This man is still employed.
If you have friends who still do not understand the role of the Federal Reserve Chairman, show them this video. This girl demonstrates what the post entails.
Of course, she’s an amateur. Creating four simultaneous bubbles is relatively easy.
Last September (see below), Marc Faber described the preeminence of Chairmen Greenspan and Bernanke in this realm:
Well, if you look back at 2002 to 2007, we have an unprecedented historical asset bubble in the sense that even in the gold standard you had bubbles, but they were concentrated in one sector of the economy. But Mr. Bernanke has managed to inflate everything: real estate, equities, commodities, art prices, any kind of worthless collectible, and even bond prices. This is unprecedented, and this is a major achievement of your Fed Chairman.
And now, the only asset that during that time went down is the US dollar. Now, international liquidity is tightening, and I think all asset prices will fall one after the other like a domino but that the US dollar should be supported.
In point of fact, Mr. Bernanke is quite excellent at his job. It’s the job that’s the problem.
Addressing the European Parliament today, Czech Prime Minister Mirek Topolanek discussed the “way to hell” of President Obama’s stimulus, money printing, debt, protectionism, and the like. This video shows a brief highlight.
Other European leaders naturally leapt into damage control. (See the IHT.) They want even more access to US printing presses, and they want to empower the IMF generate more “currency” as well.
What folly. What damage yet to be done.
PM Topolanek recently lost an election in his country. Sadly, it seems that he is leaving the scene.
Isn’t it a little surprising and quite disappointing that Eastern Europeans schooling US leaders about markets has become almost routine?
Free enterprise did not create this situation. If you believe that capitalism is to blame, you’re doing it wrong.
Now, it isn’t being allowed to fix the problems either. Intrusive state action has made a mess of everything. And it shows no signs of relenting just yet.
Should our leaders, so-called, guide us into another Great Depression, they will — as with the last one — pave the road with their good intentions. Isn’t this often the “way to hell?”
Respectfully, PM Brown’s butt = kicked.
The truth is, Prime Minister, you have run out of our money.
…It’s not that you’re not apologizing. Like everyone else, I’ve long accepted that you’re pathologically incapable of accepting responsibility for these things. It’s that you’re carrying on willfully worsening our situation, wantonly spending what little we have left.
Prime Minister, you cannot carry on forever squeezing the productive bit of the economy in order to fund an unprecedented engorgement of the unproductive bit.
You cannot spend your way out of recession or borrow your way out of debt.
…You know, and we know, and you know that we know that it is nonsense.
You are the devalued Prime Minister of a devalued government.
From Reason.tv:
At Reason’s 40th anniversary event, held in Hollywood on November 14 and 15, the American Enterprise Institute’s Peter Wallison analyzed the roots of the current market meltdown and explained how government policies directly caused or massively exacerbated the housing bubble and the subsequent bust at the center of things.
The Arthur F. Burns Fellow in financial studies and codirector of AEI’s program on financial markets deregulation, Wallison is the author of several books including most recently, Competitive Equity: A better way to manage mutual funds.
Watch “Hedge Funds and the Global Economic Meltdown.” How much criminality exists within this system?
What inspires trust? What destroys it? What store of value is safe?
Btw, the end of this video urges the audience to write their government representatives. I’m down with that. However, please do not write “filmmaker” Michael Moore. He is an even bigger waste of time than CNBC.
Dr. Ron Paul appeared on the DL Hughley Show on March 7, 2009.
Professor Robert Shiller delivers “Animal Spirits: How Psychology Drives the Economy.”
Imho, the only value of CNBC is the occasional appearance by:
- Jim Rogers
- Marc Faber
- Peter Schiff
- Dr. Ron Paul
- James Grant
- Etc.
You may notice that these guests always express exasperation at the foolish buffoonery of the CNBC hosts.
You can watch one example of Jim Rogers on this channel here.
Check Marc Faber on CNBC here, here, and here.
And remember, these are simply TV shows. They don’t need to be correct in outlook or forecast to grow viewership. It is perhaps their pursuit of maximum audience that has led them to miss so badly so often and to fill their ranks with talking heads that all too often say nothing resembling anything.
CNBC = FAIL.
Btw, it would be pretty great if Jon Stewart adopted the Austrian economic viewpoint. He could rip on Democrats and Republicans alike, which is to say, Keynesian folly. That’d be hilarious. If only.
Jim Rogers spoke with CNBC on February 9, 2009. Among comments about the UK and other topics, he related:
- I’m buying gold just because periodically I buy gold. I do expect it to be much higher over the next decade.
- Btw, if the IMF sells their gold — and the IMF is dying to sell their gold to bail everybody out — then gold could go down a fair amount. But that would be the bottom for gold if the IMF does. Now, I hope the IMF does sell their gold for two reasons: 1. We would get a low price for gold, and 2. then we could get rid of the IMF because, after they sell all their gold, nobody else is going to give them any money, and then the IMF would have to dissolve somewhere down the road.
If only.
Glenn Beck asked “Does this sound reasonable?”
Of course, the President’s assertion is not reasonable. It’s ridiculous.
Vainly trying to justify disastrous interventions that disrupt the housing market, President Obama laments that more than 250,000 construction jobs have vanished since 2006. Such statistics sound official and definitive even though no context is offered. The President’s case cannot be characterized as argument; it’s a con.
Mr. President, the decrease in construction jobs is GOOD news. Take a look at the inventory levels of homes and property of all kinds. The policies of The Fed, the Bush administration, and a couple decades of destructive social engineering artificially inflated the housing market to an alarming degree. Why fight reality? Reality gets to win.
Get out of the way, Mr. President. You are doing enormous damage. State authorities are blatantly leveraging this crisis to acquire more power. We allow this heist at our own peril.
Btw, as you watch this clip, pay close attention to the behaviour of the line as we pass through the early 1970’s when President Nixon left the last of a gold standard behind. Ain’t fiat currency grand?
What builds trust? What destroys it? What store of value is safe?
(Hat tip to FA)
