Click here to get this article in PDF
Credit Bubble Bulletin/Doug Noland/3-28-2020
“I’ve always viewed Bernanke as a decent man. But as a central banker – as the mastermind for the terminal phase of a runaway global monetary experiment – he’s been a disaster. His analytical framework is so flawed it’s difficult to comprehend the amount of power and discretion placed in his hands. It was Bernanke that invoked the government printing press to resolve whatever might ail the markets or economy. His crackpot theories that the Fed’s failure to print sufficient money supply after the ’29 stock market crash caused the Great Depression should have been sternly rebuked years ago. Worst of all, Dr. Bernanke specifically used the risk markets (stocks, corporate Credit, derivatives and such) as the primary mechanism for post-Bubble system reflation. The former Fed chief is the father of ‘QE,’ ‘helicopter money,’ and the ETF complex that took the world by storm.”
USAGOLD note: This is the same Ben Bernanke who once told Congress “No one really understands gold prices” while adding that he doesn’t get it either and calling it an “unusual” asset. Given the curriculum vitae Noland issues in his behalf, it is not difficult to understand why he would relegate gold to the status of financial second class citizen.