The problems spreading ...
Amazing piece of propaganda!
The modern economic model is about printing money.
“Helicopter Ben” was the first, in his celebrated speech, where he sneeringly, (Did I imagine the sneer) explicitly and openly spelt out the US ‘printing press’ policy – and the aim to helicopter drop US dollar bills.
“Helicopter Ben” was also the first to further push the boundaries by refusing to share M3 figures with the world – with a terse announcement by the Federal Reserve Board.
After this, people wonder,
Why economic models always fail us in crisis.
That’s a big question, so fortunately the professor has a really great historical analogy to start us off.
A group of Swiss soldiers get lost in the Alps and the weather take a bad turn. One soldier realizes he has a map and they follow it until they find a town to take shelter. But when they explain what happened to their commander he realizes that’s it’s not a map of the Alps: it’s of the Pyrenees. (via Why Do Our Economic Models Keep Failing? – The Atlantic Business Channel).
Of course, I must say, Ben was kind enough to blame Asia for a savings ‘glut’ – which resulted in this global financial crisis. All in all, Ben Bernanke, represents a new level of Western brazenness. Alan Greenspan chimed in by his two-bits ‘the Fed did not cause the housing bubble’ statement.
Well, Chairman Sir! You didn’t do it! Neither did I. He didn’t do it. They didn’t do it.
So who did? The Asians, of course.
Eureka! It works …
The US and the World economy is suffering from a surfeit of printed money which was channeled into ‘supply side’ economics. The model worked exactly as it should have!
The Chinese ‘worker’ and Indian ‘coolie’ worked his backside off. The American ‘consumer’ bloated up debt – and bought all the goodies.
The debt mountain became just way too-o wobbly. It crashed. The Chinese (and Japanese, Indians and the Russians) have been left holding these pieces of paper, called American dollars.
As for you …
Derek, if possible, be honest. Otherwise, keep quiet. Say nothing. At least, don’t add to the cacophony of lies, untruth and cover-ups.
Just don’t get very clever about this, Derek.