Thursday, 23 June 2011

Mike Krieger Sees Widespread Panic

That’s two press conferences laden with softball questions from “the press” and two epic flops by The Bernank.  Two extremely important things that came out of the disaster that was this event yesterday.  First, I want to point your attention to the quote I pasted at the top.  In response to the question of where The Bernank stood on monetary policy in light of his prior arrogant and cocksure statements a decade earlier about how the Japanese were being too passive in their methods he stated “Well, I'm a little bit more sympathetic to central bankers now than I was 10 years ago.”  BINGO.  That was far and away the most important thing he said the whole press conference.  Why?  Well, for several reasons.  First, it was pretty much the only spontaneous unscripted thing he said the whole time.  Second, because this is him basically admitting that sitting in an ivory tower telling others how to save the free world via monetary policy was a naive and idiotic thing to do (why people still believe in central banking, I mean planning, is beyond me).  Talk is cheap and The Bernank now has had time to test his sad statist theories and guess what happened?  He failed miserably in front of the entire world.  By saying that he is “more sympathetic to central bankers” he is saying that theories are one thing and he now realizes that.  This is HUGE.  The Bernank has no clothes.

- Mike Krieger, via ZeroHedge

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