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Time to Change Bernanke’s Medication? Secret White House letter to G-20

September 25, 2009
Greg Palast
9/22/2009

I still get a thrill whenever I get my hands on a confidential memo with “The White House, Washington” on the letterhead. Even when–like the one I’m looking at now–it’s about a snoozy topic: This week’s G-20 summit.

But the letter’s content shook me awake and may keep me up the rest of the night.

The 6-page letter from the White House, dated September 3, was sent to the 20 heads of state that will meet this Thursday in Pittsburgh. After some initial diplo-blather, our President’s “sherpa” for the summit, Michael Froman, does a little victory dance, announcing that the recession has been defeated. “Global equity markets have risen 35 percent since the end of March,” writes Froman. In other words, the stock market is up and all’s well.

While acknowledging that this year’s economy has gone to hell in a handbag, Obama’s aide and ambassador to the G-20 seems to be parroting the irrational exuberance of Federal Reserve Chief Ben Bernanke who declared last week that, “The recession is very likely over.” All that was missing from Bernanke’s statement was a banner, “MISSION ACCOMPLISHED.”

The story continues …..

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