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Robert M. Liu

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A Simple Quick Fix for the Crisis
10/9/2008 12:24:34 AM

Everything is down because of one man. That man is Fed Chairman Bernanke. Fire him or make him resign will restore confidence and reserve the current negative market psychology.
A Simple Quick Fix for the Crisis

-- by Robert M. Liu

The economy has tanked. The stock market has crashed. The U.S. dollar has been trashed. The price of gold has jumped over US$900 per ounce. Global investors’ confidence in the Federal Reserve has vaporized. The credibility of the U.S. government has plummeted And there seems to be no light at the end of tunnel.

But I believe there is a simple, quick fix for the crisis. That is to fire Fed Chairman Bernanke or make him go away, and then invite Paul Volcker back to the Federal Reserve as its chairman. This would give the market a signal that the administration’s strong dollar policy is for real. Once investors' confidence in the U.S. dollar is restored, everything else will fall into place. Dollar-denominated assets including U.S. stocks will rebound.

Paul Volcker as Fed Chairman would symbolize America’s determination to fight inflation and maintain the value of the dollar. The world watched him succeed in curbing inflation more than two decades ago. His return would immediately reverse the current negative market psychology.

Financial markets are about psychology. Bernanke has created a terrible market psychology. His face is the symbol of market misery. The world has lost confidence in this man. Why should the Bush administration hold on to this man? The appointment of Bernanke has been the Administration's fatal mistake. Make Bernanke go away, or the Republican Party will lose everything come November. It wouldn’t even be able to keep the shirt on its back. Make Bernanke resign before it’s too late, Mr. President. I beg you!

Oct. 9, 2008


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More Blogs by Robert M. Liu
• A Special Invitation from Donald Trump - Tuesday, July 28, 2015
• A Man Is Known by the Company He Keeps - Thursday, October 09, 2008
•  A Simple Quick Fix for the Crisis - Thursday, October 09, 2008  

• A Commentary on Issues of Current Interest - Sunday, December 02, 2007
• A Bit of History to Illustrate the Consequences of Treaty Breaches - Sunday, November 05, 2006
• A Couple of Historical Parallels and Other Issues - Thursday, November 02, 2006
• A Debate Plus a Dilemma - Saturday, December 10, 2005
• A Tale of Two Sides - Thursday, November 10, 2005
• A Bit of History to Illustrate the Role of China's Military - Sunday, October 09, 2005
• An Anachronistic System - Thursday, September 08, 2005
• Is President Hu Jintao in Control? - Tuesday, August 09, 2005
• If I Were a Unocal Shareholder... - Thursday, July 07, 2005
• China and North Korea - Tuesday, June 07, 2005
• A Culture of Obstructionism - Tuesday, April 05, 2005
• American Capitalism - Monday, March 07, 2005
• Another Turn for the Better - Tuesday, February 08, 2005
• A Set of Interesting Historical Parallels - Saturday, November 13, 2004
• A Shamelessly Sophistic Debating Technique - Monday, October 11, 2004
• A Campaign in Disarray? Probably -- Plus Campaign Issues - Monday, September 13, 2004
• A Campaign of Tortured Arguments - Tuesday, August 10, 2004
• Does It Add Up? - Monday, July 12, 2004
• A Turn for the Better - Saturday, June 12, 2004
• Amazing Poll Results - Monday, May 10, 2004
• Voodoo Politics - Tuesday, April 06, 2004
• Ambivalent Mind Set - Thursday, March 11, 2004
• A Message to Lawrance G. Lux - Friday, February 27, 2004
• A Message to Lawrance G. Lux - Friday, February 27, 2004
• A Message to Lawrance G. Lux - Friday, February 27, 2004
• Al Gore's Judgement and Luck - Sunday, February 08, 2004
• Strategies and Schemes - Wednesday, December 31, 2003
• A Message to Lawrance G. Lux - Tuesday, December 09, 2003
• Communist China and Free China - Saturday, December 06, 2003
• The Role of the United Nations - Friday, November 28, 2003
• American Dominance - Sunday, November 16, 2003
• Snippets - Sunday, October 05, 2003
• Snippets - Monday, September 22, 2003
• Snippets - Sunday, September 14, 2003
• Snippets - Sunday, September 07, 2003
• A Message to Lawrance G. Lux - Thursday, August 28, 2003
• A Message to Claywoman - Wednesday, August 27, 2003
• A Message to Lawrance G. Lux - Monday, August 25, 2003
• Snippets - Sunday, August 24, 2003
• A Message to Lawrance G. Lux - Wednesday, August 20, 2003
• Snippets - Wednesday, August 20, 2003
• A Message to Lawrance G. Lux - Wednesday, July 30, 2003
• A Message to Lawrance G. Lux - Sunday, July 27, 2003
• A Message to Claywoman - Friday, July 25, 2003
• A Message to Lawrance G. Lux - Thursday, July 24, 2003
• Snippets - Monday, July 21, 2003
• A Message to Lawrance G. Lux - Wednesday, July 16, 2003
• A Message to Lawrance G. Lux - Tuesday, July 15, 2003
• Snippets - Sunday, July 13, 2003
• Snippets - Sunday, July 13, 2003
• A Message to Lawrance G. Lux - Sunday, July 13, 2003
• A Message to Lawrance G. Lux - Saturday, July 12, 2003


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