Federal Reserve Chairman Ben Bernanke gave his semi-annual testimony to Congress on monetary policy Wednesday. While cautioning lawmakers that job numbers are still a concern, Bernanke indicated that because of measures taken by the government and the Fed, we are in the process of economic recovery. But can Americans trust Bernanke’s testimony?
Economic and monetary policy “luminaries” like Ben Bernanke, Alan Greenspan, Hank Paulson, and Tim Geithner- along with the rest of America- were blindsided by the financial meltdown, credit crunch, housing bust, and subsequent recession. These are all “really, really smart” guys who “know what they’re talking about” and understand all of the complicated intricacies of economics, which are all but ineffable to the layman. But they got it wrong just like everyone else.
Can we trust someone to predict our recovery from this economic crisis, who didn’t even see the crisis coming? Instead, we should listen to the (very) few analysts who predicted the economic collapse with frightening accuracy. What they all had in common was their adherence to a school of economic thought called Austrian economics, because it originated with several Austrian economists like Ludwig von Mises and F. A. Hayek.
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This article also appeared on Young Americans for Liberty.
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