If you believe the headlines, central bankers have saved the world twice in the last 18 years. Let’s take a look.
On February 15, 1999, the cover story of Time Magazine was the Committee to Save the World.
The alleged saviors were Fed Chairman Alan Greenspan, Treasury Secretary Robert Rubin and Deputy Treasury Secretary Larry Summers.
Time Magazine says “The three men have forged a unique partnership to prevent the turmoil from engulfing the globe.”
In 2007, a global crisis struck and the world had to be saved again. This time by superhero Ben Bernanke.
In its April 2012 edition, The Atlantic says Ben Bernanke is “THE HERO”.
“Ben Bernake saved the global economy. So why does everyone hate him?” asks The Atlantic.
That two world-saving events in just 18 years, quite amazing.
- Do you feel saved?
- Do we need another savior?
- Is another savior on deck?
- Can we stand another savior?
- Did Bernanke save the world or did he save the banks, the bondholders, and the top 1%? Is there a difference?
- Was that a permanent save of the banks or is another save coming?
Mike “Mish” Shedlock