Time Magazine Blunders with Bernanke
Jan 7th, 2010 | By Wayne Allyn Root | Category: Featured, Macro Economics, Politics
You can usually count on Time magazine to get things backwards, and they missed in a big way with their selection of Ben Bernanke as “Person of the Year” for 2009. Bankster Ben was wrong, wrong, and wrong again in his Federal Reserve policies and prognostications, with the result being runaway debt, endless deficits, and a financial industry scam machine that is rapidly reaching its proper status as laughingstock of the planet. Bernanke was not the first Fed Chairman to get a big boost from Time; Alan Greenspan once graced Time’s cover (flanked by Larry Summers and Robert Rubin) with the three of them touted as “The Committee to Save the World.” Well of course we know where that led; those three contributed to the destruction of the world’s economy. But that’s par for the course. The people writing the news love to predict and make the news. Unfortunately their predictions are almost always wrong. That could be why most mainstream media corporations in this country are now on the verge of bankruptcy. It appears that the same media “experts” who make terrible predictions, aren’t any better at running a business. One thing’s for sure: the dying Time magazine loves its bankers.
But just days ago, the Petersen/Pew Commission on Budget Reform warned in a new report that “over the past year alone, the public debt of the United States rose sharply from 41 to 53 percent of gross domestic product (GDP). Under reasonable assumptions, the debt is projected to grow steadily, reaching 85 percent of GDP by 2018, 100 percent by 2022, and 200 percent by 2038.”
