Absolute power…

Kathleen

Jeffrey Tucker nails the hype over Bernanke this week so well:

…it’s absurd that the entire world is hanging on the words of Ben Bernanke. He has been wrong at literally every major point in the housing bubble and then crisis. So why should we care about his predictions concerning the economy or his recommendations for how to end the slump?

The answer, of course, is that the Federal Reserve has the power to destroy the world economy. People look for meaning in each of Bernanke’s semicolons because they might give a clue to the Fed’s next policy move. The awesome power of the Fed has made the rest of us behave like the terrified family living with that creepy kid from the Twilight Zone.