I've been thinking about Fed Chairman Ben Bernanke of Dillon, South Carolina. My dad grew up in Charleston, so I have some insight into the minds of South Carolinians.
I think Bernanke is a nice man and I think he means well. I know that Bernanke is deathly afraid of deflation. To Bernanke, deflation is something that can get out of control. Unlike inflation, deflation cannot be easily suppressed (look at poor old Japan, which has been deflating ever since 1989). Bernanke believes in first things first, and his first order of business is to stave off the forces of deflation. These deflationary forces have been bearing down on the world for years (too much production of goods, goods that the world can't use and digest).
So Bernanke is fighting "the good fight" against deflation. In doing so, he has loaded the Fed's balance sheet with over $3 trillion dollars worth of junk ... Log in or subscribe to continue reading.
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