The Mogambo Guru writes:
Well, I am sure you can understand how I could easily make the mistake, and now we are screwed because Alan Greenspan was a lying, slimy little treacherous weasel who could not “afford to be blunt,” but who could afford to keep creating more and more money, gradually destroying the US dollar’s buying power with constant, simmering inflation in prices, so that even the lying US government is forced to admit that $1 in 1987, when Greenspan took over the Fed, had the buying power of $1.77 in 2006 when he retired, which is a compounding inflation rate of 3%! Yikes!
Long-term 3% inflation is, as you can probably tell by the expression on my face, outrageous! And it is especially outrageous because the Federal Reserve was created to prevent inflation! Their mission was to preserve the value of the dollar, and Alan Greenspan gave us a cumulative 77% inflation in the 19 years he was in office! Gaaahhh!...
The reason that I snarl in contempt is that this current recession is actually nothing –nothing! – compared to the many, many other financial crises throughout history, all of them caused when stupid bankers like him, or governments themselves, were allowed to create too much money, which distorts the whole economy and causes inflation in the cost of consumer goods, like food and energy, and nowadays those yummy little chocolate-covered donuts that we all love so much, but which cost almost 50 cents apiece now...
What Bernanke said was, “Financial crises will continue to occur, as they have around the world for literally hundreds of years,” although he should have added “that will result from the repeated stupidity of banks and countries continually increasing the money supply, which distorts the economy in weird, unpredictable booms and makes consumer prices go up, which is the Exact Wrong Thing (EWT) to do, which is a point that you would think would be crystal-clear even to a neo-Keynesian econometric halfwit like me, seeing that mere literacy is required to read the actual, written mission of the Federal Reserve, which is to maintain stable prices.
“But thanks to the incompetence of the Federal Reserve, the dollar has tragically lost almost 97% of its purchasing power since the inception of the Federal Reserve in 1913, making a complete mockery of me and the Federal Reserve, proving that I obviously have no idea what in the hell I am doing, except that I know it is wrong, but I keep doing it.”
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