Time to Cash Out of the Banking System?

By: Joseph T. Salerno
Janet Yellen

Uh-oh. Chairman Yellen assured us today that she does not believe that there will be another financial crisis “in our lifetimes.”

You may recall another perfectly timed assurance by a high-powered economist:

The stability of the economy is greater than it has ever been in our history.  We really are in remarkable shape. . . .The United States is at the peak of its performance in its history.  There has never been a time in the United States when we have had the state of prosperity, its level and its spread, that we have had in the last ten or fifteen years. . . .  It’s unprecedented.  I certainly do [give credit to Alan Greenspan for that].  I think monetary policy is primarily responsible for it.  (Milton Friedman, Charlie Rose Interview, December 26 2005)

 

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