Thursday, January 19, 2017

Harvard Economist: History Will Judge Obama As A 'Great President'

It is getting nuttier than normal in Cambridge, Massachusetts.

Harvard economist Kenneth Rogoff, who is an advocate of banning physical cash, was recently interviewed by National Public Radio's Robert Siegel. where he said:
[President Obama] pulled us out of a very deep abyss. We could have had a second Great Depression and we didn't. I mean, there were a lot of people who helped. And frankly, even George Bush did things he couldn't imagine towards the end of his presidency with fiscal stimulus and such to help. But Obama really ramped it up, really took control. And I think history will judge him as a great president on the economic side, on par with Bill Clinton and Ronald Reagan.
For the record: Obama didn't pull us out of anything. The current boom is a typical Federal Reserve manipulated boom caused by massive money printing. At some point, it will lead to another crash just as past Fed monetary manipulations have. There have been 18 economic downturns since the Fed launched operations in 1914.

For more on Fed created business cycles see: Austrian School Business Cycle Theory and The Fed Flunks: My Speech at the New York Federal Reserve Bank.



  1. Wow I had to do a double take as I waited for the onion logo to show up.

  2. Idk it is a pretty low bar. There's certainly an argument to be made that HW, Clinton, GW, and Trump were/are all worse.