Michael Snyder: The Federal Reserve says that everything is going to be okay. The Fed says that unemployment is going to go down, inflation is going to remain low and economic growth is going to steadily increase. Do you believe them this time? As you will see later in this article, Federal Reserve Chairman Ben Bernanke has been dead wrong about the economy over and over again. But the mainstream media and many Americans still seem to have a lot of faith in the Federal Reserve
. It doesn’t seem to matter that Bernanke and other Fed officials have been telling the American people lies for years. As I always say, most people believe what they want to believe, and many people seem to want to have blind faith in the Federal Reserve even when logic and reason would dictate otherwise. The truth is that things are not going to be getting much better than they are right now. When the next wave of the financial crisis hits, the U.S. economy is going to fall back into recession, financial markets are going to crash and unemployment is going to absolutely skyrocket. But you will never hear any of that from the Federal Reserve.
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5 New Lies That The Federal Reserve Is Telling The American People
Dollar falls after disappointing US economic data
The dollar fell against most other major currencies Tuesday after U.S. consumer confidence slipped in April and home prices fell in February. Traders also bought the euro following strong demand at an auction for Spanish government debt.
The Conference Board said its Consumer Confidence Index was at 69.2 in April, down from 69.5 in March. Economists were expecting an increase to 70.
The Standard & Poor’s/Case-Shiller home-price index shows that home prices fell in February from January in 16 of the 20 cities it tracks. A sign that the housing market is still struggling to recover.
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Federal Reserve Chairman Ben Bernanke said Thursday that he thinks the U.S. economy will return to its long-term growth of around 3 percent a year despite the weaknesses it still faces.
Bernanke made his observation in his fourth and final lecture to George Washington University students. The lectures this month have been intended to both demystify the Fed and defend the steps it took to confront the 2008 financial crisis and the Great Recession.
The Fed chairman showed the students a chart illustrating that annual U.S. economic growth over the past century has been about 3 percent. Since the recession ended in 2009, the economy has averaged about 2.5 percent growth.
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