Ben Bernanke’s Dream World
Ben Bernanke's recent claim that the US economy's “growth fundamentals" apparently have not permanently altered by the shocks of the past four years” is simply not credible. Worse still, it sanctions a hands-off approach to economic depression that threatens to undermine US and global growth for years to come.
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BERKELEY – US Federal Reserve Board Chairman Ben Bernanke is not regarded as an oracle in the way that his predecessor, Alan Greenspan, was before the financial crisis. But financial markets were glued to the speech he gave in Jackson Hole, Wyoming on August 26. What they heard was a bit of a muddle.