“At least we aren’t Europe” wasn’t quite the standard for excellence Ben Bernanke was originally shooting for. Certainly not when he began QE in the United States, nor at the inauguration of its repeat not even two years later. The former Fed Chairman had promised recovery and delivered instead a highly disputed number of “jobs saved.”
Framing it this way, the Chairman showed up in the Wall Street Journal in late 2015 to attempt his victory lap. With inflation on the horizon, he said, as did “everyone”, and rate hikes to commence, there must’ve been some recovery in there somewhere. He just couldn’t find it any of the numbers, as I rebutted five Octobers ago: Read more…..
Chart of the Day
As COVID continues to spread the globe and as economies re-open, many are questioning the impact that the virus has had on economies worldwide. In this video, we look at the economic impact and consider whether coronavirus has started the next major global recession.