This article in the
Asia Times does a good job of explaining why QE2 won't work and the great damage that the Bernanke led Fed is doing to savers, while rewarding speculators, who got us into this mess in the first place. Way to go, Ben! Nice job ruining the American economy and destroying the thriftiest of us. It's a piece that Paul Krugman should read, but won't; not that it would do any good for him anyway. Mr. "Print Money as fast as possible" Krugman seems to be blind to the demonstration that his recommended policies have already failed.
From the article:
It would be unfair to claim that Bernanke's policy did not make some of us happy. As before, his policy has been most propitious for speculation. It has been almost a free lunch for borrowers and speculators. Hedge funds reported their biggest gains of the year in September 2010. Managers assumed more risk in the context of abundant cheap liquidity and more quantitative easing in sight.
2 comments:
I could not agree with you more. This is simply astonishing that we are letting two guys (Greenspan, now Bernake) destroy our working class by reckless speculation - very disheartening!
Yep. It's not going to end well, that's for sure.
Post a Comment