Thursday, May 10, 2012

Jim Grant Blasts the Fed Again

Jim Grant has been all over the media recently (rightly) tearing into the Fed. Misguided and short-sighted souls may see Heli-Ben Bernanke as a courageous "hero" who is the only thing standing between us and the great abyss, but history will not be kind to his legacy (and that of his master Alan "Bubbles" Greenspan). We need a sharp, extremely painful deleveraging to correct imbalances built up over decades, and the longer we kick the can down the road, the longer and more painful this slow depression will prove to be. We are, sadly, only in the first innings here and "The Great Inflation" lies ahead.

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