Monday, October 19, 2009

This Morning Ben Bernanke Tells Us Asia Appears To Be Leading The Global Recovery

And their stimulus appears to be working. Unfortunately, one has to be able to take remarks that are senseless and separate them from remarks that are prescient. And to understand the dynamics of why. Funny that Bernanke was capitulating on his ability to stop the downward pressure on the dollar as we were bullish on the dollar last fall. And just as Bernanke remarked that he lost control of the dollar on the way down, he'll be completely unable to control it if it reverses. Which I expect.

Similarly just as Bernanke remarks constructively on Asia this morning, we highlight a post on the collapse of China.

As I have remarked, I actually like Bernanke. I think he's a genuine bureaucrat who believes he is doing the right thing. That said, he did pull the U.S. economy back from the edge of what would have been complete collapse. Maybe that collapse would not have happened in the first place were it not for the Federal Reserve but that places too much emphasis on the Fed and not enough on the real crises in the economy. Crises caused by politicians.
posted by TimingLogic at 11:01 AM