An investor by the name of Paul Gambles pointed out that Janet Yellen’s testimony before congress reminded him of the the movie Being There staring Peter Sellers. As soon as he said that it hit me that he was right. I watched the testimony and beside being bored out of my mind I also found myself at times thinking what in God’s name is she talking about. She makes no sense at times. Why is the better part of the financial community listening to this drivel? Primarily because we all think that behind the Fed speak there must be some deep intellect brewing. Unfortunately Janet is Chauncey Gardener.
In the movie Being There Chauncey is a simple-minded gardener who has spent all his life in the Washington D.C. house of an old man. When the man dies, he is put out on the street with no knowledge of the world except what he has learned from television. After getting hit by a limousine, he ends up a guest of a woman (Eve) and her husband Ben, an influential but sickly businessman. Chauncey becomes friend and confidante to Ben, and an unlikely political insider in Washington. Because he is the friend of Ben everyone thinks he must be someone special. In reality he is a simpleton who basically speaks gibberish about his garden and eventually gives advice to the President of the United States. It is great movie. The main theme of the movie is that many people misunderstand the utterances of this simpleton but assume he must be brilliant if he is friends with Ben. When Chauncey speaks people hear what they want to hear. Obviously in the haze of the Fed speak we all basically hear what we want to hear because quite frankly it really is gibberish. It is designed to be gibberish. Because Janet is the head of the Fed she must be brilliant right? The other theme of the movie is that just being there at the right time through happenstance can make someone an important influence on history. Janet is more than likely to preside over the largest debt deflations the world has ever seen.
Check out these two videos and you will see the similarities in the gibberish spoken. The global financial system rests with this woman. In her testimony she made no mention of the $9 trillion in dollar denominated debt in the Emerging Markets that is ripping a hole in these economies and currencies as the dollar rises. Is she aware of this problem?
Here are the Janet Highlights
Here is Chauncey giving advice to the President:If you enjoy the content at iBankCoin, please follow us on Twitter