No I am not suddenly going to start preaching about the fallacious 3-in-1 rhetoric.. I am speaking (and borrowing the reference) about Obama, Krugman, and Bernanke.
I was reading the Mises Institutes web site today, including a number of great articles, but was struck by this one in particular: The Trinity is Complete by J. Grayson Lilburne .
A brief snippet: " "We Need a Housing Bubble" Krugman got a Nobel in Economics. "Let's Ramp Up a Murderous, Useless War" Obama got a Nobel Peace Prize. So what do we give Helicopter Ben Bernanke, who has squandered much of whatever capital we had left after the housing bubble burst by pushing interest rates down to zero, and guaranteed (just wait for it) the worst depression in American history? Make him Time Person of the Year!"
If you are wondering why these awards are so very wrong, consider that following the advice of Krugman, we are now in terrible economic shape. Following the policies, practices, and desires of Obama with regard to wars, we are now outdoing even Bush's fondest wishes expanding two wars, and fighting a third undeclared and illegal war on Pakistan. And now Time honors the man who determined that instead of a recovery, and instead of learning from the actions of the fed at the time of the Great Depression (NY fed was in control then) Bernanke opted for doing exactly what the fed did in 1929 three days after the market crashed.. except that he is taking it even further!
It was Keynesian theory that set up the Great Depression, and now we have Krugman who is a dyed in the wool Keynesian, whom the powers that be are celebrating.. It was the actions of devaluing money that helped extend the Great depression by several years, and so we now are celebrating taking the same actions and calling them creative and inspired.
We are on a tragic path economically, and Time is playing the fiddle while the dollar burns..