No-one In the Administration Understands the Economy

SEE HERE One has to wonder. I don't know if the headline I put up there is exactly true. You'd think wouldn't you that someone in the Democratic administration would understand economics, but they certainly don't act as if they do. Lately we've seen the most bizarre things. Obama has a jobs summit and the Democrats raise taxes on the same day. I don't think the administration understands money. They think it is just something that you print and they are going out of their way to print as much as they can. Of course if you do understand money and economics then you know that every greenback printed without some sort of backing is just a little of the value of your own money trimmed off and given away to the people who received the new bright shiny greenbacks that have just been floated out onto the economy. The dollar has been dropping like a rock and unemployment isn't looking up, although the growth slowed somewhat this past month. That's likely a good sign if the numbers are actually accurate.

Bernanke doesn't generate a whole lot of confidence that the administration gets economics however. He is one of the architects of the current problems. I'd like the U.S. economy put back on a hard currency footing. The experiment with the federal reserve system has only demonstrated that you can systematically destroy the value of a country's currency if you work hard at it and they've been busy little beavers over at the fed during the entire tenure of the institution. They have certainly not stabilized the economy or protected the value of the money. We are all poorer for the experiment and it seems poised to get worse.