Expert On the Great Depression?

[godoftrading]

"One of the reasons I am partial to Australians is that they are critical thinkers, not easily cowed by authority or conventional wisdom.

In the US, one of the reasons that Fed chair Ben Bernanke is given so much deference (aside from the fact that we treat people in positions of power with kid gloves) is that he is regarded as an expert on the Great Depression, and has also studied Japan's Lost Decade.

Steve Keen, author of Debunking Economics and professor at the University of Western Sydney, has taken a look at some of Bernanke's writings on the Great Depression and finds them wanting, Serious wanting. I've read some of Bernanke's work on Jaoan, and quite a few of his speeches, and was bothered by some of the assumptions and omissions. Keen tears into Bernanke with a gusto that I find refreshing.

This is a long excerpt from a much longer and worthwhile post (hat tip reader Tom):"

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read the rest of this amazing article here:
http://www.nakedcapitalism.com/2009/01/bernanke-expert-on-great-depression.html

[smartinvestor30]

If he got us through this in a smart way he would go down in history to the likes of Keynes/Freedman

[smartinvestor30]

Unfortunately Bernanke is going to make the same mistakes, they are going to keep rates too low for too long

They think they can just print prosperity! If printing your way out of problems was logical and such a good idea why don't we teach this to the other countries and then we can just create wealth and no one would have to work anymore. They could just print their countries out of poverty like in China, Africa, India.

[freakscene]

read the rest of this amazing article here:
http://www.nakedcapitalism.com/2009/01/bernanke-expert-on-great-depression.html


thanks !

[madcowdisease]

Unfortunately Bernanke is going to make the same mistakes, they are going to keep rates too low for too long

They think they can just print prosperity! If printing your way out of problems was logical and such a good idea why don't we teach this to the other countries and then we can just create wealth and no one would have to work anymore. They could just print their countries out of poverty like in China, Africa, India.

Bye bye dollar. Gold has 10,000 years of being an acceptable currency and store of value. Should the Federal Reserve screw it all up again and the dollar falls precipitously this may be the only hedge for the rest of us that don't produce oil, grain, or some other necessary commodity.