New Critical Warning as 2013 shocker looms…”We are at a market top and an economic turning point”
By Paul B. Farrell
March 23, 2013
SAN LUIS OBISPO, Calif. (MarketWatch) — Yes, another dark “shocker” before the end of the year, an unexpected “black swan.” And sadly for Fed Chairman Ben Bernanke — who hopes his “I saved America from economic collapse” illusion stays intact till he leaves office — he’s not going to get a dream ending to his Fed career.
Why? The shocker will happen before his scheduled exit in January, damaging Bernanke’s egocentric “hero’s legacy.”
The big shocker that economist Gary Shilling sees coming will hit before year-end. And it’s what we see as “Critical Warning No. 12” for 2013.
So let’s put all this in context, a quick survey going back four years when Bernanke was reappointed and he began his grand ego trip as the Great Savior of the American Economy, believing he was destined to do the job our dysfunctional politicians were incapable of doing.
True, Wall Street banks love Bernanke’s non-stop cheap-and-easy-money printing presses, even if bad for the rest of America. We called him the “Most Dangerous Man on Earth,” and “Black Swan’s” Nassim Nicholas Taleb was so shocked by the reappointment of Bernanke — certain to become Obama’s “greatest domestic blunder” — that Taleb went into isolation.
Now, four years later, Bernanke is even more rigid and dogmatic, hanging onto former Fed Chairman Alan Greenspan’s failed ideology pumping out bank QE stimulus while creating the illusion that he’s saving America from a dysfunctional gridlocked Washington that does nothing.