The Madness of Ben Bernanke
Gabor Steingart
Spiegel Online
April 16, 2008
The dollar is in a tailspin, the trade deficit is growing and a recession is on the horizon. The American way of life is in serious danger. But the head of the Federal Reserve keeps on pumping easy credit into the system — a crazy policy that will worsen the crisis.
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Alan Greenspan and Ben Bernanke have more in common with the big cat entertainers Siegfried & Roy than any of us can be comfortable with.
The Las Vegas magicians call themselves “Masters of the Impossible” and have been fascinating audiences for decades by getting snow-white tigers to leap through burning rings.
The legendary Federal Reserve Chairman and his successor were equally adept at fascinating their audiences — with a policy of miraculous monetary growth that gave America one of the longest periods of economic expansion in modern times. Many saw them as “Masters of the Universe.” It seemed as if the central bankers had tamed predatory capitalism with their constant interest rate cuts.
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