Tuesday, September 15, 2009

Bernanke now says recession "very likely over"

Speaking to "experts and Washington insiders at the Brooking's Institution in Washington" today, Ben Bernanke said that "from a technical perspective, the recession is very likely over at this point," though unless you work for the government you will continue to sweat from job insecurity for a long time. Keep in mind Bernanke, the leading "expert," along with his audience of "experts," were completely blindsided by this crisis.

Fed chairmen never admit to seeing trouble ahead. They may have "concerns" about current trends, but they never see disasters staring them in the face. In Bernanke's now famous words, the U.S. government has a technology called a printing press that can rescue us from any crisis, in the unlikely event one should arise.

And what about the ones who did see the financial debacle coming, such as Peter Schiff and most Austrian economists?

They are roundly ignored in the mainstream. Austrian theory not only posits a necessary correction (recession) after monetary inflation -- inflating the currency being the Fed's mission in life -- it also says the correction will be delayed unless government gets out of the way. For this, Austrians are derided as "cranks."

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