Hey Everyone,
"We know well that forecasting is a tricky game, not a game, actually, but it's a tricky exercise..."
"We have to take each quarter of projections as they come and then adjust what we need to adjust using all our instruments. And yes indeed, we believe that forward guidance is going to play a role in the set of tools that we have available, some of which we're using extensively at the moment."
-Christine Lagarde, president of the European Central Bank, during a press conference today, possibly not realizing the absurd paradox she just articulated.
Here it is in layman's terms... We can't tell the future, we can only guess. So we'll need to react quickly in real time using our tools. One of these tools is to tell you what we're gonna do in advance.
See what I mean?
In any case, we really can't bring up Lagarde without recalling the famous quote she uttered in a pre-pandemic speech. ...
"We should be happier to have a job than to have our savings protected."
This makes it seem like the key policymakers who run the world's economy would prefer that we work hard and remain poor, a position that is becoming more transparent as we go.
It's as if the entire world suddenly and collectively woke up to the fact that you can't get wealthy working a day job.
I suppose that's why you're all here though, right?
