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The Boy Who Cried 'Exit Strategy'

Let me summarize this previous account of Bernanke's career as Federal Reserve chairman since any/all mainstream accounts of Bernanke's work suffer somewhat from the defect of not having the slightest connection to reality.

Chronology:

2005: Bernanke writes about the U.S.'s "Goldilocks economy."

2007: Bernanke promises a "soft landing" after his Goldilocks economy ran out of steam.

2008: Bernanke engages in the largest/most radical money printing in history (along with permanent 0% interest rates) after his "soft landing" turned into "the worst crash since the Great Depression."

2009: Bernanke begins promising his "exit strategy."

2009-13: Bernanke tells us he can't deliver on his "exit strategy" yet. (Because he doesn't want to mess up the U.S.'s new Goldilocks economy?)

Of course, even this account of Bernanke's less-than-illustrious career suffers from being framed in the economic mythology fed to us by the corporate media.

What Bernanke called a "Goldilocks economy" was in fact nothing but the fraud-saturated, U.S. housing bubble, and the $trillions in excessive spending and suicidal borrowing that accompanied it.

The resulting "crash" in 2008, which was deliberately triggered and amplified with the assassination of Lehman Brothers, has led to the U.S. Greater Depression. The entirely mythical recovery that has supposedly followed has been nothing more than the continuation of this horrific economic trough.

Proof of this reality comes in many forms. In previous commentaries readers have seen charts conclusively showing: no "new jobs," no "recovery" in the housing market and how energy consumption has collapsed in the economy of the world's great Energy Glutton. How do you "grow" an economy with less-than-zero energy?

However, the most powerful/obvious proof comes from the lack of reaction to this extreme/insane stimulus from the U.S. economy. Why has no government --even Japan -- ever engaged in a collection of monetary policies this wildly "stimulative?" Because in any remotely healthy economy it would cause such an economy to immediately overheat and then quickly explode into sector after sector of asset bubbles.

Yet, after four years of this pseudo-growth, we see Bernanke just as terrified at the thought of removing the training wheels from the U.S. economy today as he was in the early months of 2009. In fact, Bernanke's massive, monetary prop for the U.S. economy is more than mere "training wheels." It has been shown to be nothing less than life support.

Bloomberg was actually correct about one thing in its latest Bernanke-babble. He is "provoking mystery." But the mystery is why do any of the yokels still listen to anything that comes out of the mouth of the boy from the Federal Reserve?

This article was written by an independent contributor, separate from TheStreet's regular news coverage.

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