Daily Archives: 2 August 2022

To Repeat

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In a Wall Street Journal article centered on the problems volatile energy prices cause for central banks, there’s this allegation:

The pass-through of higher energy prices to other goods and services, along with their volatility, could make it harder for the Federal Reserve to tell what price shocks are temporary and thus set interest rates appropriately.

Wrong answer.

I’ve said it before, but it bears repeating. Instead of trying to play the market, or even to time it, the Fed needs to set its benchmark interest rates at levels historically consistent with the 2% inflation rate that it’s historically used for its target inflation rate, and then sit down and shut up.

Full stop.

Press Dishonesty Made Manifest

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According to a just released Harvard study of the motivations for the 6 January 2021 riot at the Capital building, a study that looked at a bit over half of the court documents filed by the 6 January defendants, about 20% of the rioters said their motive was loyalty to former President Donald Trump (R), and about the same number said they acted because they believed Trump’s claims of a stolen election.

Fewer than 8% were interested in starting a revolution. That’s the dishonesty of Progressive-Democratic Party politicians along with the press: they’re hyping the revolution claim, and that’s the central thesis of the Jan 6 Committee’s inquisition.

Here’s the kicker, though. Only 4% of the rioters were motivated by their belief in a QAnon conspiracy theory, and that outcome prompted this reaction from one of the study’s authors, Kaylee Fagan:

The folks with QAnon T-shirts, and signs, and flags were so prominently displayed in much of the visual imagery that came out of the Capitol attack. So we expected to see more QAnon-related concepts come through in the documents.

And who so prominently displayed all that visual imagery? The journalists of the journalism guild, who were so intent on hyping anything that supported their anti-Trump narrative, that they…forgot…to report all of the facts, the whole story of the riots.