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Saturday, April 23, 2011

Ben Bernanke: Buck Buster

Ben Bernanke is bent on breaking the back of the U.S. dollar, by devaluing it. Here are some assorted views on how his plan is going:

Editorial / Wall Street Journal:
The World Flees the Flood of Soggy Dollar --

At an economic town hall this week, President Obama blamed "speculators" for rising oil prices. He should have mentioned the Fed and his own Treasury, which have encouraged the world to invest in hedges against the falling dollar. Chairman Ben Bernanke and Mr. Geithner have deliberately pursued a policy of unprecedented monetary and spending stimulus to reflate the economy and boost asset prices. The bill is coming due in a weak dollar, food and energy inflation, and the decline of U.S. economic credibility...
Jeff Cox / CNBC:
How Low Can It Go? The US Dollar Rout Is On --
...the rout of the US dollar" is in full effect. Panic dollar selling is setting in...
Zero Hedge:
The Fed Must End QE2 on April 27th --
The Federal Reserve has lost all credibility on Wall Street, and most of the American public with the absolute refusal to recognize the dire effects on asset prices that QE2 has created. But the refusal is part of the problem. It reinforces the wide spread belief of investors that the Fed is out of touch with reality, and that they sit in their Ivory Tower implementing an exceedingly loose monetary policy, with the stated goal of inflating asset prices...
Slope of Hope:
Quantitative Easing Round 3? --

Satyajit Das / Minyanville:
Voodoo Economics: The Subtle Side Effects of Quantitative Easing --
The side effects of QE may prove highly toxic, in part because of the risk of retaliation from affected parties. Other countries may institute competitive QE programs, to offset the Fed’s actions. Emerging market countries are openly talking about "currency wars." Some countries have already introduced controls against short-term capital flows. Such measures, triggered by QE, could also affect the prospects of global economy recovery.
John Mauldin / The Big Picture:
The “Miracle” of Compound Inflation -- What the CBO Assumes ... Scylla and Charybdis – The Federal Reserve and the FDIC... La Jolla, Toronto, and Cleveland
Higher inflation means US debt is easier to pay back, as nominal GDP is what we pay taxes on, not inflation-adjusted. Inflation is a tried and true method of dealing with too much debt. Inflation is also just another word for default, but it sounds so much better to the ear...
Howard Gold / MarketWatch:
When Will Ben Take the Punch Bowl Away? --
So, Bernanke and his allies won’t pivot to fight inflation until they’re sure the deflationary dog is dead. That, of course, could cause them to fall behind the curve in the fight against inflation...
David Merkel / Aleph Blog:
16 Questions For Bernanke's Press Conference -- 
14) Quantitative easing has forced investors to take more risk, particularly retirees who need income. Is it fair to engage in an economic policy that is unfair to investors and seniors? Why harm savers who deserve a good return on their savings? ...
Jon Hilsenrath / Wall Street Journal:
Bernanke Fed Pursues Era Of Glasnost --
Next Wednesday, Federal Reserve Chairman Ben Bernanke will do something no Fed chief has done before: Stand before a room full of journalists after officials conclude a policy meeting and answer questions about the central bank's decisions...
Slope of Hope:
US Dollar Breaks 2009 Low --
The federal intervention processes continue to throw the US Dollar underneath the proverbial school bus. It is not going to be a pretty site, when the bus reaches its final destination...

U.S. Dollar breaks to new 2 1/2-year low
Glenn Beck's take on Ben Bernanke perpetrating the greatest theft in history, the busting of the U.S. dollar...