Daily Archives: September 2, 2012

The Hole in Jackson Hole

Fed Chairman Ben S. Bernanke gave his annual address at the Federal Reserve Bank of Kansas City Economic Symposium, Jackson Hole, Wyoming, August 31. We review the speech, Monetary Policy since the Onset of the Crisis, and suggest the Chairman has it wrong. As a consequence, the further policy intervention that he is signalling will likely not help the economy but will continue to distort markets making an inevitable market correction more severe. Call it building a Minsky moment.

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