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Doesn't Ben have an anniversary coming up?
Thursday, January 10, 2008
Boy, I still wonder why he took the job in the first place. Yes, it was his life-long desire to be the most important economist in the world at the most important central bank in the world, but when your entire profession is under attack and people are calling for the abolishment of the institution where you hold the top job, it can't be easy.
This report from Bloomberg neatly summarizes the latest developments in the life of Federal Reserve Chairman Ben Bernanke:
It will soon be two years of sitting in the big chair at the Fed. With this important anniversary coming up, do you think Ben has any regrets?
4 comments:
I want that helicopter over my house already dammit. We get so many copters flying over, and every day I look up, but no money.
Where is it Ben, where is it????
I got my wheelbarrows ready....
Print your own. Bet my notes would hold up better than Ben's anyway.
Well the government frowns on that....
But people are working all over the place off the books - construction workers "laid off" who are collecting unemployment and still doing remodeling work, handyman, etc.....
Neighbor has a guy working for $20 an hour - here most every day doing stuff on their house.....
Ben was hired for a reason, everyone knew our economic and banking system was going to collapse, Sir Alan had done his job for the leaders in London and wanted to jump ship with his reputation intact, and Bens idea (actually Milton Friedmans) of bailing us out with helicopters loaded with money printed by the government w/o interest sounded good since it would eliminate the dollar as the reserve currency and replace it with a carbon dollar issued by the IMF, our future gklobal central bank in the one world government.
The Fed creates money out of nothing and charges us interest for it. Thats why we need the income tax, to pay the interest. If there was no debt, there would be no money. None. By printing your own money and not being charged interest for it, nothing has changed, except you do not need to pay an income tax, and government controls the money supply. What better way to get out of a recession where you need to increase the money supply and get it into the hands of the consumer quickly.
The Fed banks make money on bubbles, so they always over inflate the money supply until there is inflation, followed by recession when they deflate the money supply to control inflation. Using tricks adopted in the 90's, inflation has been under reported with a fraudulent CPI, so people were told there is no inflation, when it was double or even triple what was being reported. CPI and unemployment are 8% and 12% respectively using
the same methods of calculation as in the pre-Clinton era. Our M3has been estimated to be growing 15% the last few years since the Fed decided they needed to hide the PPT repo activity and stopped reporting it, so how could we not have inflation. And housing, oil, food, health care, insurance, property taxes, tuitions, etc have all been obviously inflating, but our CPI does not account for them very well, and we like to exlcude enegy and food by reporting core inflation, and wages have been deflating relative to inflation, since thye follow the lies that is CPI, so consumers needed to assume more usury debt, and tada, finacial armageddon is near.
Oh, and those 512 trillion in derivatives? Some of our banks and investmnet houses may already be insolvent but are hiding it temporarily behind the derivatives, and they are too big to bail out. This is much bigger than the sub-primes. The sub-primes are a red herring.
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