http://www.zerohedge.com/node/475698
Among the first things we learn in school are the rules of grammar - the building blocks of proper communication which underpin the English language. It’s amusing therefore to watch as “the market” (a collective expression of the grammatical competence of billions around the world) tries to dissect every utterance made by the likes of the Federal Open Market Committee, which itself spends an inordinate amount of time structuring its prose so as to convey, via the most intricate inflection imaginable, exactly what it intends to do. Grant Williams' latest must-read newsletter starts with this mystery of confusion, bluff, and counter-bluff, explaining that [the Fed] does it because then they would have no room to change course when it was proven that they had no idea what they were doing. Surely this makes more sense in reality: "Because the Fed has no idea what it is doing, it is much more sensible for it to be as vague as possible in its choice of language so as to leave itself room to change course when the magic pixie dust it is sprinkling on the world turns out to be largely ineffective." Much Better...
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