Nov. 8th, 2002:
"I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again." - Ben Bernanke, 90th birthday speech to Milton Friedman
Fast forward to last month...
I think we all see where I'm going with this, yet again the Idiocracy got boxed in by their own bullshit...
In 2000-2004 Greenspan sponsored 1% subprime adjustable rate mortgages, which he immediately imploded via 17 interest rate hikes. Causing millions of foreclosures, bankruptcies and divorces. All sponsored by imported poverty capital, compliments of 'labor arbitrage' which continues unabated today. "Our bad".
Now, his successor, the Harvard "student of the Great Depression" turns out to be a student of Dungeons & Dragons. "We" did too little back then, and too much now, but neither one worked.
Why? Because all Central Banks do is drive a chasmic gap between reality and fantasy...
"Oops we did it again..."
Fed balance sheet with U.S. stocks:
BOJ balance sheet / Nikkei
ECB Bazooka:
