Given our general grumpiness and Chicken Little attitude about current economic policies, you might think we’re not big on giving thanks. Not true.
We love Thanksgiving. This uniquely American holiday is not just about overeating, pilgrims and football. It’s a time when markets stop moving, politicians stop making bad decisions and stress takes a holiday. So we have much to be thankful for, even with the economy stuck in neutral.
Thankfulness, though, is all relative. You may have lost your life’s savings on your investment in a chinchilla farm, but still be thankful to be alive. Or you may be in despair, because you’ve dropped a few notches on the Forbes 400 list.
Yet, if we try hard enough, we can all find something to be thankful for. For example …
Fed Chairman Ben Bernanke can be thankful that his term will end before quantitative easing causes the U.S. economy to collapse. As Charles Hugh Smith wrote in the OfTwoMinds blog, “When the multiple bubbles burst and the financial house of cards comes crumbling down, Ben Bernanke will be comfortably secure, far from the consequences of his policies.”
Larry Summers can be thankful he took his name out of the running to be Chairman Bernanke’s successor. The former economic advisor to President Obama has been saying truly crazy things, such as admitting that it’s not a good idea to run huge budget deficits every year and that quantitative easing (QE) for years with no end in sight raises serious concerns. Can you imagine the trouble he’d make if he was named Fed chair?
Janet Yellen can be thankful for Ben Bernanke. When QE tapering causes stock and bond prices to fall, and interest rates to rise, she can blame him, since he was responsible for the QE build up.
Congress – and all of us, really – can be thankful that we can make it through the holidays without a