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Saturday, April 9, 2011

Ben Bernanke the Lying Counterfeiter

Federal Reserve Chairman Ben Bernanke said this past week that rising commodity costs are "temporary" and “the increase in inflation will be transitory.” Ben Bernanke is a liar. The Fed's Quantitative Easing (QE-2/money printing) program correlates very nicely with rising commodity prices. Plus, now that the inflation genie is out of the bottle it wants to run wild.

The Fed's stubborn commitment to a zero interest rate policy (ZIRP) and QE-2 now puts them in a box that will collapse on them and the American public. The run on the dollar is gathering steam. Record oil and gold prices tell us that the mess will be getting worse. Bernanke's policies cost this country hundreds of billions or even trillions in lost wealth due to his destruction of the U.S. dollar. However, no one seems to get too upset about this bare face counterfeiter wiping out our money. Instead we're transfixed by Congress fighting over $39 billion of chump change budget cuts. It's ridiculous and it is an example of being penny wise and pound foolish.

Russ Winter / Minyanville:
When Will Fed-Created Melt-Up Turn Into a Meltdown? -- The following chart says it all. The Fed’s aggressive Treasury monetization has been the causa proxima (90-percent correlation) to the peddle-to-the-metal Minsky Meltup in commodities...

Bloomberg BusinessWeek:
Bernanke Says Fed Must Monitor Inflation ‘Extremely Closely’ -- Federal Reserve Chairman Ben S. Bernanke said policy makers must watch inflation “extremely closely” for evidence that rising commodity costs are having more than a temporary impact on consumer prices.

“So long as inflation expectations remain stable and well anchored” and the rise in commodity prices slows, as he’s forecasting, then “the increase in inflation will be transitory,” Bernanke said yesterday in response to audience questions after a speech in Stone Mountain, Georgia...

Jim Rogers: Inflation – 'It’s Here! It’s Serious!' - LewRockwell.com
Fiat Money Trashed for Gold Moments Away - Richard Daughty, Asia Times
Putting It All In Perspective: Bernanke Does More For The Budget In 15 Minutes Than The Government Does In A Year - Zero Hedge
Dollar Decline About Easy Money Fed, Not Shutdown - Larry Kudlow, RealClearMkts
Toxic Dollar: Why Nobody Wants U.S. Currency - Simon Hobbs, CNBC
Inflation Is Squeezing Workers' Paychecks - Rex Nutting, MarketWatch
Ron Paul: "Bernanke Is The Greatest Counterfeiter In The History Of The World" - Daily Bail
Ben Bernanke Is A Murderer Of The Middle Class - Business Insider

Calculated Risk

MishTalk - Mike Shedlock

Paul Krugman - NY Times

The Big Picture - Barry Ritholtz

naked capitalism - Yves Smith

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