The New York Sun has an editorial today that wonders how Governor Sarah Palin, who is supposedly so-oo stupid according the Ruling Class managed to figure out way before everybody else that the Fed's campaign of 'quantitative easing' (i.e. printing money to weaken the dollar and then using it to buy federal debt at 'cheaper' prices) was going to be a dismal failure:
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?
She did this back in November in a speech at Phoenix, which the Wall Street Journal, in a laudatory editorial at the time, characterized as zeroing in on the connection between a weak dollar and rising prices for oil and food. “We don’t want temporary, artificial economic growth brought at the expense of permanently higher inflation which will erode the value of our incomes and our savings,” the Journal quoted Mrs. Palin as saying. “We want a stable dollar combined with real economic reform. It's the only way we can get our economy back on the right track.” Now here is the New York Times quoting a raft of economists who have reached the conclusion that Mrs. Palin’s warning was right down the line.
(*chuckle*)
Of course, I could tell the good people at The Sun how she figured it out.
First of all, anyone who's spent any time with her, or even watched the ninja political skills she's exhibited since the '08 campaign realizes that this is one bright woman, about as far removed from the chillbilly cartoon character created by the Dinosaur Media as can be.
And second, anyone who has run a business that actually produces something understands innately that weakening the dollar benefits the paper shufflers in DC land and on Wall Street for a while, but at the expense of everyone else.And ultimately, it catches up with you in the form of higher commodity prices and inflation, which is exactly what's happening now.
Once again, a certain housewife from Wasilla has proved that she's a few steps ahead of the game. Tell me again how she's not qualified to be president!
(via memeorandum)
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