There must be an unwritten rule in the shadowy world of central banking that demands that dangerous, society-threatening economic bubbles must be denied and covered up at all costs. I’ve experienced this phenomenon indirectly when I was warning about the U.S. housing and credit bubble in 2005 at the same time that Fed chairman Ben Bernanke denied its existence.
In the past few months, I have experienced central bank bubble denials firsthand when the central banks of Malaysia and the Philippines vehemently denied my warnings about economic bubbles that are inflating in their countries. As of this week, I can now add a third central bank bubble denial to my experience repertoire: the Monetary Authority of Singapore or MAS. Full story
