Bernanke Claims That Contrary To Consensus, He Is Not Spawn Of Satan, Deflects Fed Blame To China

Tyler Durden's picture

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Fraud-Esq's picture

How much you think the top six banks will score on a 10% RMB appreciation? 

E-fucking-normous arbitrage. 

DoChenRollingBearing's picture

Fraud, you asked in another thread earlier about total value of the world's physical silver.

3 billion oz * $25 / oz (COMEX price now) = $75 billion.

If silver goes to $100 (quite possible) than that takes us to $300 billion.

And that does not count the gold!  Which would be many, many trillions.

(All above rough calculations are non-inflated 2010 dollars)

 

blindfaith's picture

yes, and the scanners being installed at all the airports are specifically tuned to detect gold and silver regardless of where you stick it.

trav7777's picture

um...no.

gold has different x-ray reflectivity than most other materials.  You take lead or platinum, it will show up pretty much the same

NOTW777's picture

when does he get to the part of the speech where he told the public for the last year there was an ongoing recovery and cheerled obamas summer of recovery?

is he allowed in germany?

Popo's picture

Exactly.

Did he blame the housing boom on China too?  How about when he predicted housing prices would stabilize at a high plateau, just before they went off the cliff?   Was that China's fault also?

Or when he completely failed to regulate the banking industry, allowing leverage to wildly exceed any boundaries of safety?   Was that China's fault?

Or when he allowed banks to indulge in the creation of exotic financial products which spelled certain doom for those that invested in them -- including pension funds and municipalities?  Was that also China's fault?

Or when he gave trillions of taxpayer dollars to the private banking system, which led to the biggest banker bonuses in history ... all the while claiming that the greatest transfer of public-to-private wealth in history would help unemployment?  Was that also China's fault?

Bernanke is an asshat.  He has followed a very precise formula since day-one.  A formula which pretends that our banking system is in essence, a "public work" -- a part of our national infrastructure which benefits us all uniformly.  He has utterly failed to comprehend that the banking system is not only self-interested, but extra-national:  They have *zero* allegiance to the health of the nation -- and they have demonstrated countless times that they do not respect our laws, constitution or free-markets.   And like his Randian predecessor he clings to the now-disproven theory that the banking system's self-interest will somehow manifest itself as responsible, self-preservation:  Completely failing to understand that the carrot of short-term profits dangerously outweighs all goals of sustainability.  Does anyone believe for one second that the individuals who ran Lehman into the ground are wallowing in guilt, or sitting at home and licking their wounds?   He has generously rewarded those who have not only failed as viable business entities, but failed the nation.

To his private, non-aligned, self-interested cabal of oligarchs, Bernanke freely gave the greatest amount of wealth ever transferred.  He has presided over the destruction of our markets, the destruction of our laws,  the trashing of our currency and the trampling of our rights.  He is now attempting to blame his magnificent series of policy disasters on China.

He should be burned at the stake for his treason.  History will be brutal to this utter failure of a central planner.

 

 

taraxias's picture

nominated entry for post of the year

Itsalie's picture

Strongly second that.

People should recognize Ben's tactics by diverting attention away from the attacks on QE to foreign axis of evil (remember that? remember iraq and afghan and Sep 11?). 99% of Americans who do not understand QE and their constantly being ripped off the last 20 years will certainly buy the china-bashing. Soon enough some finely calibrated polls will find overwhleming negative public views against the new axis of evil (aka all exporters and china). Then the politicians who are now targeting the Fed, will then latch on to the new bogeyman. And the Fed will be free to implement Goldman's QE3 and 4.

Think about it, when did China first make anything anyone wanted to buy? The answer is when Greenspan started his first term at the Fed, when his employers (aka the banksters) re-educated and initiated him to the wonders of money printing and cheap credit. And bernanke, well he was the banksters chosen one specially prepared thru all the speeches of money dropping etc. Nothing was ever purely coincidental in america the last 20 years, and nothing will ever be again.

duo's picture

What about one out of every seven dollars in M0 being paid out in banker bonuses this year?  Talk about financialization!

kornholio's picture

popo that was awesome. here here

Calculated_Risk's picture

So your saying he messed up? ;P

Great post..

Sean7k's picture

Perfect. Where is the NY Times when you need them? Front page baby!

Zapinho's picture

 

Uncle Ben Sale !!!

GM brand new Chevy Volt, CAR OF THE YEAR on sale "ONLY" to emerging economies , long term rebate will be on the mail....BUY NOW !!

Ripped Chunk's picture

Volt - an electrical & electronics measurement term applied to a hybrid vehicle.  More marketing geniuses.

Cleanclog's picture

Pretty soon we'll be rolling over our debt every couple months.  Look at California's problems yesterday and today.  You don't think that'll be contagious to the rest of the US?

China, ha!  The US CHOSE debt debt debt, fueled by our leaders and the devotion to consumption and capitalism's golden goose.  Silly goose.

cosmictrainwreck's picture

can't get enough of that video........"priceless", to coin a term

CD's picture

It's quite funny how apologists for the Fed and our wonderful financial system have already posted a counterattack:

http://www.youtube.com/watch?v=RUxBDdjsCmk

The interesting part is the viewership ratio: 1.84M : 21K

alien-IQ's picture

I gotta say...the opening to this piece, the writing is just...delicious.

great stuff.

lizzy36's picture

The man does have a way with words.

Miles Kendig's picture

Can't call Tyler Slim and that's a fact

Cookie's picture

Might be time to stock up on Rare Earth Minerals again.

+1

snowball777's picture

Nah, them shits keep makin' my hair fall out. Stupid yellow cake.

blindfaith's picture

THAT would make California VERY happy.  The USA has a lot of "rare earth" mines (which are not rare, just dirty and expensive to mine which is why they have been closed for a decade).  The mountains are not just a pile of granite and shale.  There is gold in them their hills.

