Bad News Bernanke Strikes Again
As if the last couple of years haven't been brutal enough, here comes Federal Reserve Chairman Ben Bernanke with the exasperating news that the job market isn't going to markedly improve for "several years."
As if the last couple of years haven’t been brutal enough, here comes Federal Reserve Chairman Ben Bernanke with the exasperating news that the job market isn’t going to markedly improve for “several years.” –KA
Rock Solid JournalismBBC:
Until the economy sees sustained and strong job creation, “we cannot consider the recovery to be truly established”, he added.
Mr Bernanke also said the US government budget deficit, which rose sharply during the crisis, was “unsustainable”.
The long-term challenges of reducing the deficit were “daunting”, he added.
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Market forces are colliding as another U.S. financial crisis brews. Meanwhile, sit tight on the roller coaster.
The September/October issue of Foreign Affairs features an article titled “Print Less But Transfer More: Why Central Banks Should Give Money Directly To The People.” It’s the sort of thing normally heard only from money reformers and Social Credit enthusiasts far from the mainstream. What’s going on?
"Hundreds of pages of transcripts, based on recordings made at the time, reveal the ignorance of Fed officials about economic conditions during the climactic months of the financial crisis," The New York Times reports.
Congress has the power to amend the Fed -- just as it did in 1934, 1958 and 2010. For the central bank to satisfy its mandate to promote full employment and become an institution that serves all the people -- not just the 1% -- the Fed needs fundamental reform.
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