"It profits me but little that a vigilant authority always protects the tranquillity of my pleasures and constantly averts all dangers from my path, without my care or concern, if this same authority is the absolute master of my liberty and my life."

--Alexis de Tocqueville, Democracy in America

Wednesday, June 22, 2011


Here's a post from Forbes about Ben Bernanke's press conference today,which sent the markets into a sharp downward slide:
Fed Chairman Ben Bernanke touched on every topic, admitting that the recovery was weaker than expected and that beyond temporary factors like supply chain disruptions in Japan and high energy prices, he was at a loss as to what was causing the soft patch....
Brutally honest, Bernanke admitted that he had no clue what was actually causing the current fragility in the U.S. economic recovery.  While the FOMC statement assigned blame outside of the U.S., pointing at Japan along with rising food and oil prices, Bernanke was put on the spot by a reporter who noted the inconsistency behind that explanation and a lowering of long term forecasts.  Bernanke took the hit, admitting only some of the factors were temporary and that he didn’t know exactly what was causing the slowdown, but that it would persist. 
He knows, he just can't say.   He knows that the uncertainties caused by Barack Obama's policies of massive borrowing and government intervention in business and hyper-regulation of the job-creating private sector, are a huge drag on the American economy.   He knows.   It's just something that can't be said out loud.

The.   Emperor.   Has.   No.   Clothes.

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