Boy, the Fed must feel real sorry for Jim Rogers, Peter Schiff, Naseem Taleb, Kyle Bass and all the other clueless, Austrian, debt doomsday, non-MMT types. It looks like the central bank is venturing out with a totally different approach to try to help these poor fools make money.
We all know the aforementioned have been shorting Treasuries mercilessly for at least the past four years, losing vast sums for themselves or their sorry followers, despite the fact that the Fed had been TELLING THEM not to sell the Treasury market at least until 2015. But, noooooo...these geniuses just wouldn't listen.
(Psssssst...they still think it's the bond vigilantes or the Chinese who set U.S. interest rates. We MMTers know better!)
So apparently out of deep concern for their bleeding pocketbooks, Bernanke & Co. is now telling the, "We're a debtor nation" (please say it in the voice of an old prospector) crowd that they can refrain from going short until the unemployment rate falls below 6.5%. Or to put it another way, they can go long until then.
As much as I'd like to think these clueless wonders are going to catch on, something tells me that their philanthropy to the MMT side (read: long side) of the Treasury market is going to continue.
Yes Lauren, it is true what they say about fools and their money. Hey folks, don't feel bad. Just think of it as doing a public service.