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    “But how in the world did Mrs. Palin, who is supposed to be so thick, manage to figure all this out so far ahead of the New York Times and all the economists it talked to?”

    “But how in the world did Mrs. Palin, who is supposed to be so thick, manage to figure all this out so far ahead of the New York Times and all the economists it talked to?”

    Back in November, Sarah Palin delivered a sharp criticism of Fed monetary policy, as reported by The Wall Street Journal:

    Sarah Palin, delving into a major policy issue a week after the mid-term elections, took aim Monday at the Federal Reserve and called on Fed chairman Ben Bernanke to “cease and desist” with a bond-buying program designed to boost the economy.

    Speaking at a trade association conference in Phoenix, the potential 2012 presidential candidate and tea-party favorite said she’s “deeply concerned” about the central bank creating new money to buy government bonds. Ms. Palin said “it’s far from certain this will even work” and suggested the move would create an inflation problem.

    The criticism was met with howls of derision, but as this NY Sun editorial points out (h/t reader Jay), has proven prophetic (emphasis mine):

    The big question as Chairman Bernanke gets set for his first quarterly press conference is how Sarah Palin was able to figure out sooner than everyone else that the Federal Reserve’s campaign of quantitative easing wouldn’t work. Disappointment in the Fed’s policies is being reported this morning at the top of page one of the New York Times. It reports that “most Americans are not feeling the difference” from the Fed’s “experimental effort to spur a recovery by purchasing vast quantities of federal debt.” It reports that “a broad range of economists say that the disappointing results show the limits of the central bank’s ability to lift the nation from its economic malaise.”

    It’s a terrific story, and well-timed, given that on Wednesday Mr. Bernanke will break tradition and meet with the press. It is part of the Fed’s effort to get ahead of what is emerging as a public relations catastrophe, as gasoline is nearing six dollars a gallon at some pumps, the cost of groceries is skyrocketing, and the value of the dollars that Mr. Bernanke’s institution issues as Federal Reserve notes has collapsed to less than a 1,500th of an ounce of gold. Unemployment is still high. Shakespeare couldn’t come up with a better plot. But how in the world did Mrs. Palin, who is supposed to be so thick, manage to figure all this out so far ahead of the New York Times and all the economists it talked to?

    In other news, the most intelligent, nuanced and intellectually adroit President ever — someone who can parse a sentence with his bare hands — still is pushing windmills and high speed trains as the key to our economic future.

    I’ll take a mere commoner as the next president, you can have Don Quixote.

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    Comments


    Putting Galls Law, the Evil Overlord list #12, and Matthew 11:25 into one smoothly-integrated post will be tough, but here goes.

    Anybody who listened to the Administration try to summarize their Quantitative Easing plan realized very quickly that QE had a solid disconnect between Cause and Effect. Galls Law states “A complex system that works is invariably found to have evolved from a simple system that worked…”. Since this complex system had no basis in a set of simple well-working systems, any attempt at summarization looked very screwy, very fast. Any rational Evil Overlord attempting QE in their scheme for World Control would have passed this by a 5-year old child and promptly disciplined the minion who came up with it (might I suggest sharks with laser beams on their heads).

    This is not a recent insight either, a student of history should be well aware of the phrase “you have hidden these things from the wise and learned, and revealed them to little children”

    Might I suggest that our president run his ideas past a few young children next time, before dumping billions of taxpayer dollars down the rathole.


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