Chairman Bernanke
Please Resign
Bernanke should be impeached or resign. Bernanke is a
poster child for what is wrong with economics today: Lack of understanding
fundamentals of economics. The short-term interest rate is too important an economic
price to be so brazenly manipulated by a central bank. It is high time for
substantial reforms of central bank policies to prevent this in the future.
The Fed Caused The
Great Depression With Super Low Interest Rates
Not only is the Fed one of the major culprits of the
Great Recession because they did not stop the deteriorating lending standards
and they kept the short-term interest rate too low for too long thereby fueling
the speculation.
Money Should Never
Be Cheap
And the Fed continues to fuel speculation with cheap
money; to aid and abet politicians in their reckless accumulation of
government debt; and to deprive investors of government bonds or savers or
banks of reasonable returns.
As a minimum, any reform of interest rate policy should
contain a formula such as that the short-term interest rate has to be above the
inflation rate, always. Sounds too simple? Sure, you do not need a professor
from Harvard to implement it. J
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