Bernanke Ignores 4,500 Years of Failed Monetary Policy
By The Mogambo Guru
12/08/10 Tampa, Florida – I naturally wanted to get my two-cents in about Ben Bernanke’s interview on 60 Minutes where he answered softball questions by explaining that everything will be fine and there is no cause for alarm because he and the Federal Reserve were “on the job,” although things will probably get worse for a long time, while he is “100 percent” certain that he could prevent inflation in prices by (get a load of this!) raising interest rates!
This is the same guy who has pounded interest rates to historic lows, near zero, less than the rate of inflation that is perking along at more than 2%, according to the GDP Deflator, and yet he would raise rates! Hahahaha!
Unfortunately, I could not write a thing with my hands, as I was still trussed up in a straightjacket and tied to a chair so that I could watch the spectacle on TV, a situation that was the result of a compromise.
The family knew from the years of my watching Alan Greenspan (the horrid little man who is directly, personally responsible for getting this whole bankrupting, inflationary mess started when he was chairman of the Federal Reserve) on TV, that watching Bernanke would make me go likewise crazy with outrage and anger, and their position was that I should not be allowed to watch it.
Or, if I did watch it, then I should be immediately killed, which I thought was a little extreme.