"My own view is that the recent pickup reflects more than purely temporary factors and that continued growth next year is likely. However, some important headwinds--in particular, constrained bank lending and a weak job market--likely will prevent the expansion from being as robust as we would hope. I'll discuss each of these problem areas in a bit more detail and then end with some further comments on the outlook for the economy and for policy."
-- Ben Bernanke
This is the man that said the subprime market problems were contained.
We are well and truly fucked.
This GDP number is a joke. It's a measure (it's hard to see how it could be accurate) of how much money changes hands each year. That's all it is. It's not a measure of economic health. I give you ten dollars and you give it back to me and we do that all year and we can produce $1,000s of dollars of GDP. Banks send money back and forth amongst themselves and they can produce another trillion dollars in GDP. It's just a stupid meaningless number and the fact that it (may) have increased a few percent on the back of nearly two trillion dollars in new money printed by the Federal Reserve is just nothing to get excited about.
The chairman goes on to say:
"We are attentive to the implications of changes in the value of the dollar and will continue to formulate policy to guard against risks to our dual mandate to foster both maximum employment and price stability."Really? You're in charge of maximum employment? Then you're a completely incompetent nincompoop. (The fact is that nobody is in charge of maximum employment - that's central economic planning, Soviet Union style. How did that work out?)
Really? You're in charge of price stability? The price of what? Houses? How's that working out?
Wake up America! These guys are full of shit. It's time to give them the boot.
End the Fed!
______________________________________
Read Nano-Plasm
© 2005-2009 Stephen Clarke-Willson, Ph.D. - All Rights Reserved.
No comments:
Post a Comment