Coming: Great Depression 2
How the Bankers Have Trapped Bernanke
by Gary North
I had a little fun over the weekend at the expense of Dr. Bernanke. I translated his Jackson Hole speech out of academic Keynesianism into investment-grade English. I added a little humor, because Dr. B. is not what I would call a laugh-a-minute guy when he gets behind a podium.
In his speech, he opened with praise for what a great job the world’s central bankers and politicians did to save the economy in 2008.
On the whole, when the eruption of the Panic of 2008 threatened the very foundations of the global economy, the world rose to the challenge, with a remarkable degree of international cooperation, despite very difficult conditions and compressed time frames.
We can take this about as seriously as we would take similar self-praise by the head of FEMA after Katrina. Yet even that’s not close enough. It’s more like self-praise from the Army Corps of Engineers describing the levies. Maybe we should think of Greenspan as the Army Corps of Engineers and Bernanke as FEMA.