Hedgeye CEO says Yellen appointment makes him "want to puke"

Yahoo!Finance had a chance to be something different, to stand out in the useless, banal, brain dead Wall Street apologist world of CNBC and Fox Business. Instead they went in the same direction. No, worse, they doubled down by hiring Jeff Macke, the dude who was even too bizarre for CNBC and Lauren Lyster, the Ludwig Von Mises, goldbug, Peter-Schiff-loving former RT Capital Account host who thinks our money comes from mother nature.

If you watch you know that the Yahoo!Finance shows all come off as the same, big bad government, poor abused banks, market is the all-knowing omniscient self-regulating entity bullshit straight out of some bad Ayn Rand novel with a plotline so tired that the only people who watch are probably the clueless guests themselves who keep getting the same smoke blown up their asses by these clown hosts. The rest of the world could give a shit.

I only mention it because they appeared to hit a new low on a segment today where the apparently medicated Macke decides to go after soon to be Fed Chairman Janet Yellen, intimating that we ought to be wary of a woman having "power rivaling Obama." (Clueless statement. One of many.)

Now if I were a woman and I heard this I would unleash a shit storm of protest all the way up to Yahoo's WOMAN CEO, Marissa Mayer and try to get her to realize that a) the show sucks and b) there's no fucking way a loser like Macke and the show's producers should be framing a segment with such a disprespectful and obviously sexist/chauvanist lead in.

But wait...it gets better.

Cue the moron music.

Up on the screen pops some dude named Keith McCullough who, when asked about the Yellen appointment (Yellen being a woman) says, "I don't know whether to smile or puke." (I kid you not. Listen ot the clip.)

Puke! The guy says he wants to puke!

Then this simpleton moron, who runs an outfit called "Hedgeye" goes into some unitelligable rant about how "We Lost touch with the Constitutional principals of the country" (how so?) and how the Fed is "unelected and unaccountable." I guess he feels its okay to ignore the fact that Fed governors are all noninated by POTUS and confirmed by Congress and the Fed itself was established by an Act of Congress and that they Fed has to give all its earnings over to the U.S. Treasury every year and so on and so on.

Finally the dude finishes it all off with this lovely cherry on top...ready...here it comes..."The Fed is keeping rates artificially low and devaluing the dollar." Ba dum bum.

Right off the Peter Schiff talking points memo!

A little bit more whining ensues about some other stuff--all wrong and out of paradigm, of course--then a moment where he scolds the Fed for "not agreeing with the market," and there you have all the evidence you need to see that this bumpkin got the monetary intelligence of a jellyfish .

Anyway, here's the clip. Watch it for yourself.

By the way, you women out there, Marissa Mayer is on Twitter. Maybe she'd like to hear from you. (That goes for you, too, guys.)

They still haven't learned a thing

With MMT really breaking out into the mainstream now and dispelling many of the popular myths about economics you'd think some of the more educated and otherwise informed economic pundits and market mavens would stop with their misguided pronouncements and pleadings.(I stopped 11 years ago, when I met Warren Mosler.)

Barry Ritholtz is probably one of the most widely followed market mavens around and he's certainly very smart and seemingly rational as well. That's why it's hard to fathom why he continues droning on with his false understanding of the Fed and monetary policy. (It's not that hard, Barry!)

In this video he talks about why rising rates are "inevitable." He even agrees with the dim-witted Yahoo! Finance host that the Fed "can't continue to buy Treasury securities forever." You can even discern a noticeable amount of frustration in their pleadings as in, "How has this been going on for this long??"

Well, Barry, if you understood MMT you'd know that the central bank can buy government securities in unlimited quantities for as long as it wants. Moreover, the central bank is the rate setter and often uses asset purchases to set the rate or whatever it wants and keep it there for as long as it wants.

This is all due to the fact that a sovereign currency issuing country, with its central bank as agent, is a monopolist in its own money. And anyone who studied monopolies in Econ 101 (chapter 1) probably knows that a monopolist can charge any price it wants.

The very fact that the US/Treasury/Fed pays any interest at all is superfluous. It needn't pay anything for use of its own fiat.

Really, it's not that hard, bro.