I've been preaching this since 2007; claiming Bernanke is a failure is stating the obvious. Printing money to paper over deficits, and sustain over-priced asset prices that were bidded-up during the irrational real-estate boom is idiocy.. THers like "tinsldr" seem to think that government intervention is the solution, when it is patently obviously it is the cause of this "sluggish" economy. Some THers thought that Bernanke (during Bush's regime) was the perfect person for the job since he was an expert on the Great Depression.
Now a Market Watch columnist is talking about the elephant in the room:
We are in a depression.
What? A Depression? You mean Bernanke got it all wrong? Well, DUH!
Moreover, I'm not a professional economist and I can tell that it ain't over....hell it hasn't even begun to unravel. The sky will be falling...the realities of debt have not yet hit.... but it will be obvious when it does. All one has to do to recognize it is watch either inflation or interest rates. You know its over when yields or inflation exceed 10%.
With all the government intervention kicking the can down the road, it is difficult to anticipate when. But with every government kick of the can, the pain the US and the world economy will have to endure becomes that much greater. And yes Republicans, austerity will come to our military. Awwww, shucks.
It is a sad thing that every year since about 2004, I have been planning what to do to survive. Bush's policies, now Obama's policies, and soon to be Mitt Romney's policies (if he can win in November) have dictated my spending on things like.
I invested in gold and silver.
I moved from the city to the country.
I have bought food insurance.
I have taken firearms and weapons training.
I have bought firearms....I am armed. Yes, I have ammunition.
I've turned off fox news.
I would have done none of these things if not for our politicians. So while Obama squawks about a chicken in every pot, and Mitt Romney talks about peace in the Middle East at the point of a gun, rest assure, both these men are condemning the US to third world status, and the greatest destruction of wealth and power the world has ever seen.