Friday, January 15, 2010

Zimbabwe Ben Fools Time

"The man who is now supposed to fix our problems did not see them cmong in the first place. One may perhaps think that the problems were so byzantine that they were undetectable until they at last erupted in the crisis. But this is not so. There were those who saw the problems clearly. A few predicted the crisis with uncanny accuracy. One of them was Peter Schiff, a financial commentator and president of Euro Pacific Capital. ... It is paradoxical that as Schiff was sounding the alarm, mainstream pundits--those of the Greenspan/Bernanke worldview--were laughing in his face. ... Of course, Peter Schiff and Ron Paul have no crystal ball that enables them to fortell future events with uncanny accuracy. Their grasp of financial and economic situation is rooted in the Austrian school of economics. An outgrowth of classical liberalism, its main proponents are Ludwig von Mises, Nobel Prize winner Frederich von Hayek and Murray N. Rothbard. One of the main focus areas of this school is the business cycle--the boom-and-bust recurrence--which defines the trajectory of western-style economies", Vasko Kohlmayer at Frontpage Magazine, 24 December 2009, link:–-by-vasko-kohlmayer/

Not only was Zimbabwe Ben Time's "Man of the Year", he got a Financial Times accolade. Here's Junior's Junior Deputy Accountant post, 25 December 2009:

1 comment:

Anonymous said...

Bernanke is "captured" by his view of the of central bank as the "governor" of the economy...

He needs the TBTF institutions to mediate his policies...

He's is blind to how damaging these behemoths are to common people.

He's clueless to understanding how accounting tricks drive TBTF bank policies rather than the welfare of the bank clients.

He sees the global financial plumbing and can't comprehend other possibilities. He has never spoken against the shadow banking system other than wanting oversight of it... he's never spoken to the need to regulate it or bring it back on balance sheet.

He is hanging on by his fingertips. Obama does a substantial disservice to this nation that have renominated this man.