Bitcoin Forum

Former Fed Official talks about QE and how it was clear early on it wasn't working the way it was intended.

http://www.cnbc.com/id/101192690

Well it doesn't look like Yellen is going to stop QE anytime soon, so they haven't learned anything from their mistakes...

We obviously couldn't bear Triffin's cost forever.  There had to be a hard or a soft crash.  Not surprisingly, we picked a soft crash.  Part of the soft crash is helping people wake up to the new reality slowly.

If you listen carefully to what Huszar is saying it confirms every accusation that Anarcho-Capitalists hurl at statist policies.  QE was supposed to free up the credit markets to help out people and small businesses trying to get loans.  It didn't do that, but it did help the stock market reach new highs.  Powerful Wall Street interests took note and pressured the Fed to continue QE because it printed money and put it directly into the pockets of the rich and powerful Wall Street companies.  In the meantime 50% of Americans don't own stock.  And the left still thinks the government is just trying to help the poor.

To be honest it's rather typical of people like him, it was less of an apology and more of a smug and arrogant Ben Bernanke way of going "Yeah we messed the economy up but fuck you", I think this is my main problem with the neo-keynesians of today, they're stupid, arrogant and have access to a printing machine. It's the equivalent of a giving in to what the mad terrorist with a bomb says and doing everything he wants rather than just realising he's just going to screw you over even if you're nice to him.

People are far too obsessed with what others think of them and coming across as polite and nice in this society and in doing so you end up with a bunch of two-faced assholes who backtalk a lot but never have the balls to tell someone something to their face, CNBC are a classic example since the neo-keynesians own them but they clearly find a lot of them pretty distasteful with what they say.