TD₿: Bitcoin is Common Sense by Parker Lewis
TL;DR Bitcoin represents a return to common-sense economics as opposed to the "money grows on tress" policies implemented by central banks worldwide.
Hey Bitcoiners,
Welp — add another page to the Clown World Book. Former Federal Reserve Chairman Ben Bernake has been awarded the Nobel Prize for economics “for research on banks and financial crises.”
Despite the entire Global Financial Crisis developing under his watch as Federal Reserve Chairman, this man is now being rewarded for “saving us” during the financial crisis that could have been averted had he been more competent.
Ben Bernake ignored countless signs that there was too much speculation and leverage in the housing market but did nothing but brush off the warnings.
Here are some choice quotes highlighting how he let the risks build that led to the crisis:
Not only did he let the GFC unfold under his watch, but he also implemented Quantitative Easing and chose to bail out Wall St. at the expense of Main St. He created moral hazard and dropped interest rates to zero, which encouraged risk taking, kept zombie companies alive, and impeded economic growth.
Ben Bernake said these policies would be temporary and was quoted as saying that the Fed would reduce its balance sheet by half in 2017. Fast forward to today, and the Fed’s balance sheet has exploded, and they have performed QE in some form or fashion several times since the GFC.
The real crime here is that his policies have worsened wealth inequality which has immeasurable consequences on the fabric of our society.
So to recap: Bernake let the Global Financial Crisis occur under his watch, bailed out the banks, and implemented radical policies that only exploded our debt levels, worsened our long-term economic growth outlook, exploded wealth inequality to historic levels, and allowed economic imbalances to accumulate in the credit system causing inherent fragility in the financial system. Thanks Ben! 👏
Bitcoin represents a more stable monetary system away from the nonsensical road that Ben Bernake and his colleagues have taken us down. In the words of Parker Lewis, Bitcoin is Common Sense. (05/01/2020).
Bernake is a prime example of the lack of accountability in the traditional financial system and central banking in particular. He is the epitome of someone who continues to be lauded as some hero for bailing out his banking buddies when in reality, he has a track record of incompetence and failure.
I think that this goes to show the Nobel Prize Committee has officially lost all credibility.
Unchained Capital’s Tyler Campbell said it best…👇
Tick tock next block,
Cory Klippsten
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Quote of the Day
“This [QE] is fantastic for every rich person…This is the biggest redistribution of wealth from the middle class and the poor to the rich ever. Who owns assets—the rich, the billionaires. You think Warren Buffett hates this stuff? You think I hate this stuff?” - Stanley Druckenmiller, Billionaire Investor
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Meme of the Day
(h/t @WallStreetSilv)