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Friday, August 27, 2010

Banana Ben

Banana Ben Bernanke
Items of Interest:

We live in a Banana Republic ruled by Ben Bernanke. His royal decisions hold sway over every facet of our economic lives. The markets hold their breath every time El Comandante Ben speaks.

Ben S. Bernanke / Board of Governors of the Federal Reserve System:
The Economic Outlook and Monetary Policy  — The annual meeting at Jackson Hole always provides a valuable opportunity to reflect on the economic and financial developments of the preceding year, and recently we have had a great deal on which to reflect. A year ago, in my remarks to this conference …
discussion:
Justin Fox / Ezra Klein:   Ben Bernanke owns your mortgage
Sewell Chan / New York Times:   Bernanke Signals Fed Is Ready to Prop Up Economy
Daniel Indiviglio / The Atlantic Online:   Bernanke Opens His Toolbox for All to See
Ben White / The Politico:   Bernanke vows ‘appropriate’ steps
Chad Stone / Off the Charts Blog:   New GDP Figures Show Recovery Not Yet on Solid Footing
Catherine Rampell / Economix:   Bernanke to Markets: Chill Out, We're Ready
Jacob Goldstein / NPR Topics:   3 Ways The Fed Could Boost The Economy
Stephen Gandel / The Curious Capitalist:   How Much Ammo Does the Fed Have Left?
Pete Davis / Capital Gains and Games blogs:   Bernanke Stands Ready
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Michael Krieger / ZeroHedge.com:
The Elites Have Lost The Right to Rule -- At the end of the day everyone knows that those who can create the money and credit have the ultimate power over any political system. Therefore, at the top of the economic power of the world is the Federal Reserve and at the top of that is Ben Bernanke.

Banana Ben absolutely wants to do a massive QE2 program. The only thing holding him back is gold is near an all time high. What he wants is gold much lower and stocks much lower to give him cover...


He is scared to do it here and he is right to be scared because such a reaction would be the end of the Fed right then and there. The Fed will be gone anyway within a few years in my opinion but it’s going to fight hard to survive and if you want to make money in this market you need to understand that. The most powerful institution in the world is fighting for its survival. Never forget that.

So what is he going to do? I believe that the Fed and government are doing a lot more than people think to manipulate all markets behind the scenes. After all, they have publicly announced their manipulation in many other ways so does it make any sense whatsoever to assume they aren’t doing a plethora of other things behind the scenes? Of course not. I think that with the Fed in a bind they will accelerate and become ever more aggressive in behind the scenes games. This will make markets even more volatile and extraordinarily challenging. This is financial war make no mistake about it...
related:
ZeroHedge.com:
The US Government Matches Every Dollar In Tax Revenue With A Dollar In New Debt -- Thus between foreigners, and the Fed, the US consumer's traditional contribution to funding the US economy has been diluted by half... in other words QE will be a necessary staple until such time as the Fed is prepared to go the repudiation/hyperinflation route).

P.S., and a scary thought, if representation is somewhat equivalent to taxation, or, its modern equivalent, deficit funding, does this mean that the seven Fed Board Members have a greater right of representation than all of American society combined? It sure seems that way.
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Financial Sprockets:
Doomed to Fail: A Federal Reserve Captive to Ponzi Finance -- Absent power to extend the life of Ponzi finance nurtured by an array of ever more exotic credit securities, the Federal Reserve is at a crossroad. The problem is not that the Fed has run out of bullets. Rather the problem is they are running out of time for trust and confidence
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Business Insider:
The Federal Reserve Wants To Hide 'Bad Lemon' Banks For Another Three Months  -- The Federal Reserve has asked a U.S. appeals court to delay disclosure of emergency lending provided to banks during the crisis...
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EconomicPolicyJournal.com
The Full Incredible Dimensions of the Sovereign Debt Crisis: Morgan Stanley Let's It Rip -- The most truthful, well reasoned report, from inside elite Wall Street... Governments will default. It is only a matter of how and when...
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