Recent economic data, and especially today’s unemployment numbers reveal the powerlessness of the Fed in the face of underlying economic problems that they fail to understand. The Fed has tried every trick in the book for the past 4 years to revive the economy only to see it continue to weaken. Unfortunately they only know [...]
”[M]ost of the economic policies that support robust economic growth in the long run are outside the province of the central bank.” — Fed Chairman Ben Bernanke.
A thoroughly chastened and discouraged Fed Chairman Ben Bernanke gave his annual speech last Friday at the Fed conference in Jackson Hole, Wyoming. After reading this year’s speech, and [...]