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     Feb 5, '14


CREDIT BUBBLE BULLETIN
End of Bernanke era
Commentary and weekly watch by Doug Noland


I hope to at some point offer a more complete review of Ben Bernanke's tenure at the Federal Reserve. I will be fascinated to see how future historians view the Bernanke doctrine.

From my perspective, the Bernanke era has been an abject failure. He was the most outspoken proponent of post-tech bubble reflation. The noted academic was keen to use the government


printing press - not to mention mortgage credit - to fatefully drive asset inflation and stimulate a particularly unbalanced US economic boom. I will give him less than zero credit for then inciting an even greater bubble, again in the name of system reflation, after the 2008 crisis.

Chairman Bernanke has been widely lauded for his "courage". Firemen entering burning buildings in search of trapped victims are brave. Our troops are courageous. I would see Bernanke and contemporary central bankers much more in terms of "daring". And it was the Bernanke doctrine of inflationism that basically provided open checkbooks to central bankers (and governments) around the globe. It's becoming a lot less thrilling now that the bills are starting to come due. more...

Doug Noland is a market strategist for the Prudent Bear Funds.

(Republished with permission from PrudentBear.com. Copyright 2005-2014 David W Tice & Associates. All rights reserved.)







 

 

 
 



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