Steve Keen is an Australian “unorthodox” economist who has a pretty good understanding of the way the economic world works. In this piece, he does a good job of explaining what Bernanke believes that just isn’t so.

We might not be in such a pickle now if economics had started to become more of a science and less of a religion by following Fisher’s lead, and abandoning key beliefs when reality made a mockery of them. But instead neoclassical economics completely rebuilt its belief system after the Great Depression, and here we are again, once more experiencing the disconnect between neoclassical beliefs and economic reality.

Amen. It’s not what you don’t know that gets you, it’s what you know that isn’t so.