Bernanke on 60 Minutes two days ago: "We're not printing money." Bernanke on 60 Minutes 21 months ago: "We're printing money."
Perhaps that incoherence can help explain this headline in today's Financial Times:
US Treasuries hit by biggest sell-off in two years
US Treasuries suffered their biggest two-day sell-off since the collapse of Lehman Brothers, following a torrid month that has seen borrowing costs for western governments soar...
...The yield on 10-year US Treasuries hit a six-month high of 3.33 per cent on Wednesday, up 0.39 percentage points from Monday and 1 percentage point higher than its October low. Japanese five-year yields also rose the most in two years, while Germany’s benchmark borrowing costs hit 3 per cent. “People are getting out of the market and moving to the sidelines, feeling shellshocked at the speed of the rise in yields,” said David Ader, strategist at CRT Capital... “Yields at this level are clearly unsustainable,” said Paul Marson, chief investment officer at Lombard Odier, the Swiss private bank.
There's that word again.
"Unsustainable".
It's used to describe everything the modern Democrat Party touches, from Social Security, to Medicare, to Medicaid, public sector union pensions, unemployment insurance, the Post Office and MSNBC's ratings.
In fact, the Democrats' track record of economic destruction is so egregious that their "base" has been whittled down to union bosses, illegal aliens, felons, the deceased in Cook County, and the editorial board of The New York Times.
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