Monday, July 13, 2009

How We Got Here: Lying Central Bank Head

How We Got Where We Are

"Should we fault Chairman Bernanke for 'Green shoots'? Isn't it appropriate for a central bank to provide a rhetorial confidence? Aren't central bankers supposed to say things like 'green shoots'?"

Have we sunk so low that this is considered a valid question? Roughly re-worded, this question is, "Shouldn't the central banker cheerlead the economy and try to convince people that it is better than it is [in the hopes that this will make the economy better]?"

I can almost stomach this concept when applied to CEOs. Ok, so part of their job is as Marketeer in Chief. But our government officials? Our head of the Central Bank?

What happens when the cheerleading is revealed to be false? Where is his integrity and authority then?

Now we know.

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