Economía marxista para el Siglo XXI

Bernanke has failed


Michael Roberts Blog

Fed Chairman Ben Bernanke finishes his term of office at the end of this month. He signed off with speech at the annual meeting of the American Economics Association last Friday ( http://www.federalreserve.gov/newsevents/speech/bernanke20140103a.htm).  The AEA is the association that best represents all the mainstream economists of America. Speaking to his friends, Bernanke took the opportunity to pronounce on the success of his policies in avoiding a financial meltdown when the global crisis erupted in 2008. He emphasised how the Fed had reacted successfully to turn things round.

For Bernanke, the global financial collapse “bore a strong family resemblance to a classic financial panic, except that it took place in the complex environment of the 21st century global financial system.”  He offered a passing reason for the failure of his fellow economists at the AEA (including himself) to see it coming: “our expectations about the possible macroeconomic effects of house…

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