The Scourge Of Central Banking

…Bernanke is famed (unjustly we believe) for being an avid study of economic history, especially the  Great Depression. Apparently his deliberations do not extend to more recent history, or to the extent that they do, are marred by the same errors that mark his interpretation of the ‘lessons’ imparted by the depression era. Evidently he also neglects to consider that he is definitely not the first policymaker who thought he had everything under control.  There are actually no examples of a policy of monetary debasement ever having produced a ‘success’. This should not be too surprising: if one could simply print one’s way to prosperity, everybody would do it. If the printing presses could do away with scarcity, we’d all be living in the Land of Cockaigne.

So in short, Bernanke and the other supporters of ‘QE’ at the Fed believe that they will be able to achieve what no-one has achieved before: to create a more wealthy and prosperous society by printing money.

 Good luck with that idea.

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