By Robert Wenzel
Well isn't this sweet.
The man who drove the US economy into what is close to a decade long depression has a new gig, he is advising the hedge fund Citadel.
Citadel has been selling Chinese stocks short since Bernanke became an adviser. China's central bank, The People's Bank of China, has simply been applying Bernanke-style Keynesian money printing policies in the former land of Chairman Mao.
Has Bernanke had a change of thinking about his crazed stop-and-go money printing policy after screwing the economy up, or is it simply that he no longer has to answer to the banksters' constant desires for newly printed cash, that has caused him to warn Citadel about the Chinese economy?
In any case, Chinese officials have noticed and are not happy with Bernanke---or Citadel.
First came this report in the Chinese media.
Wow! Chinese media now try to hint US hedge fund Citadel advisor ex-Fed chair @benbernanke may know it shorting China pic.twitter.com/AbFSsaUIiM
— George Chen (@george_chen) August 2, 2015
Now Chinese officials have suspended a key Citadel account.
Citadel confirmed in a company statement that their account on the Shenzhen Stock Exchange that was managed by Guosen Futures Ltd, a subsidiary of Citadel (Shanghai) Trading Ltd, which is a domestic firm wholly owned by Citadel, was suspended. The suspended account was trading the firm’s own money, an anonymous source familiar with the matter told WSJ.
Robert Wenzel is Editor & Publisher at EconomicPolicyJournal.com and at Target Liberty. He is also author of The Fed Flunks: My Speech at the New York Federal Reserve Bank. Follow him on twitter:@wenzeleconomics
Can you clarify what you mean by "The man who drove the US economy into what is close to a decade long depression"? Do you mean that the last few years have been a depression? My understanding is that you believe we are now in the boom phase of the business cycle. Has even the boom phase been in your view a depression?
ReplyDeleteIt's a boom for some people (like those close to Bernanke) and a depression for others (those furthest away from Bernanke).
DeleteBoom? Booms are defined by price increases. They have nothing to do with economic fundamentals. This latest boom, like so many others has been utterly divorced from economic reality. Bernanke in all of his arrogance made the age old mistake of thinking that if he moved markets he'd move the economy. Needless to say it didn't work because stupid is stupid. But what he did accomplish was making a great many friends on Wall Street. So if there was a boom in anything besides price-increases, there was a boom in Bernanke.
Delete"Has even the boom phase been in your view a depression? "
DeleteLOL OMG you're funny. Where DO you get your data, CNBC and the MSM?
Bernanke is doing essentially the same job now as he did when he headed the Fed: help his cronies make money.
ReplyDelete