…even if it is highly staged, vain and showcases a pathetic level of economic knowledge. Yes, the Great Leader Himself, The Savior, The Man With The Plan, the, um, Patrician from Princeton (you get the idea), Ben Bernanke graced the world with his words yesterday, live on the picture tube for every slack-jawed yokel to see!
The Federal Reserve held its first press conference ever yesterday to let boobus americanus know that the all of the money printing they have been doing is paying off….for Wall Street…and countries that export oil. What about boobus, you may ask? Well, boobus will get to enjoy spending more of his money for less and less food, gas, etc, that is if boobus even has a job anymore.
It’s funny (in that comically tragic way that I love so much), after Mr. Bernanke made the claim that he’s in favour of a strong dollar (and he did this with a straight face, mind you) the dollar index (that is the measurement of the strength of the dollar) fell and gold climbed to a new nominal high. It seems Bernanke is not nearly as good a liar as his predecessor, Alan Greenspan. Old Greenie had a certain way with people. Using econometric jargon, he could lull us all into a dreamlike state. He was extremely adept at promoting his bubble blowing as economic progress. Who could argue that the Maestro wasn’t great at his job. Think tech bubble and housing bubble. Remember how “great” the economy was then!
The press’ questions were, obviously, soft balls and they rarely followed up. Just like when the president gives a press conference, I’m sure the journalists were hand-picked so as to avoid any embarrassing questions that the Bernank may not want to answer…such as when does he believe the “destruction of the dollar policy” will be complete? These sock puppets, I mean journalists, might as well have asked “boxers or briefs” such was the magnitude of their questioning. What would one expect, though, from news outlets that have never asked a serious question about anything. These are the same news outlets that promote every war, every tax and every power-grab by Washington. It’s a bit rich to expect them to grille their god.
The truth is, the chairman has no answers other than to print money, creating newer and bigger bubbles. When asked about the increase in gas prices, Bernanke lamented that it is bad for people…but that there is nothing he can do. It’s all about tighter supply and increased demand, you see. He’s not fully wrong here, but the increased demand is coming from his printing press. He floods the world with dollars for the very reason to keep demand high because that is all the Keynesian knows how to do in the face of their self-induced economic crises. He creates the unsustainable demand, then pretends there’s nothing he can do. He’ll gladly take credit for increasing demand (and prices) for stocks, bonds, treasuries and other “good” inflationary assets, but when it comes to consumer goods, it’s always someone else’s fault. Maybe, just maybe, he is responsible for the general rise in prices in all goods, not just the ones we like to see go up.
All in all, it was exactly what one would expect from the politicians banker; lies The most important aspect is that they held the press conference at all. The Fed said they have been looking for ways to open up for awhile now. That might have been the biggest lie of the day. Last I checked, the Fed has been around for almost 100 years. Within that 100 years, we have seen radio become popular, the advent of television and, most recently, the Internet. Are we expected to believe that within that time, they couldn’t find any way to “open up?” That, amidst the Fed caused Great Depression, when people were jumping out of windows they couldn’t bother to at least make a few statements on AM radio? How about during the 1970s’ stagflation? Could they not afford a camera and a lectern? If they are short on cash for press conferences, I think I know a guy who can help…
The real reason for the “opening up” is because people are catching on that the Fed is crooked, helping their friends at the expense of their non-friends. The fact that the central bank, who attempts to ruin the economy everyday, is not transparent to begin with speaks volumes about their nefarious activities. They are the great enabler. They handout trillions to banks all over the world, buy up all of the government’s debt and believe they know exactly what level the interest rate should be set at. It’s a marvel Mr. Bernanke’s head could fit inside of the building for the press conference, such is his arrogance.
The reason for the press conference is definitely not a newfound desire for transparency on the part of the Fed. The reason for the press conference is that a certain Ron Paul has enlightened millions of people. He’s been railing against the Fed for years, but something is different now. The American economy is a joke, lurching from bubble to bubble. Teetering ever closer to the edge of the abyss. Prior to the last bubble bursting, few people new who Ron Paul was, or what the Federal Reserve was for that matter. Now he makes appearances on The View (the poor guy). Most importantly, the Internet is laying bare all of the Fed’s twisted machinations. No longer can it act in its preferred environment, secrecy. The fog has been lifted and we now see the Fed for what it is: the enabler of the largest Ponzi scheme in the history of the world.
Rather than being worshipped at press conferences, Mr. Bernanke should be arrested and charged as the biggest counterfeiter of all time; responsible for the deaths of countless people around the world (during food riots, for example) with his easy money and inflation.