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Tuesday, November 9, 2010

Knock, Knock, Knocking on Ben Bernanke

Items of Interest:

Larry Kudlow / Real Clear Markets:
The World Revolts Against Bernanke's QEII -- The great Bernanke QE2 debate continues to heat up. In the run-up to the G-20 meetings, China, Russia, Germany, and others are all coming out against the Federal Reserve's quantitative-easing agenda. They don't want hot-money excess dollars to flow into their higher-yielding currencies.

The assault against Bernanke's easy money has reached such fever that President Obama felt it necessary to defend the $600 billion in new-money printing in a news conference in India.

Meanwhile, World Bank president Robert Zoellick has actually called for putting gold back into global money...

And then there's Kevin Warsh's opus op-ed in Monday's Wall Street Journal. I have written about Warsh in the past, and his sound-thinking views. Taking a bit of a shot at Bernanke's QE2, the Fed board member basically says: Look, you want better growth, reform the tax code and stop regulating. "The Federal Reserve is not a repair shop for broken fiscal, trade, or regulatory policies," he writes.

But in the key part of his op-ed, Warsh calls for a strictly limited QE2, not an open-ended commitment...

related:
CBN.com:
Fed's $600 Billion Move Sparks Global Backlash
ZeroHedge:
Mark Fisher Slams Bernanke: "QE Is Going To End Bad...This Is Going To Be The Bubble Of All Bubbles"
ZeroHedge:
Betting On An Infinite Bernanke Put? Not So Fast, Says Fed Governor Kevin Warsh
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David Goldman / Inner Workings:
Volcker Says QE2 Won’t Help (Make Him Economic Czar!) -- A couple of weeks ago, Larry Kudlow asked me on his TV show whom I would pick to replace Larry Summer. It took a millisecond to respond, “Paul Volcker!” And I was pleased to see the AP report that he doesn’t believe that Fed bond purchases will help the economy...
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Alan Meltzer / WSJ Editorial:
Milton Friedman vs. the Fed -- The Nobel laureate would never have endorsed increasing inflation to stimulate the economy...

John Taylor [Stanford Univ. / Hoover Institute] / Economics One blog::
Empirical Questions About the Anticipation Effects of QE2 -- No doubt there will be many empirical studies evaluating the impact of the Fed’s November 3 decision to begin another dose of quantitative easing (QE2). Ben Bernanke gave his first assessment of the impact of QE2 in an op-ed yesterday in the Washington Post. He argued that QE2 started working even before the decision on November 3...

In any case these interest rate and stock price data raise doubts about the narrative that long-term interest rates fell and stock prices rose in anticipation of QE2.

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via John Tayor / Grant's Interest Rate Observer
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Robert Costa / National Review:
Palin to Bernanke: ‘Cease and Desist’  -- On Monday, in a keynote address at a trade-association convention in Phoenix, Palin will urge Fed chairman Ben Bernanke to “cease and desist” his “pump priming.” The United States, she says, “shouldn’t be playing around with inflation.”

Here are snippets from Palin’s prepared remarks obtained by National Review Online:
I’m deeply concerned about the Federal Reserve’s plans to buy up anywhere from $600 billion to as much as $1 trillion of government securities. The technical term for it is “quantitative easing.” It means our government is pumping money into the banking system by buying up treasury bonds. And where, you may ask, are we getting the money to pay for all this? We’re printing it out of thin air...
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discussion:
Sudeep Reddy / Real Time Economics:   Sarah Palin's QE2 Criticism Includes Inflation Hyperbole
New York Sun:   Palin v. Bernanke
Andy Barr / The Politico:   Sarah Palin knocks Fed move
Doug Brady / Conservatives4Palin.com:   QE2: That 70s Show Redux? …
Jared A. Favole / Washington Wire:   Palin Takes on Bernanke
Alexander Mooney / CNN:   Palin's new target: Bernanke
First Read / msnbc.com:   GOP watch: A ‘missed opportunity’
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Huffington Post:
'Ben Bashing' Begins As Sarah Palin, Newt Gingrich Take On Bernanke -- Ben Bashing has begun, and this time it's not a fringe issue, but a central focus of our frightened, blame-spreading Great Recession politics.

At this point in America, you can tell when a new Enemy of the People has arrived: when Sarah Palin and Newt Gingrich race onto Twitter to denounce him.

They've now done that to Ben Bernanke, and the whole flock of Republican presidential wannabes is sure to follow...
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Crazy:
"One person who can create $600 billion with the stroke of a pen... Inflation is taxation without representation..."-- Ron Paul

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