Poor Ben Bernanke. There was a strange glow on his face as it appeared in Monday’s Financial Times…like a bearded St. Joan of Arc; his hands were clasped together as if in prayer, and his eyes seemed to reach up to the gods, if not beyond.
He made his reputation as a master plumber in Princeton, New Jersey, interpreting drippy money supply faucets and deconstructing clogged fiscal drains. And now, he has become the hope of all mankind. Or at least that part of mankind that hopes to get something for nothing.
How came this to be? The answer is simple. The plumbers who came before him botched the job. Applying their wrenches to the recession of ’01, they let too much liquidity into the system. Everything bubbled up. The subprime basement overflowed in ’07…Ben Bernanke has been on the job ever since.
The Fed is allowed to tinker with and manipulate the economy with no supervision or restraint by anyone to the detriment of us all. Has it finally gone too far - way too far? Bill Bonner thinks so.
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