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17th December 2013, 05:53 PM
Jim Grant Slams Steve Liesman "The Fed Can Change How Things Look, But Not What They Are"
Submitted by Tyler Durden on 12/17/2013 08:54 -0500
"I got up this early to talk, not to listen," Jim Grant berates Fed-apologist Steve Liesman as the two go head-to-head over the fallacy that QE has been a success. "The Fed can change how things look, it cannot change what things are," is the single-sentence summation of the mirage that the Fed's "dangerous monetary manipulation" has created.
Arguing that Grant is wrong because, as we saw this morning with CPI, there is no inflation, Grant blasts back pointing to the massive inflation in asset prices, art, farmland, ferraris as indicative of who the Fed's policies have helped. Grant adds to the list of obvious bubbles and even Joe Kiernan jumps in on his side against Liesman's insistence that the Fed is omnipotent (because the currency hasn't crashed... yet).
Watch the clip here: They ask Jim about bitcoin too. http://www.zerohedge.com/news/2013-12-17/jim-grant-slams-steve-liesman-fed-can-change-how-things-look-not-what-they-are
In case you don't know, Steve Liesman is a paid Fed shill for CNBC
Jim Grant is an American writer and publisher. The founder of Grant's Interest Rate Observer, a twice-monthly journal of the financial markets, he is the author of Money of the Mind (1992), The Trouble with Prosperity (1996), John Adams: Party of One (2005) and Mr. Speaker: The Life and Times of Thomas B. Reed, the Man Who Broke the Filibuster (2011), among other works. http://en.wikipedia.org/wiki/James_Grant_(finance)
Submitted by Tyler Durden on 12/17/2013 08:54 -0500
"I got up this early to talk, not to listen," Jim Grant berates Fed-apologist Steve Liesman as the two go head-to-head over the fallacy that QE has been a success. "The Fed can change how things look, it cannot change what things are," is the single-sentence summation of the mirage that the Fed's "dangerous monetary manipulation" has created.
Arguing that Grant is wrong because, as we saw this morning with CPI, there is no inflation, Grant blasts back pointing to the massive inflation in asset prices, art, farmland, ferraris as indicative of who the Fed's policies have helped. Grant adds to the list of obvious bubbles and even Joe Kiernan jumps in on his side against Liesman's insistence that the Fed is omnipotent (because the currency hasn't crashed... yet).
Watch the clip here: They ask Jim about bitcoin too. http://www.zerohedge.com/news/2013-12-17/jim-grant-slams-steve-liesman-fed-can-change-how-things-look-not-what-they-are
In case you don't know, Steve Liesman is a paid Fed shill for CNBC
Jim Grant is an American writer and publisher. The founder of Grant's Interest Rate Observer, a twice-monthly journal of the financial markets, he is the author of Money of the Mind (1992), The Trouble with Prosperity (1996), John Adams: Party of One (2005) and Mr. Speaker: The Life and Times of Thomas B. Reed, the Man Who Broke the Filibuster (2011), among other works. http://en.wikipedia.org/wiki/James_Grant_(finance)