The Dream of Pharaoh (Janet) Yellen

Janet_Yellen_Time_Magazine

A new era of higher rates is upon us, reports Associated Press. The “Federal Reserve” has kept its short-term interest rate “near zero for nearly seven years.” [1]

(The word “kine” is from Middle English kyn, kuin, kiin, kien, variant (double plural) of Middle English ky, kye ‎(“cows”). “Kine” is the plural form of “cows”. [2])

Pharaoh dreamed: and behold, he stood by the river. There came up out of the river seven fat and well-favored kine. Next, seven other kine which were lean and ill-favored came up out of the river. The lean and ill-favored kine ate up the fat and well-favored kine. (Genesis 41: 1-4)

Neither Pharaoh nor his magicians could figure out what the dream meant. It was not until Joseph was summoned from the dungeon that the meaning of Pharaoh’s dream was interpreted correctly. Joseph told Pharaoh that the kine signified years. The seven fat kine were seven years of plenty, and the seven lean kine were seven years of famine. (See Genesis, chapter 41.)

A new era of higher rates is upon us, reports Associated Press. The “Fed” has kept its short-term interest rate near zero for nearly seven years.

In yesterday’s blog entry was included, “ERSJDAMOO’S HOT SHEET FORECAST”. The seven fat kine were interpreted to mean lately the years 2008-2015. “But for whom was it good, for Wall Street or for everyone else?” [3]

“Federal Reserve” chief Ben Bernanke had a plan: Fill the helicopters with cash and fly them over the banks. From there, Bernanke believed, the banks would lend the money to persons who wanted to start new businesses. But instead of this, the banks put the new money into the stock market. And the stocks just built an edifice upon themselves. Hardly any new businesses appeared. Instead there were layoffs and reduced hours.

The labor force participation rate has been dropping. In 1996 it was 66.4 per cent. That meant 66.4 persons out of 100 had not completely given up hope for finding work. Put differently, 33.6 persons out of 100 had lost hope. At the start of 2001, the labor force participation rate had risen to 67.2 percent. In 2010, in the midst of the Great Recession, the rate had fallen to 64.8 percent. But then came what they keep calling an “economic recovery.” Yet despite the alleged recovery, the labor force participation rate as of December 2014 was lower than it had been in the midst of the Great Recession! In December 2014 the rate was 62.7 percent. [4]

New Yorker magazine calls it “the mystery of the missing millions.” “Why the participation rate hasn’t picked up as the recovery has strengthened is the biggest economic mystery of our time…” New Yorker estimates the number of these “missing in action” to be 6 million persons. [4]

The Bureau of Labor Statistics, as of July 2015, has the labor force participation rate at 62.6 percent. [5] Their number for persons not in the labor force as of July 2015 is 93,370,000 – more than 93 million persons! [6]

Contrast these numbers, be they 6 million or 93 million, with the number of unemployed during the years 1874 through 1876. Around that time a Mrs. Sarah E.V. Emery had written a book, Seven Financial Conspiracies Which Have Enslaved the American People. [7] Please pardon her sexist inference of only counting men as she writes from a time long passed.

  • 1874: “A million idle men began to tramp in search of work.”
  • 1875: “Two millions of laborers out of work. Famine and hunger begin to stare them in the face, and ‘tramping’ becomes a profession.”
  • 1876: “Three million men are out of employment.”

On July 4, 1892, meeting together in Omaha, Nebraska, the “People’s Party” issued several demands, including…

  • “We demand a national currency, safe, sound, and flexible, issued by the general government only, a full legal tender for all debts, public and private, and that without the issue of banking corporations.” [7]
  • “We demand that postal savings banks be established by the government for the safe deposit of the earnings of the people, and to facilitate exchange.” [7]

Instead of a postal savings bank, the State of Texas is now setting up a gold-backed bank that will allow depositors to bypass the controversial “Federal Reserve”. Under the measure, passed overwhelmingly by lawmakers and signed in mid-June by Republican Governor Greg Abbott, Lone Star State officials will establish and operate the Texas Bullion Depository. [8]

Elsewhere, the House Financial Services Committee is calling for greater transparency and accountability from the “Federal Reserve”. The committee has approved legislation – the Fed Oversight Reform and Modernization (FORM) Act – that would require the “Fed” to more transparently communicate its monetary policy decisions to the American people. [9] That is a nice start, but how about even more “transparency” by means of an independent audit of the “Federal Reserve”?

——- Sources ——-
[1] “Steady US job gains likely foretell a new era: Higher rates”, by Christopher S. Rugaber, AP Economics Writer, August 10, 2015.
[2] https://en.wiktionary.org/wiki/kine
[3] “Adventures of the Sporting Men”, Ersjdamoo’s Blog, August 10, 2015. https://ersjdamoo.wordpress.com/2015/08/10/adventures-of-the-sporting-men/
[4] “America’s Workforce: The Mystery of the ‘Missing Millions’ Deepens”, by John Cassidy. The New Yorker magazine (online), January 9, 2015. http://www.newyorker.com/news/john-cassidy/americas-workers-mystery-missing-millions-deepens
[5] “Labor Force Statistics from the Current Population Survey”, Bureau of Labor Statistics. Data extracted on: August 11, 2015. http://data.bls.gov/timeseries/LNS11300000
[6] “Labor Force Statistics from the Current Population Survey”. Series title: (Seas) Not in Labor Force; Labor force status: Not in labor force; Type of data: Number in thousands; Age: 16 years and over. Bureau of Labor Statistics. Data extracted on: August 11, 2015. http://data.bls.gov/timeseries/LNS15000000
[7] Seven Financial Conspiracies Which Have Enslaved the American People, by Mrs. Sarah E.V. Emery. Originally published circa 1892. Westport, CT: Hyperion Press.
[8] “Texas Launches Gold-backed Bank, Challenging Federal Reserve”, by Alex Newman. The New American, July 15, 2015. http://www.thenewamerican.com/economy/economics/item/21271-texas-launches-gold-backed-bank-challenging-federal-reserve
[9] “House committee calls for greater transparency from Federal Reserve”, by Ryan Smith. MPA (Mortgage Professional America), August 4, 2015. http://www.mpamag.com/news/house-committee-calls-for-greater-transparency-from-federal-reserve-23507.aspx

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About ersjdamoo

Editor of Conspiracy Nation, later renamed Melchizedek Communique. Close associate of the late Sherman H. Skolnick. Jack of all trades, master of none. Sagittarius, with Sagittarius rising. I'm not a bum, I'm a philosopher.
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