The Phaserl


The “Good Old Days”

by Andy Hoffman, Miles Franklin:

One of my favorite, up-and-coming writers is Michael Snyder – who last night wrote that 2014 is turning out to be “eerily similar to 2007”; which, of course, preceded the worst economic collapse of our lifetimes.  Frankly, all one needs to understand the lunacy of 2007 is the following quote…

The mainstream media, our politicians and Federal Reserve Chairman Ben Bernanke promised us everything was going to be just fine and we definitely were not going to experience a recession.

The Economic Collapse, April 23, 2014

…this gibes eerily with “Whirlybird Janet’s” speech last week, in which she repeated Bernanke’s claim in anticipating the equivalent of “full employment” and “stable inflation” by the end of 2016.  Never mind that, unlike Bernanke, she expects such developments nearly three years from now or, for that matter, the so-called “unemployment rate” could theoretically fall to historic lows simply due to a continued plunge in the labor participation rate.  Better yet, her claim that “stable inflation” incorporates a near doubling of the CPI!

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