“Where are you going tonight, Frank? Someplace exotic? Tahiti, Hawaii?”
— Frank Abagnale Sr.
In 2002, Steven Spielberg produced and directed Catch Me If You Can, the autobiographical story of Frank Abagnale Jr., whose real-life story is almost impossible to believe – yet it is true, and in it, Leonardo Di Caprio plays Frank, a teenager who impersonates a doctor, lawyer, and even a Pan-American airline pilot.
By learning the basics of each profession, the language of pilots or some medical terminology, he is able to convince everyone of his lie.
In one of the best scenes from the movie, Di Caprio’s character, then impersonating an esteemed doctor, gets called to the ER to look at an injured boy and THIS happens.
While the two real doctors try to impress the teenager with their knowledge, he goes to the janitor’s room and throws up, after seeing blood.
A Jerome Powell FOMC meeting and the subsequent statement and Q&A session is very much like a day in the life of Frank Abagnale: Saying the wrong thing weighs heavily either way and he must keep the narrative exactly where the listener needs it to be.
You must watch every word you say; when you’re impersonating you’re walking a tightrope.
In the movie, what prompts Frank to escape his reality and rebuild his identity, is his parents’ divorce. The pain of that is the catalyst for his runaway from home and into a vicious cycle of survival. His next “breakthrough” is when he sees the respect the uniform of an airline pilot automatically receives and the credibility it instantly wins you on the street.
Jerome Powell puts on the suit and gets the title of “Chairman,” so the media can take his analysis as the word of God, but in the past fifteen years, grave errors by the institution have finally pricked that bubble.
In THIS 2-minute clip, you can see how Frank asks for milk in his first-time riding in the cockpit, and reports to his dad that by doing this, he just graduated flight school.
I’m sure that when Jerome Powell speaks to the nation and moves trillions of dollars in bonds, equities and real estate, he probably feels the same type of panic and fear, because making a mistake could crash the economy and cause trillions in losses and jobs to vanish.
Courtesy: Zerohedge.com, Bloomberg
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So, what actually just happened in the real world and the world of the Federal Reserve (the real economy and the paper economy)?
On Wednesday, Powell was bullish for the first time in ages, talking about disinflation and about getting 90% of the way there, so the markets exploded higher.
If the FED has got a handle on inflation, then no need to keep tightening or hiking interest rates.
The one thing the FED said it still saw as problematic was the hot and robust jobs market. It was right… On Friday, the hot jobs report confirmed the FED’s suspicions and made the markets realize the whipsaw effect.
In 2010 and 2011, the FED feared deflation and kept rates at zero, in order to stimulate lending and growth, but it ended up causing a wealth gap. In 2022 and 2023, the FED wants to calm passions, make people go back to work and party less.
I think they’ll fail and that gold will prevail and make new record highs, as soon as this year!
As Frank says in the movie: “To da moon!”
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