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Thursday, April 28, 2011

Ben Bernanke: Buck Busting Buzzard - update

Bernanke caught in the inflation headlights

Ben Bernanke has been upgraded from plain Buck Buster to the Buck Busting Buzzard. This is based on his obliviousness to wildfire inflation that is igniting all over the frick'n economy. Sure, if you look at just labor and housing costs prices seem stable, but everything else it seems is bust'n a move higher. The Ben "Buck Busting Buzzard" Bernanke will soon have an economic landscape covered in the carcasses of the American middleclass to feast on if he continues his hellbent mission to wipeout the dollar.

Here are some more assorted reactions to the Buzzard's press roost yesterday.

Jeff Reeves /MarketWatch:
The 9 Places Where Inflation Is Crushing Us --
The Federal Reserve would have you believe that everything is fine, focusing on core inflation rates and ignoring broader measures of inflation as they affect food and energy. These commodity-driven prices, as our central banking overlords would have you believe, are naturally more volatile and shouldn’t be overstated...

Here are nine crushing costs of inflation that are breaking many American households:  beef, pork, grains, gasoline, copper, diapers, paper towels and toilet paper, shipping surcharges, and (low) wages.
John Michaelson / RealClearMarkets:
The Fed's Low Rates Prevent Recovery -- the Fed's policy:
Causes a massive, hidden and unprecedented transfer of wealth. The money comes from savers and retirement accounts, sponsors of defined benefit pension plans, beneficiaries of endowments and foundations that generally have a high consumption coefficient of income. The beneficiary of the wealth transfer has to a great extent been the financial sector which has used the transfer to strengthen its finances and compensate its already highly paid employees...
Larry Kudlow / RealClearMarkets:
Bernanke Punts Dollar, Gold Slams Ben --
Mr. Bernanke had no defense of the sinking dollar, or the inflation it brings, or the drop in middle-class living standards it causes. So it's little surprise that gold prices surged $24 to $1,526 during the Fed chairman's press conference. Silver jumped sharply as well. The markets clearly don't see any King Dollar shift by the Fed...
Editorial / New York Sun:
Ben Speaks: The Golden Dog That Didn't Bark --
What the silver price actual shows is that it’s not the gasoline that’s going up but the dollar that’s going down. So it’s just bizarre for Mr. Bernanke to be talking of a “strong and stable” dollar, which he did, Mr. Malpass pointed out, three times in the press conference. The result is what Mr. Malpass called “a disconnect between the rhetoric and the policy” because “the dollar is neither strong nor stable and the U.S. hasn’t supported it.” Said Mr. Malpass, a former official under President Reagan: “For years, Treasury and the Fed have acted as if the current value of the dollar qualifies as “strong and stable.” This severely undercuts the credibility of Treasury and the Fed on the dollar.”
Caroline Baum / Bloomberg:
Bernanke Must Have Lost My List of Questions --
It’s true that, for anyone over the age of 40, the [Bernanke] press briefing was a big deal. Prior to 1994, the Fed didn’t even announce its policy changes. Too much information in the hands of the public was thought to be dangerous.
Stephen Roach / Project Syndicate:
Zombie America Is Turning Japanese --
If China is successful in implementing its pro-consumption agenda, the rest of Asia will be well positioned to avoid the fallout from America’s new generation of zombie consumers. How the United States copes is a different matter altogether.

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