In one of his final speeches as Federal Reserve chairman, Ben Bernanke has indicated the future is bright for the US incomplete economic recovery.
I’m not entirely sure about the use of the word ‘indicated’ there, as I see no real arrows to indicate me in less than three directions based on Binbag the Wanke’s speech. But such is the nature of Torygraph coverage these days, the boys from Brecqhou can make sense of any brainless contradiction.
Here’s an example of what I mean…this is Ben at his best:
“The combination of financial healing, greater balance in the housing market, less fiscal restraint, and, of course, continued monetary policy accommodation bodes well for US economic growth in coming quarters. But, of course, if the experience of the past few years teaches us anything, it is that we should be cautious in our forecasts.”
So then, cautiously confident in a fiscally constrained sort of way. And in case you might, as a result of sensory deprivation, have missed the mixed message here, this was a virtual replay a couple of minutes later:
“The economy has made considerable progress since the recovery officially began some four and a half years ago. Despite this progress, the recovery clearly remains incomplete. At 7%, the unemployment rate still is elevated.”
This is (if it is) a recovery that must surely rival that of Ariel Sharon: it took seven years, and then ended in death.
I wonder: is there anyone in a suit and/or with a brain anywhere on the planet who believes the undiluted bollocks we’re being handed by Benny the retiree?
Take his own taxpayer-funded QE out of the equation, and the US has been in recession since 2009. The same applies to Great Britain.
It is of course risible…..except that I no longer have the energy or manners to simply laugh.
Earlier at The Slog: disentangling truth from dissembling at Fukushima
The Slog 