Man Of Honor Resign
In a previous blog, I have
already called for Bernanke’s immediate resignation so he can return to
Princeton to teach economics. Hopefully, only few students will attend.
Were Frederic Bastiat Still Alive
In his famous essay titled “What Is Seen and What Is Not
Seen” published in 1850, Frederic Bastiat wrote “There is only one difference
between a bad economist and a good one: the bad economist confines himself to
the visible effect; the good economist takes into account both the effect that
can be seen and those effects that must
be foreseen. “ (emphasis added). Ben Bernanke, honestly what economist
would you say you are?
Bernanke has a long record of
failed policies:
(1) He did not recognize the extent
of the real estate bubble caused by extremely low key central bank interest rates,
two federal government run mortgage companies and laughable lending standards
(2) Then he lowered these key
interest rates again to ridiculous low levels for years to fuel speculation and
to deprive investors of returns and to promote profligate fiscal spending
through cheap lending.
(3) He engaged in failed bail
outs of financial institutions and purchased government bonds thereby enormously
inflating the central bank balance sheet.
I am sure, I am missing
something.
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