It's Probably Nothing

Here's what my biggest concern is with Yellen:

http://www.zerohedge.com/news/2013-08-14/janet-yellen-financial-crisis-i-didn%E2%80%99t-see-any-coming-until-it-happened

Those same unions were most pleased with ObamaCare when it came out.

Not so much now.

I'm not sure it matters - unless they put Peter Schiff in the job, they're all totally invested in the monetization gambit.

Larry Summers, apparently the alternative, was not much of a pick either.
But, fine, it will be a teaching experience. Big Labor is now big enough
really to screw the US economy over; but as they have seen with Obamacare,
that means screwing themselves over.

Some good advice from a former Fed chair, who was once not an idiot, plus some Hayek.

In the absence of the gold standard, there is no way to protect savings from
confiscation through inflation. . This is the shabby secret of the welfare
statists' tirades against gold. Deficit spending is simply a scheme for the
confiscation of wealth. Gold stands in the way of this insidious process. It
stands as a protector of property rights. If one grasps this, one has no
difficulty in understanding the statists' antagonism toward the gold
standard.
- Alan Greenspan

An almost hysterical antagonism toward the gold standard is one issue which
unites statists of all persuasions. They seem to sense - perhaps more
clearly and subtly than many consistent defenders of laissez-faire - that
gold and economic freedom are inseparable, that the gold standard is an
instrument of laissez-faire and that each implies and requires the other. -
- Alan Greenspan

Gold still represents the ultimate form of payment in the world.
- Alan Greenspan

To combat depression by a forced credit expansion is to attempt to cure the
evil by the very means which brought it about; because we are suffering from
a misdirection of production, we want to create further misdirection - a
procedure which can only lead to a much more severe crisis as soon as the
credit expansion comes to an end.
- Friederich von Hayek

I don't know what GOP is all up in arms about now - they made it clear to the public they are opposed to Obumblecare and unrestrained QE and funny money Yellen. They went to the wall - they had the dictator shut the parks, cut off fed cheques and and rough up seniors and veterans to get his monetary policy and health care passed congressional impasse. We near a point where if there is more congressional resistance, the great dictator can declare a national (financial) emergency and declare martial law, suspend congressional approval and operate as a true Junta head - then he becomes immune from impeachment or another election.

- LET GO! I say let them OWN this mess.

Obamaare is so fouled up the system will not really be ready for 3 years. The electronic part of it is a disaster and a hacker's wet dream - millions will have their personal info stolen and used. Unrestrained QE (even to just pay internal liabilities will resul in the world dumping the dollar as a trade currency and plunge the US into an epic depression.

LET THEM OWN THIS! IT will be Obumbles/Demonrats sole responsibility. IF American democracy survives the catastrophe these policies bring, Obumbles will be doing jail time as the greatest fraud/con man/operator of the century and the Dems will never see election until their public school indoctrinates are old enough to vote.

At least Benjamin S. Bernanke, the grandson of a village pharmacist from South Carolina, can be said to have earned his position after a fashion, and may have retained some dim memory of how people live who work for a living and believe in God. Yellen, the daughter of a wealthy doctor from New York City, who assuredly never worked her way through college or darkened the door of a church, made it where she is today by marrying well---most of her papers were ghostwritten by her husband, economist George Akerlof---and being a woman and a card-carrying Democrat.

Yellen can at least be said to not be as ignorant of the A+B theorem and its implications as Alan Greenspan and Ben Bernanke. Her supposed bleeding heart notwithstanding, however, nobody who actually deserves one will get a national dividend cheque. Wall Street is so keen on her because she can be trusted to print as much Fed-confetti as needed to keep the lights on. Big Labour can't wait for Yellen to guarantee "full employment" at any price for fat, lazy unionized government employees, unemployable "feminists" with useless university degrees too proud to marry, the accursed "community" and "pueblo unido," and other assorted ballot-box stuffers.

Austerity is for people with honest jobs and positive net worth, who now find themselves more likely rather than less to see their life savings paid back to them by Citibank and Bank of America in worthless Fed-confetti, while the banks, kept open by the compliant Yellen Fed, are free to go on foreclosing on the inheritance of the western world.

A murder of crows(unions), rejoicing at the triumph of a Communist wolf (Janet Yellen) out to kill the complacent producing herbivores. Carrion for all.

NME666:

That's a pretty popular fallacy. But a medium of exchange is not for eating. A good one retains the value of your past production so that you can exchange it for other people's production via the division of labour.
There have been edible media of exchange but after much experimentation society gradually settled on two Precious metals because of various features that made them ideal as a store of value.

Gold sucks 'cos you can't eat it is not a very advanced monetary theory.

I am still stuck on the part about being confirmed as vice by the senate in an uncontroversial voice vote 3 years ago....what does that mean, that the socialists yelled louder or that the republican senators were clueless? I am thinking some farm land in northern Ontario might be a good investment right now, it will be hard work but I think it beats the soup kitchens.