The Fed – Doing It Again
OPS_admin | Nov 08, 2010 | Comments 0
Paul Krugtman
Eight years ago Ben Bernanke, already a governor at the Federal Reserve although not yet chairman, spoke at a conference honoring Milton Friedman. He closed his talk by addressing Friedman’s famous claim that the Fed was responsible for the Great Depression, because it failed to do what was necessary to save the economy.
You’re right,” said Mr. Bernanke, “we did it. We’re very sorry. But thanks to you, we won’t do it again.”
Famous last words. For we are, in fact, doing it again.
It’s true that things aren’t as bad as they were during the worst of the Depression. But that’s not saying much. And as in the 1930s, every proposal to do something to improve the situation is met with a firestorm of opposition and criticism. As a result, by the time the actual policy emerges, it’s watered down to such an extent that it’s almost guaranteed to fail.
Full Story: The Fed – Doing It Again – NYTimes.com.
Filed Under: Economy - Labor
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If we don't change our ways soon...
A new report by the Royal Society, chaired by Nobel prize-winning biologist Sir John Sulston warns that world population must be stabilized and consumption in wealthy nations must be reduced or the entire planet is in big trouble. As the report reads: "The number of people living on the planet has never been higher, their levels of consumption are unprecedented and vast changes are taking place in the environment. We can choose to rebalance the use of resources to a more egalitarian pattern of consumption... or we can choose to do nothing and to drift into a downward spiral of economic and environmental ills leading to a more unequal and inhospitable future."This is the same warning that President Jimmy Carter gave Americans back in the 1970's - but it was ignored when Ronald Reagan came to power with a "more positive" message basically telling Americans we can do whatever we want. And then after 9/11 - Bush told us all we should go shopping and consume ever more.And now with corporations calling the shots in Washington - long-term sustainability of the planet takes a back seat to short-term profits. If we don't change our ways soon - and embrace clean, alternative energy and educate women around the plant - then we all could be headed for a rough century.-Thom(Is there any chance we will learn in time? Tell us here.) -
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