Monday, March 16, 2009

Should Bernanke be dropped from a helicopter?

The Chairman of the Federal Reserve, hand-picked by Alan Greenspan the results of whose decades long spending binge Mr Bernanke inherited and whose chosen solution to the resultant wrecking of the world's financial system was to drop dollar notes from helicopters, has been the first Fed Chairman to submit to an interview on 60 Minutes, read here. There he predicted the recession would end this year. The rest of the world should continue to worry how to escape the Depression which looks set to continue for years ahead. Elsewhere AIG executives are reported to have had well over one hundred billions dollars worth of bonuses distributed yesterday! Therefore the stock markets are rising this morning no doubt making us all happy?? As if to prove the Federal Reserve Chairman might better spend his time searching for his marbles the New York State manufacturing index shows a fall of 38 per cent for February, nationwide US manufacturing figures will be announced later today. Dropping dollars as if from helicopters did not seem to save the currency, maybe the same might work for the Chairman of the US Federal Reserve?

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