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The Five Stages of Central Bankers’ Failure

Central Banks

This article comes from

by Charles Hugh Smith

Central bankers must accept the complete and utter failure of their policies if we are to move forward.

Central bankers are now in the denial and anger stages of Kubler-Ross’s famed stages of loss: denial, anger, bargaining, depression and acceptance. Central bankers are in denial that all their trillions of dollars, euros, yen and yuan have completely and utterly failed to achieve the desired result: “organic” (i.e. unmanipulated by central states/banks) expansion of productivity, investment and household earnings.

Central bankers not only continue to insist their free money for financiers will eventually “trickle down” to the masses–they’re angry that the masses aren’t buying it. Central bankers are now blaming the masses for maintaining a perverse psychological state of disbelief in the omnipotence of central banks and their policies.

Central bankers are raging at the psychology of hesitant households, which they finger as the cause of global weakness: if only people believed everything was great, they’d borrow and blow tons of money, and the ship would leave port with a full head of steam.

The central bankers have spent seven years constructing “signals” that are supposed to create a psychological state of euphoria that leads to more borrowing and spending. The stock market is at all-time highs–don’t those stupid masses get it? That’s the “signal” that all’s well and they should get out there and borrow more money to enrich the banks!

Central bankers’ anger is not directed at the source of the policy failures–themselves–but at the masses, whose BS detectors suggest all the signals are manipulated and therefore worthless. The skeptical psychology of the masses is akin to the mark at the 3-card monte table: the crooked dealer (in this case, the central banks) has let the mark win a few rounds to “prove” the game is honest, but the mark remains skeptical.

This is infuriating central bankers, who counted on the marks falling for the rigged game. This wasn’t supposed to happen, they rage; the Keynesian bag of tricks was supposed to work. Stage-managed perception (i.e. rising markets mean the economy is healthy and vibrant) was supposed to trump reality (i.e. the economy is sick, dependent on the dangerous drugs of debt and speculation).

Next up: bargaining. Central bankers are kneeling at the false gods of the Keynesian Cargo Cult and saying that they’ll offer “helicopter money” (more fiscal stimulus) if only the financial gods restore “growth.”

Read more here.


Shorty Dawkins



  1. To assume central bankers are unaware of the consequences (not unintentional) of monies being created by debt and an economy that consumes on the order of 70% while producing at 30%, with the additional money created by consumer debt and the fractional reserve banking system intering the money supply would mean that the bankers were innocent bystanders to the high finance and big business enterprise of mercantilism. That would just make them useful ideots for the globalist cartel whose goal is to reduce mankind to a two tier system of the wealthy and the serfs (subject peoples). Maybe those bankers believe that they will be among the “gentry” who directly serve their betters.
    The article may have some positives for those who may become aware that the system is failing and decide to protect assets, go off grid and avoid becoming known to the self-appointed rulers, but it does little to explain the once covert plans of the One World Order.
    The heads of the cartel cannot claim to be unaware. They, along with many leaders in government are calling the shots. It’s time the “little people” (that’s us) need to get informed, wake up and begin to take well planned action.
    Any form of nullification against central planning and top-down actions are valid responses and should begin at the local, township, county and state levels as appropriate. All local government must begin the process of stopping government from using the peoples money as bribes–federal funds with strings attached. State Legislatures should be influenced to use the templates already suggested to nullify the general government’s actions and acts that reduce soverignity (see Publius Hulda). Everyone in the know should keep up the pressure of Representatives to do the right thing. It’s up to the people. It will get no better if the people depend upon earthly saviors or someone else to do it. As a matter of fact, it’s all on you. And me. Just remember that consuming more than produced means we are eating the seed corn. There will be no way to produce next year if we eat it all up today. Think about that for a moment. What’s to become of tomorrow?

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