The falling dollar and the continuing surge of gold prices indicates that President Obama, like his predecessor, is going to be considered an economic failure.
But the blame for the disastrous policies should actually be pinned on Federal Reserve Chairman Ben Bernanke, writes Stephen Moore.
“Last December we concluded that George W. Bush’s economic legacy will be remembered in history as a failure, in no small part because of the collapse of the dollar and the tripling in gold prices over the course of his presidency,” Moore writes in The American Spectator, along with his writing partner, John Tamny of RealClearMarkets.
“We wish that Barack Obama had paid attention to that column because by reappointing Ben Bernanke as Fed chairman, he has endorsed one of the two people in Washington who were architects of that Bush weak dollar policy — with Alan Greenspan being the other. So much for change you can believe in.”
Bernanke styles himself as the man who saved America from another Great Depression and preserved global capitalism by helping conceive the bailouts, stimulus plans, and the gigantic surge in the money supply to try to flood the economy with liquidity.
“It is hard to see how this savior tag can be accurate, given that the unemployment rate in the U.S. has doubled on his watch, with 7.5 million more Americans now without jobs,” writes Moore.
Billionaire investor George Soros warns that the global economy is in for a possible double-dip recession.
"I regret to tell you that the recovery is liable to run out of steam and may even be followed by a 'double dip,' although I am not sure whether it will occur in 2010 or 2011," Soros said in a speech this week.
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