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DEC 14, 2013 - Forbes

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A Shadow Elite: Bankers, Regulators, Economists, Politicians, Borrowers Are Seduced By Easy Money Policy

In the spring of 2008 the predicted that the global economy would grow by 3.8% in 2009. Instead, due to the global financial crisis and the Great Recession, the economy declined by 3.9%. This preposterous forecast by the central bankers and establishment economists who dominate enclaves like the IMF and the Bank of International Settlements (BIS) in Basel Switzerland remind international economist William White (recommended to me by the soon-to-be Vice Chairman of the Federal Reserve, Stanley Fischer) of the comic strip Pogo. Pogo's mantra was "We have seen the enemy and he is us!"

Tags: A Shadow Elite: Bankers, Regulators, Economists, Politicians, Borrowers Are Seduced By Easy Money Policy,  Imf Latest News