As always, Bloomberg’s economic submissions require translation. As has been clearly demonstrated in previous commentaries; there hasn’t been any “economic growth” in the mythical “U.S. recovery”. Among the many reasons this is obvious fantasy is that growing economies require more energy – not less – and energy consumption in the U.S. economy has plummeted during this supposed “recovery.”
While Bloomberg and the other Liars in the Corporate Media claim that U.S. inflation is “too low”; back in the real world soaring inflation is threatening to spin out of control at any minute – due primarily to the grossly excessive money-printing of the U.S. And the statement that “some Americans are leaving the labor force” is (shall we say?) an understatement.
The reality is that “civilian participation” in the U.S. economy (i.e. employment) has plummeted to a 30-year low during this supposed recovery. There are less people working in the U.S. today than when the pseudo-recovery began; meaning (as a matter of simple arithmetic) that there has been less-than-zero (net) job-creation in the U.S. all through the pseudo-recovery – i.e the U.S. economy has continued to lose jobs all through this make-believe recovery.
However, Bloomberg is attempting to torpedo Bernanke here – not itself – and so what is most important in its hatchet-job analysis of Bernanke’s “tapering” is not what is contained, but what Bloomberg chose to omit.
Even if we assume that every word about the U.S. pseudo-recovery has been true, then it is already substantially longer than most “recoveries” – i.e. it is already past its expiry-date. But this is no ordinary pseudo-recovery.
According to the admissions of Liars in government and media alike, this has been an “anemic recovery”. More translation is in order. This “anemic recovery” is the product of unprecedented, continuous monetary stimulus. It’s identical to someone parading around with a crippled child on their shoulders, shouting “It’s a miracle! The boy can walk.”
Thus even if we accept every lie about the U.S. pseudo-recovery as being the absolute truth, we are left with the following paradigm. We have an “anemic recovery” which is being 100% propped-up by insanely excessive money-printing, it’s already past its expiry-date, and now Fed Chairman Bernanke is being ordered to kick the props out from under this “anemic recovery.” Fall on your sword, Helicopter Ben, like a good soldier.
This “Last Supper” for the previously-revered B.S. Bernanke is already vividly telegraphed, but it gets even more laughably obvious. Since virtually Day 1 of all the “tapering” hype (promoted so zealously by the Corporate Media itself), assassins within both government and media have been openly speculating about Bernanke’s replacement as Chairman of the Fed – led by Barack Obama himself. Et tu, Brute?