26.3 The Fed Chalks up 2012-20 as “Transitory” – YouTube

Why didn’t the economy recover by 2011-12? Transitory issues in Europe. Why didn’t the economy boom? Transitory weather. Why didn’t good inflation materialize? Transitory price wars. Sadly what’s not transitory is the seriousness with which central banks are taken.———-WHY———-How much is several? What is a few? If you were to put a numerical value on “probably” would it be more, or less, than “likely”? To your podcaster’s great consternation the linguistic gatekeepers of Middle English were rather disinterested. As a result we’re constantly late or early. ‘I thought we were to meet in a few hours, no?’ ‘No! It was several.’ ‘Oh, right.’ Women seem to revel in these nuances, arriving for a date with this podcaster when it pleases them and then claiming etymological immunity.Which brings us to the word transitory. Admittedly there is SOME lexigraphic nuance: momentary, transient, impermanent, temporal. However, the Federal Reserve – like the proverbial camel – stuck its thesaurus-nose into that nuance and CHARGED into the economic-tent of the past decade. Why did the 2009-10 Green Shoots recovery fail? Transitory European Sovereign Debt Crisis, gummed Bernanke. Why did the economy swoon in the first quarter of 2014? Transitory Polar Vortex, chomped Yellen. Why did inflation not accelerate despite ‘full-employment’? Transitory cellular data-plan price war, gnawed the FOMC. Why was Globally Synchronized Growth tripped up? Transitory political trade wars, chawed Powell.So here we are, 10 transitory-filled years later. Now, unless there are glaciers listening to this podcast – and we need all the ratings assistance we can get – it’s likely the audience is in unanimous agreement that the definition of “transitory” has been tortured to death. Indeed, the Federal Reserve agrees! And transitory has been retired. Or creamated. Still, instinct informs your podcaster that much like the zombie economy, the transitory excuse is undead and will be walking again.

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