Bernanke shows his hand, he’s got nothing

June 3, 2008

Category: Economics, Federal Reserve Email Email    Print Print    

After throwing rates off a cliff he’s now complaining about a weak dollar — are you kidding me? Despite rattling a few speculators it barely budged the broader commodities market. You can’t talk down inflation and you can’t talk up the dollar. Inflation is not and has never been a psychological phenomenon, it is and has always been a monetary phenomenon.

Uncle Ben, if you’re going to speak big and carry a soft stick you will only destroy the Fed’s credibility. Didn’t your mother ever tell you the story of the boy who cried wolf? We don’t believe you anymore and your sheep are about to get eaten.

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