So, as expected, Obama has finally formally appointed Janet Yellen to chair of the US Federal Reserve, taking over from PrintMaster-in-Chief Bernanke, who took over from BubbleMaker-in-Chief Greenspan.
That’s Janet Yellen, the woman who sincerely believes that Japan’s biggest problem was they didn’t print enough money. Of whom, when she was appointed as Vice PrintMaster, Gerard Jackson observed,
Janet Yellen is an inflationist first and foremost. She has made it abundantly clear that all of her policy suggestions will be geared to promoting an inflationary policy. Like all Keynesians she seems congenitally incapable of grasping the dangerous microeconomic consequences of inflation for investment, jobs and the standard of living. She is in fact a very dangerous woman.
Do you think this will end well?
3 comments:
"Do you think this will end well?"
NO!
Amit
Japan has had consistent deflation for years. So yes, it did (and does) need to print more money.
"Japan has had consistent deflation for years. So yes, it did (and does) need to print more money."
Nonsense on stilts! All the printing has done is prevent the banks and cronies from realising the losses they ought to. They have been kept afloat at the direct expense of everyone else. Japan has had 20 years of recession as the result.
This Keynesian idoicy of currency debasement always ends the same way. No matter how many times you rerun Keynes's approach you will always find ruination. It is impossible to print your way to wealth.
Amit
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