Do yourself a favor. Do not invite both Vladimir Putin and Ben Bernanke to your next dinner party. Choose one and only one. If social obligations demand that you invite both, please make sure they are seated at opposite ends of the table.
Russia is a barely more than a thugocracy, yet the head thug has a firmer grasp on economic reality than the head of the Federal Reserve:
In a speech before the of economic experts at the Russian Academy of Sciences, the Russian prime minister had the following to say: “Thank God, or unfortunately, we do not print a reserve currency but what are they doing? They are behaving like hooligans, switching on the printing press and tossing them around the whole world, forgetting their main obligations.”
What appears to have angered the former KGB spy is the end of QE2.According to RIAN: “Putin’s comments came in the wake of the completion of the US’ quantitative easing (QE) 2 program on June 30, in which the Federal Reserve bought $600 billion worth of its Treasury bonds. The Fed’s first round of QE, which ended in March last year, amounted to less than half the size of QE2.” We can’t wait to hear what expletive Putin will usher once Bernanke launches QE3.
After the break-up of the USSR, Russia’s economy was smaller than South Korea’s and we were the world’s sole super power. Now we’re being lectured by a thug.
And we’re sad to say he’s right.
Source: Zero Hedge
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“And we’re sad to say he’s right.”
That is the worst part of it.