Of course, I have. However, if you are a student of history, like I am, then you'd realize that the course that Bernanke has chosen along with Congress, has made the step by step progression of events an almost certainty. At this point, the probability is extraordinarily high that we are going down the path of Japan. We may very well see money printing to finance our deficits for the next couple of decades. However, long before then, I think we'll see massive 70's style inflation. Already the future inflation gauges are perking up.
Lastly, Bernanke is a one trick pony. Money printing is all he knows. He's convinced of his own rectitude and no logic or contrary evidence will dissuade him from this path he's chosen. That's why I think your statement that he may change course is just a bit too hopeful. No, he won't change course until inflation slams our economy into stagflation. By then, it will be much too late to wind down the multi-trillion Fed balance sheet, ZIRP, and money printing operations. It will all come too little too late.
Our best bet is to put Bernanke out to pasture and higher a Volcker type asap. Or better yet, higher Jim Grant or Ron Paul for the job and eliminate Unemployment from the Fed mandate. |
