Greyerz: “Eric, the Fed decision surprised me because there is no logical or financial reason to taper. But in Bernanke’s final few weeks as Chairman of the Fed he has to play to the audience. Perhaps he believes he is leaving on a high note because of this….
“But during Bernanke’s reign he will be remembered for presiding over a staggering increase in US debt in just 8 years. Us debt increased from $8 trillion to $17 trillion, and he also increased the Fed’s balance sheet from $800 billion to $4 trillion.
So if you look at total money created, he’s gone from $9 trillion to $21 trillion. That’s an increase of 133%. It’s absolutely astonishing. And of course we know that the US cannot survive without the continuation of money printing. Bernanke also presided over the US unemployment rate rocketing to well over 20%.
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