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| Joined: | Mon Nov 21st, 2005 |
| Location: | California USA |
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And just a year ago Time magazine named current Fed chairman Ben Bernanke as “Man of the Year” with a long-winded congratulatory piece about the chairman’s response to the challenges of the Great Recession. The article failed to mention, of course, that the prime cause of the Great Recession was the same cause of the Great Depression — expansion of the money supply by the Fed — and also failed to mention that Bernanke, for all of his touted knowledge about the failings of the Fed during the 1930s, failed to see the Great Recession coming.
What they fail to mention is the reduction of the money supply by half that causes the bust. They only mention the cause of the boom - this is a HUGE omision.