In this recent hard-hitting interview with Financial Sense Newshour, successful entrepreneur and twice presidential candidate Steve Forbes likens Fed Chairman Ben Bernanke to a blind astronomer, says quantitative easings, or “QE’s”, should be called “Titanics,” while also warning listeners of impending wealth taxes now used in France and elsewhere.
“There’s never been a time when the [Fed] has positively guided the economy. It’s always a disaster when they try to guide the economy, and we see it here,” he explained.
“QE, or Titanic, whatever you want to call it, is contracting the economy,” he added.
“You know of price controls? When you artificially lower the price of something, you get less of it. The same is true of credit,” he said.
“By artificially lowering the price of credit, the government never has a problem, big companies never have a problem, but small businesses — very uncertain line of credit. Only now are they beginning to get a little more credit.”