He's either a knave or a fool – possibly both. But the odds are he's just an educated fool, an archetypical, clinical example of one. Either way, it's bad news for the U.S. and global economies...
Cutting taxes is always good for any economy, and so is minimizing red tape, with the U.S. tax code being among the worst masses of red tape in existence. But the kind of seismic shifts needed – like eliminating capital gains taxes entirely, and income taxes as well – are not politically viable. It does no good to make marginal improvements to a system that is fundamentally flawed and broken. Bernanke is proposing a band-aid where amputation is needed...
He may just have a complete lack of honesty. And absolutely a complete lack of understanding of economics, finance, history, and monetary theory – a shameful but perhaps predictable state for someone who's lived his whole life in an ivory tower. The man has been wrong about everything he's ever said about the U.S. economy...
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