Bernanke Is So Brilliant, He Doesn't Know Why

I am told over and over again how Ben Bernanke is the most brilliant economist ever. In fact, he is so brilliant, he can't figure out why things are the way they are. Yet this past week, as reported on ABCNEWS, Fed Chairman Ben Bernanke admits he's clueless.

"We don't have a precise read on why this slower pace of growth is persisting," Bernanke said. He said the weak housing market and problems in the banking system might be "more persistent than we thought."

It amazes me at how worldviews and presuppositions can blind the brightest of people. The answer is so simple that the old saying everyone is missing the pink elephant in the room doesn't do justice to his blindness. But such is life within the view of Keynesian economics. Of course, this assumes that Bernanke isn't doing what he is doing on purpose, but assigning motive like that assumes the worst in a person.

Now if you are one of those non-economist kind of people like myself and just want a simple answer as to why unemployment is probably close to 20%, I would suggest a couple of short interesting lectures offered by the Mises Institute. So if you have an MP3 player, go and download these couple of links and learn the truth about the current Mob's ability to print money.


Austrian Economics Versus Mainstream Economics

Interest Rate and Unemmployment