During yesterday’s trading session, the Dow Jones Industrial Average inched ahead 10 points to a new five-month high of 11,020. The financial news services attributed the advance to new disclosures from the Federal Reserve that it would continue debasing the dollar. True.
“Traders pushed shares higher Tuesday,â€� The Associated Press explained, “after minutes from the [September 21] Federal Reserve meeting kept hope alive that the central bank would take more action to stimulate the economy. The Fed had said…it was concerned that inflation was too low, and suggested it could step up its purchases of government bonds and take other action to encourage lending.â€�
[Read more...]
Economic Recovery: The View From Bernanke’s Helicopter
This week, the world caught a glimpse of what Henry Hazlitt might have called the “seen� – the primary, most conspicuous consequence of a preposterous economic policy. Of course, it is the “unseen,� what comes next, that we ought to be worried about.
We are referring here to the dawning of the QE2 era. In the shadow of the midterm elections, Federal Reserve Chairman Ben “full steam ahead� Bernanke announced the second round of quantitative easing, or, for us non econo-scholars, “money printing.�
[Read more...]Click for detailed story