Tag Archives: ben bernanke

Is Barnaby Really An Idiot?

13 Mar

Take a look at this chart, and then think very carefully about your answer (click to enlarge) –

USA - Federal Surplus / Deficit since 1901

That chart is from the US Federal Reserve, St Louis branch.  For the last 108 years.

And it’s not bang up to date.  It only goes up to end September 2009. Hard to believe, but the US government has gone much, much deeper into the negative in the 5.5 months since then. In February alone, the US went another US$221bn into the hole. That’s a one month record.

Do you remember how the Rudd Labor and mainstream media’s assault on Barnaby Joyce’s economic credibility began?  When he publicly questioned whether the US could default on its debt.

Well… what do you reckon?  Look at that chart.  Think about it.  Use your own commonsense.

Barnaby is right.

And there are plenty of esteemed international economists … including the current chairman of the US Federal Reserve… who agree.

As does US Secretary of State, Hillary Clinton, who called the US deficit a ‘national security risk’ just 2 weeks ago.

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