GLENN HUBBARD IS JUST ANOTHER NUTCASE!
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Yes…print money to fund deficits. Yes…leave rates at zero to create another bubble and screw savers. Yes…that’s the ticket!
NEW YORK, Aug 21 (Reuters) – Ben Bernanke received an unlikely defense of his work at the U.S. Federal Reserve by a top Mitt Romney adviser, who said on Tuesday that he should be considered for a third term as chairman.
Glenn Hubbard, economic adviser to the Republican presidential candidate, said he would advise a possible President Romney that Bernanke should “get every consideration” to stay on beyond January 2014, when the chairman’s current term expires.
The comments may come as a surprise given Romney has said he would not reappoint Bernanke beyond 2014. Further, many top Republicans have blasted the Fed’s aggressive policies since the Great Recession as overreaching and reckless.
SOURCE: http://www.huffingtonpost.com
From the perspective of the rentier mindset, the solution to any and all challenges is to print more fiat debt-money reserves for banks to lend more debt-money at compounding interest in perpetuity, and to fund gov’t deficit spending for all eternity, irrespective of how large debt/GDP or deficits/GDP become.
Economics is political propaganda. War is politics by other means. Therefore, war is politics is economics, which means that all economic theories are political propaganda to rationalize war to promote growth of the imperial corporate-state, the economic and political system of the US.
Ergo, virtually all establishment economists are nothing more than political propagandists for the militarist-imperialist, rentier corporate-state.
That most economists are employed one way or another by the Fed, the Fed’s primary purpose is to produce political propaganda to rationalize the expansion of the Anglo-American imperial corporate-state.
Understand this, and the actions of the principals and the outcomes follow quite closely the logic of the imperial corporate-state.