Courtesy of Lee Adler of the Wall Street Examiner
I had this Twitter exchange with Dartmouth professor and former member of the Bank of England’s Monetary Policy Committee, Danny Blanchflower on Sunday, September 16, 2012. I will let you decide whose judgment is correct. I suspect we will have the answer sooner than anyone thinks.
Danny Blanchflower? Paul Ryan calls Federal Reserve actions ‘insidious’ presumably because it is good for America but no alternative
http://politicalticker.blogs.cnn.com/2012/09/15/ryan-calls-federal-reserve-actions-insidious/ …#cnn
Lee Adler ?
@D_Blanchflower Crashing dollar, soaring energy, food and import prices, will be good for America? Countdown to collapse has begun.
@D_Blanchflower Apparently it is once again time for a reminder about Bernanke’s visionary powers. http://wp.me/p2r1d8-urj
@Lee_Adler sorry mate delusional nonsense
@D_Blanchflower History will be judge of who is delusional. It has already proven that Bernanke is. Markets will decide swiftly and harshly.
@Lee_Adler@D_Blanchflower You are in denial. Record shows Bernanke has constantly misread the most readily apparent critical economic issues.
Previously on Friday, September 14, we had this exchange:
14 SepKathleen Hays
@D_Blanchflower frmer BOE says worst mistake central bankers make in stagnant economy like US is do too little not too much.@BloombergRadio14 Sep@Kathleen_Hays Sorry I missed, but will say again that this will turn out to be one of the Fed’s biggest blunders among many14 Sep
@Lee_Adler@Kathleen_Hays ABSOLUTELY not so you are prepared to allow the unemployment rate to hit 15% are you? This is sensible policy14 Sep
@D_Blanchflower@Kathleen_Hays Time will tell Dr. B. It won’t take long either. My guess 3-4 mos. Stocks and gold will do well till then.14 Sep
@Lee_Adler@Kathleen_Hays sorry but that is just guessing14 Sep
@D_Blanchflower Thanks Danny. Clearly this remains controversial policy. You are passionate, articulate on QE. Agree or disagree: U r clear.14 Sep
@Kathleen_Hays those who oppose the policy have to come up with some better policy & they have none – fiscal tightening just raises unempt14 Sep
Michael O’Brien ?
@michaelto81@D_Blanchflower@Kathleen_Hays Michael Crofton made the point on Bloomberg that Fed is mistaking structural unemployment for cyclical unemp14 Sep
@michaelto81@Kathleen_Hays distinction makes no sense empirically & consequently is worthless people are mobile occupationally/regionally14 Sep
@D_Blanchflower@michaelto81@Kathleen_Hays We had 10 million fake, non productive jobs in the credit bubble. You want those back? Come on.14 Sep
@Lee_Adler@michaelto81@Kathleen_Hays you are just making this stuff up 10 million fake jobs doing what exactly? Building houses?14 Sep
@Lee_Adler@michaelto81@Kathleen_Hays Processing, taking applications, bundling-selling financial crap, building surplus housing14 Sep
@Lee_Adler@michaelto81@Kathleen_Hays And I don’t “make stuff up.” I observe data, unlike central bankers flying on old term papers.14 Sep
@D_Blanchflower@michaelto81@Kathleen_Hays Not only do I actually study the facts, I have worked in the front lines of real estate biz.14 Sep
@D_Blanchflower@michaelto81@Kathleen_Hays Finally, there’s no need to argue about what that will be known, one way or the other, soon.
I want to thank Dr. Blanchflower for engaging in this discussion with me, and especially thank Kathleen Hays for following me on Twitter. As you probably know, Kathleen is host of Bloomberg Radio’s Hays Advantage, every week day from 12:30-3:00 PM NY time. Kathleen’s coverage of monetary policy is the best in the radio and TV media and she conducts great interviews with a wide range of interesting guests, some of whom actually know what they are talking about!
Follow my comments on the markets and economy in real time @Lee_Adler on Twitter!
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