thinks it's possible to climb this mountain. …even without a pair of legs. 'Yeah, seems like we STILL haven't recovered for some reason, ("weather?") but don't worry, I'm sure it's JUST around the next corner.'
I watch these Fed officials like hawks. Not for reliable information, as they've proven over and over and over again that they are completely clueless, (see: CPI, consumer confidence, housing numbers, labor participation rate, every single fed GDP forecast going out years, etc, etc, etc) but for the entertainment value of waiting and watching for that 'Ah-ha' moment when they realize where they/we actually are*.
*Hint: There's not enough oxygen to sustain human life.