The New York Times reports that economists believe the Federal Reserve’s policies of quantitative easing have been a very expensive bust. They say “that the disappointing results show the limits of the central bank’s ability to lift the nation from its economic malaise.” Ya think?
Sarah Palin was saying the same thing months ago, not that the New York Times will give her credit. The New York Sun did, though.
Reserve notes has collapsed to less than a 1,500th of an ounce of gold. Unemployment is still high. Shakespeare couldn’t come up with a better plot. But how in the world did Mrs. Palin, who is supposed to be so thick, manage to figure all this out so far ahead of the New York Times and all the economists it talked to?
She did this back in November in a speech at Phoenix, which the Wall Street Journal, in a laudatory editorial at the time, characterized as zeroing in on the connection between a weak dollar and rising prices for oil and food. “We don’t want temporary, artificial economic growth brought at the expense of permanently higher inflation which will erode the value of our incomes and our savings,” the Journal quoted Mrs. Palin as saying. “We want a stable dollar combined with real economic reform. It’s the only way we can get our economy back on the right track.” Now here is the New York Times quoting a raft of economists who have reached the conclusion that Mrs. Palin’s warning was right down the line.
Read the whole thing. Palin was right, the “economic malaise” was caused by the government. As long as we have the same group of people running things, don’t expect it to improve any time soon.