Friday at the Fed Fantasy Camp

The conference officially kicks off this morning but, usually, we get early pronouncements – there were none yesterday.  Possibly because Bernanke is NOT attending the Federal Reserve's Annual Meeting (draw your own conclusions) – it's been pretty quiet so far.  Tonight's dinner is hosted by KC Fed President, Esther George and will focus on the impact of the Fed's unconventional policies, according to the WSJ.  

The papers and discussion on Friday will center on the situation the Fed has grappled with since the 2008 financial crisis: short-term interest rates close to zero but the economy still flailing, prompting experimentation with new policy tools and how those tools work.  

On Saturday, the scope of the conference widens to the global impact of the Fed's policies, though a panel discussion Friday featuring the head of Bank of MexicoGov. Augustin Carstens, a Chinese academic and a European Central Bankofficial is also likely to touch on that theme.  Janet Yellen is not giving a speech, but is the emcee for Saturday's events.  Larry Summers won't be there (thank God!), which leads me to think no one will say anything of note at this conference.  

Christine Lagarde makes a 12:15 lunch speech (and then they call it a day after a rough 4 hours work) and then tomorrow, after discussing Global Liquidity and Cross-Border Capitlal Flows, there's a 10:25 panel with BOJ's Kuroda and BOE's Mr. Bean (Deputy Governor).  

That's it, two days of almost 4 hours each day is a grueling week for Central Banksters so, if you see one at the airports on Sunday – be sure to give them a pat on the back for a job well done!  If you haven't done so, I urge you to read "The Creature from Jeckyll Island" to learn more about what the Fed really is or, in the very least, watch the video (cheater!).  These people (as noted in the above cartoons) are not there for your benefit (unless you are in the top 1%, of course)- not at all!  

IN PROGRESS