Is it June or late September?
Is it the year 2003?
Would you help me to remember?
Is this how it should be?
Ben Bernanke has triumphantly declared that we are living in another age of the "jobless recovery." Alan Greenspan before him similarly proclaimed the "jobless recovery" in the post-2001 recession world.
True enough, the economy did hum along without the return of jobs after 2001 but it came crashing down right around the end of 2007. What happened? A jobless recovery is nothing more than irresponsible money printing that causes the credit markets to lend (ultimately, speculatively- as we saw in the housing market) and this causes a 'rebound' of sorts. A jobless recovery. You just can't create the vital jobs and productivity if your manufacturing jobs are not there.
So, here we are again....and the results will be the same. Please do not believe the lie that this economy has recovered. This is merely an injection of liquidity.
The end result will be the same. This time, I do not believe the recovery will be a period of approximately 5 years. I think the 'recovery' may last a year and then come crashing down even harder.