From financial crisis to inequality — how economists got it wrong

Financial Times/Edward Luce/10-9-2019

Image of roller coaster in vertical descent
“The University of Chicago economist was not alone. Up to the eve of the worst crash in 80 years, America’s economic luminaries, including Alan Greenspan, former chairman of the Federal Reserve, and his successor Ben Bernanke insisted there was no cause for alarm. Having failed to foresee the crisis, many badly misread its aftermath.”

USAGOLD note:  It is because the experts, including Fed chairmen, get it so wrong so much of the time that prudent investors own gold and silver as hedges and stores of value.  Alan Greenspan, for one, recommends gold ownership to protect against oversights and wayward policy measures.

Repost from 10-11-2019

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