Money Printing Madness
Long-term pain assured.
by Stephen Lendman
According to an ancient proverb, "Those whom the gods wish to destroy they first make mad." Perhaps it had central bankers in mind.
In fall 2007, economic crisis conditions erupted. Counterproductive policies followed. Resolution is nowhere in sight. Responsible measures weren't adopted. Everything done so far failed.
Money printing madness substituted for stimulative growth policies. Since early September, coordinated central bank intervention repeated what hasn't before worked.
For most people, conditions are much worse now than earlier. Troubled European economies are cratering. Force-fed austerity crippled them. Stronger economies are faltering. Unemployment and poverty are increasing. So is public anger.
According to Fed chairman Bernanke, monetary policy is "no panacea." It hasn't slowed his money printing madness. Gloom, Boom & Doom's Marc Faber expects Fed policy to "destroy the world." It just takes time.