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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: mishedlo who wrote (65650)7/9/2006 6:42:21 PM
From: skinowski  Read Replies (1) of 110194
 
Mish and ild, thanks for your thoughtful replies.

I would grant Ben B. the benefit of the doubt that - personally - he is a man of integrity. I am sure he wants to be counted as a great Fed leader, but the only way he can accomplish that would be if the economy and the nation do well. So, there is no real dichotomy between his personal ambitions and... the job which he needs to do.

The question is, of course, whether it is likely that he will succeed. Like Mish, I am not very optimistic. Indeed, I suspected for some time that increasing prices of oil, gold and other commodities were indeed "hooks" needed in order to induce people like the Fed to start fighting "inflation" -- at the worst possible moment.

It is remarkable how quickly people seem to have forgotten the deflationary scare of 2000 - 2003. And things really did feel scary. Businesses closing, jobs disappearing... What worries me about Bernanke's apparent "openness" with regard to "unorthodox" means of introducing liquidity into the system is that it may lead to major socio-political dislocations... since it would end up sharply increasing the government's powers... and the first recipients of the largesse would be, most likely, government employees and beneficiaries. This creates a potential for tension between them and other parts of the society.
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