Awaiting The Bernank
Just a couple of items before we get started this morning.
The Ben Bernank is going to be speaking before the Joint Economic Committee of Congress at 10:00 a.m. EDT. Many are hoping/expecting that The Bernank will hint at further easing and "accomodation". We'll see. Personally, I just hope that this site stays up and doesn't crash again. You may recall that the last two times The Bernank has appeared before Congress, TFMR crashed just as he began. Again, we'll see. The backup plan, as usual, is to post at the old blogspot site, should it become necessary.
Two items for your consideration while we wait. First, Jeff Nielson has written a fantastic piece on the BS from the BLS. You've heard me and others discuss the fallacy of the "birth/death model" and other "seasonal adjustments". Please take time to read Jeff's article. Maybe even bookmark it or print it off so that you have it easily accessible on the first Friday of every month.
The second piece comes from Patrick Heller at Liberty Coin Service. If you're not familiar with Pat, you should know that he is a well-respected "numismatician". Not prone to hyperbole, Pat is someone whom I've cited here often. Please take time to read this very important article.
OK, that's all for now. The Bernank speaks in 45 minutes. Let's hope we can meet back here later. TF