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Illiteracy in High Places

by Paul Craig Roberts

If a person lives long enough, he can watch everyone forget everything they learned.

Everyone includes Federal Reserve chairmen, economists, Bank of America "strategists" and even Bloomberg.com.

Federal Reserve Chairman Ben Bernanke thinks he can hold down U.S. long-term interest rates by purchasing mortgage bonds and U.S. Treasuries. Sixty years ago, the Federal Reserve understood that this was an impossible feat. After an acrimonious public dispute with the U.S. Trea ...

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Posted by: michael nola
Comment: #1
Sat Jun 6, 2009 6:05 PM

Human nature has not, and will not change. Those who have power, especially the leaders of the world's only putative superpower, truly believe the rules do not apply to them, and why should they? These are people who are used to having doors opened for them and who have no doubt they are the smartest person in the room. That much arrogance is necessary in order to blot out the incredible incompetence of these people. Think Dick Cheney, a man who has been wrong his entire life, yet someone whose ease at weilding great power is matched only by the total failure of all he undertakes. Any people who allow such incompetence to remain in power deserve their horrible fate.

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