Bernanke's policy gun is out of bullets. His policies have brought low growth, high unemployment, and a 7.2 percent increase in producer prices over the last 12 months. Attempts at stabilization have instead wrought chaos.
The expansion of the public sector since 9/11 to promote the mushrooming welfare and warfare states has left very little capital for small business, where 70 percent of job creation occurs. The result: the US economy has had virtually zero private-sector job growth since 4Q 2001.