COMMENTARY | In 2012, people had a chance to choose an economic way forward. They chose President Obama's way.
The Obama way was to stimulate the economy through "stimulus" government spending and monetary policy that kept interest rates near zero. Accelerating the money supply pumped up the financial markets.
Wall Street was quiet, a silent partner in the financial fraud. Voters were quiet because they were promised something for nothing.
It helped, too, that Eurozone economies were falling apart so fast that the Federal Reserve's Ben Bernanke couldn't weaken the dollar fast enough to keep up, a relationship explained in Daily FX. Compared to the sickly Euro, the dollar and the American economy was safe harbor
.
But today's plunging employment figures stunned Wall Street and sent stocks tumbling. There was an increase of only 88,000 non-farm jobs, compared to analyst projections of 200,000 jobs, according to Reuters.
The Obama way was to stimulate the economy through "stimulus" government spending and monetary policy that kept interest rates near zero. Accelerating the money supply pumped up the financial markets.
Wall Street was quiet, a silent partner in the financial fraud. Voters were quiet because they were promised something for nothing.
It helped, too, that Eurozone economies were falling apart so fast that the Federal Reserve's Ben Bernanke couldn't weaken the dollar fast enough to keep up, a relationship explained in Daily FX. Compared to the sickly Euro, the dollar and the American economy was safe harbor
.
But today's plunging employment figures stunned Wall Street and sent stocks tumbling. There was an increase of only 88,000 non-farm jobs, compared to analyst projections of 200,000 jobs, according to Reuters.
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