University of Newcastle economist Bill Mitchell (“Professor of Economics” in a University system where Professor means something far more than just “university teacher”) addresses the disconnect between Ben Bernanke’s economic universe and the real world in The Great Moderation myth. This is one of his (typically) long blog posts with the (normal) very high signal to noise ratio combined with (typical) substantial amount of detailed economic discussion which may be off-putting to those with poor tolerance for economic discussion.
However, in his post, he has two diagrams which perfectly capture an important element of the disconnect between Bernanke’s world and the real world.
So, two diagrams and a handful of paragraphs on why Bernie Sanders is quite right: we need somebody different from Bernanke as Fed Chairman.
source of image is the linked to piece by Bernie Sanders in the Guardian’s Comment is Free