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Friday, April 29, 2011

Absolute power...


Jeffrey Tucker nails the hype over Bernanke this week so well:

...it's absurd that the entire world is hanging on the words of Ben Bernanke. He has been wrong at literally every major point in the housing bubble and then crisis. So why should we care about his predictions concerning the economy or his recommendations for how to end the slump?

The answer, of course, is that the Federal Reserve has the power to destroy the world economy. People look for meaning in each of Bernanke's semicolons because they might give a clue to the Fed's next policy move. The awesome power of the Fed has made the rest of us behave like the terrified family living with that creepy kid from the Twilight Zone.

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  1. I just read that story last night! It creeped me out years ago and it seems to apply to everything!


  2. Beyond the Welfare State by YUVAL LEVIN

    "It is becoming increasingly clear that we in America are living through a period of transition. One chapter of our national life is closing, and another is about to begin. We can sense this in the tense volatility of our electoral politics, as dramatic "change elections" follow closely upon one another. We can feel it in the unseemly mood of decline that has infected our public life — leaving our usually cheerful nation fretful about global competition and unsure if the next generation will be able to live as well as the present one. Perhaps above all, we can discern it in an overwhelming sense of exhaustion emanating from many of our public institutions — our creaking mid-century transportation infrastructure, our overburdened regulatory agencies struggling to keep pace with a dynamic economy, our massive entitlement system edging toward insolvency.

    But these are mostly symptoms of our mounting unease. The most significant cause runs deeper. We have the feeling that profound and unsettling change is afoot because the vision that has dominated our political imagination for a century — the vision of the social-democratic welfare state — is drained and growing bankrupt, and it is not yet clear just what will take its place.....

  3. Jeffrey Tucker is a publicist employed by the von Mises Institute, whose stock in trade is the promotion of eccentric schools of macroeconomics which incorporate a hostility to central banking in favor of contrivances like a 'currency board'. He admits of no academic or professional background in economics or finance. Dr. Bernanke is an eminent economic historian. Do you think you might show some reserve in peddling the notion that the former is to be given credence when he says the latter has been comprehensively wrong?