Money can't buy happiness, but helps: Bernanke
Economic growth is not an end in itself, but policy makers pursue it because richer countries are better able to provide health, jobs and a clean environment for their people, Federal Reserve Chairman Ben Bernanke said on Saturday.
As part of Barack Hussein Obama's "Brainwash America" tour, Federal Reserve Chairman Ben Bernanke is doing his part by lying to graduating students at the University of South Carolina.
No government on the face of this planet ever has or ever will be interested in economic growth. The only thing that governments care about is accepting bribes from private sector special interests and the growth of government.
While this may not be obvious at first, let me try to explain in simple terms. Let us say that the whole planet has ten people. Without government, all ten people are producing goods and services that the other people want. In order to have a government, one of those people needs to stop producing goods and services, in order to spend time governing the other nine. So we now have nine people supporting ten people. As government grows, people switch from producing goods and services to regulating how the goods and services can be produced. If this continues, eventually we get nine people regulating how the one remaining person can produce goods and services to support the other nine people. This is the goal of all governments. Usually the government and the country collapses long before it reaches this point. The only thing honest economists (if you work for the government, you can't be honest) can't figure out, is the point where the economy and government crashes.
In a commencement speech at the University of South Carolina, Bernanke did not directly address the outlook for the economy and monetary policy.
Of course not. How many lies can any government official spew before the audience starts getting fed up. A few years ago, Federal Reserve Chairman Ben Bernanke was ignorantly proclaiming the economic melt down couldn't happen. Now Federal Reserve Chairman Ben Bernanke is ignorantly claiming he is the only one who can fix the problem. Even though most of the graduating students have had their minds dulled by the pablum the schools call education, some in the audience were probably getting sick listening to the "hype and confusion" that the current administration is busy shoveling down our throats. Most people (I am not sure I should include government employees as people) know that in order to fix a problem, you must first understand what it is. So far, none of the political class that caused the current economic melt down had shown any indication that they understand how the economy works, much less what the problem is. However, they are all busy wasting money trying to fix what they pretend is the problem.
Gross domestic product "is not itself the final objective of policy." Still, officials rely on growth measures to calibrate their policies because stronger economies are better at creating opportunity, he said.
You can say that again. "Gross domestic product" is definitely NOT what the government is interested in. All the government cares about is "Government domestic product". The term "Gross domestic product" used to mean what was produced by the private sector. But since the government sector has been growing at the expense of the private sector, the numbers were too depressing for the government
