Bloomberg admits "Fiscal Cliff" a Bernanke lie

Jeff Nielson

As I've pointed out on many occasions, there is one MAJOR draw-back of having a propaganda machine which masquerades as a "free press": bits and pieces of the Truth will leak out -- often at very inconvenient times. In this case, it's a Bloomberg article telling us what we already know: that the so-called "Fiscal Cliff" is a LIE, and B.S. Bernanke is a Liar.

First of all, as I have documented in several commentaries; the most recent collapse in the U.S. economy began late in the spring of this year. The "Fiscal Cliff" was invented because the Liars couldn't cover up that collapse any longer.

As the article below notes, when anyone looks at the DETAILS; we see what I've already told readers when I recently analyzed this supposed series of spending cuts and tax increases: these changes (if they occur at all) will kick-in gradually, spread over an entire year.

And since it is B.S. Bernanke who has been leading the flock of Chicken Littles in pointing at immediate, dire consequences; Bloomberg has been forced to acknowledge that (yet again) B.S. Bernanke has been caught in more clumsy lies (remember "Goldilocks economy", "soft landing", "exit strategy", and "economic recovery"? - lol).

The U.S. economy is already plummeting downward again. Indeed, one can only suspect that Hurricane Sandy was a HAARP-induced event to cover up the economic collapse until it could be blamed on "the Fiscal Cliff". Understand what we are talking about here. Instead of spending time and effort trying to actually FIX the dying/crippled U.S. economy; we see all that energy going into LIES and COVER-UPS...







Bernanke Cliff Analogy Overstates Immediate Economic Harm

www.bloomberg.com/news/2012-12-07/bernan...e-economic-harm.html

While the U.S. Congress views the convergence of more than $600 billion in tax increases and spending cuts set for Jan. 1 as a “fiscal cliff,” the metaphor misses the economic reality of what could follow.

The image popularized by Federal Reserve Chairman Ben S. Bernanke describes an immediate plunge, not the series of compounding events that could occur if congressional leaders and the president fail to compromise.

“Cliff conjures up Wile E. Coyote, and January comes, and all of a sudden you plunge into a deep recession inevitably and it all happens fast,” said Chad Stone, chief economist at the Center on Budget and Policy Priorities in Washington. “That’s not the way things would unfurl.” He said he prefers the term “fiscal slope” to describe how the effects would accumulate gradually during 2013.

Congress created the conjoined deadlines on tax and spending policy as a way to prod itself to resolve long-running disputes on fiscal issues. The cliff metaphor has reinforced the need for action, shaping the debate for more than nine months and increasing pressure for Congress to avert at least some of the tax-and-spending changes.
Stalled Talks

While negotiations have stalled over President Barack Obama’s demand for higher tax rates for top earners and congressional Republicans’ insistence on structural changes to entitlement spending, a Republican aide says those talks will narrow to conversations between Obama and House Speaker John Boehner. Failure to reach an agreement by year’s end could mean, in keeping with the metaphor, going over the cliff.

The Congressional Budget Office estimates that the U.S. would probably enter a recession in the first half of 2013 if Congress doesn’t act to avoid the tax increases and spending cuts...


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