TruthInSunshine's picture

I am confident that Bernanke is merely the puppet for the cabal, but even with that considered -

- Fuck him.

Even hitmen can't claim they were just doing the jobs they were paid to by the bosses, as a means of deflecting or mitigating moral culpability.

Bernanke, you deserve a severe ass beating, followed by a stiff prison sentence, accompanied by nightly anal rape and morning beard plucking.

eatthebanksters's picture

Forget the beard plucking...leave it alone so his face will look like a pussy to a jailhouse gangsta!

Zapinho's picture
What is Ben´s proposal?

Some shift of demand from surplus to deficit countries,

Buy American Products, we need to export our excess inventories

which could be compensated for if necessary by actions to strengthen domestic demand in the surplus countries,

 We will help you with technology, marketing, know how...just buy

BUY NOW ! call now 1-800-buy-american

would accomplish two objectives. First, it would be a down payment toward... global rebalancing of trade and current accounts, an essential outcome for long-run economic and financial stability.

This is your down payment for a future  American consumer rehabilitation that SOON will buy MORE of YOUR products !

Second, improving the trade balances of slow-growing countries would help them grow more quickly, perhaps reducing the need for accommodative policies in those countries while enhancing the sustainability of the global recovery?

We will stop QE´íng oooops sorry, open market operations and will increase interest rate in the future 

Deal ??

snowball777's picture

Oh, they'll be "buying American" alright...one company at a time.

Mr Lennon Hendrix's picture

More relevantly, what Bernanke has done to defend his reputation is to claim that QE will work, and that everything is really mercantilist China's fault, and the Fed is just woefully misunderstood.

Zapinho's picture

Ben does not show any autocritic at all, and puts all the "blame" on countries with no flexible market driven currency markets, but what I am trying to "translate" in my post is his "proposal" , not very likely to be well accepted...

 

 

 

Mr Lennon Hendrix's picture

It is past the point of acceptance, it is how far will he go, and he will go all the way.  China too.  Look how they sacrifice equities just for another go aorund woth precious metals.

Things that go bump's picture

I propose a very long session strapped into the Vogon Poetry Appreciation Chair.  http://www.youtube.com/watch?v=mQ-ivGJNRe8

Death really is to good for him.  

Mr Lennon Hendrix's picture

Watch out, Bernanke might enjoy the Vogan's poetry.

gwar5's picture

I can't wait for Ron Paul to get Bernanke in front of him. 

We'll find out if Bernanke has a horn and a tail.

 

 

TruthInSunshine's picture

Don't get your hopes up.

I have a sneaking suspicion that the Republican Establishment will find an excuse to thwart Ron Paul, again.

After all, we all know that the thieving Banksters own BOTH (cough, cough) political parties in our (alleged) democracy.

single digit's picture

Left Nut Right Nut  Same sack

blindfaith's picture

gotta agree...been saying for some months that Obama is the best Democrat the Rupublicans ever put in office.

You wait and see just how many 'in the national interests' "hands off" laws will be shelved to "fix" America.

Get ready for strip mining, oil drilling off Florida, roll backs on environmental laws, roll backs on personal liberties (especially anyone without a visa or green card), decrease in wages, lower school funding, (seniors better learn how to cook leaves, sticks and park pigeons and get some crazy glue for those cuts), big cuts in government jobs, and ....a brand spanking new "war" effort.  All temporary, of course, to get America back on her legs.

Something smells in the near east, middle east and now the far east, and central and South America ain't too crazy about us either.  Add to that Europe, and parts of Africa, and maybe the GRAND idea is that the the USA become Isolationists for the next 30 years (just imagine what pulling home all military forces from 130 bases around the world along with all those dollars would do to the world economy...hey South Korea, Japan, France, China, Russia, and the rest of you...ya listening?). 

Bernanke is simply showing the world that a Black Bear painted into a corner is prepared to die along with you.  Stupid...yes, but we have had many stupid leaders.

Plan "B" anyone?

blindfaith's picture

gotta agree...been saying for some months that Obama is the best Democrat the Rupublicans ever put in office.

You wait and see just how many 'in the national interests' "hands off" laws will be shelved to "fix" America.

Get ready for strip mining, oil drilling off Florida, roll backs on environmental laws, roll backs on personal liberties (especially anyone without a visa or green card), decrease in wages, lower school funding, (seniors better learn how to cook leaves, sticks and park pigeons and get some crazy glue for those cuts), big cuts in government jobs, and ....a brand spanking new "war" effort.  All temporary, of course, to get America back on her legs.

Something smells in the near east, middle east and now the far east, and central and South America ain't too crazy about us either.  Add to that Europe, and parts of Africa, and maybe the GRAND idea is that the the USA become Isolationists for the next 30 years (just imagine what pulling home all military forces from 130 bases around the world along with all those dollars would do to the world economy...hey South Korea, Japan, France, China, Russia, and the rest of you...ya listening?). 

Bernanke is simply showing the world that a Black Bear painted into a corner is prepared to die along with you.  Stupid...yes, but we have had many stupid leaders.

Plan "B" anyone?

Miles Kendig's picture

...and the Fed is just woefully misunderstood.

Yep.  Misunderstood it is since it is those evil Chinese that boxed him up.  ROFLMAO

http://www.youtube.com/watch?v=Q0Lg_ISGGW4

Miles Kendig's picture

Yep.  It's time some broken paradigms get their day of sunlight disinfecting .. and thank goodness there is precious little personality from the folks at the top, most especially the Ber..nank who has none what so ever.  Can't blame Chef Ben for tryin' tho, shit soup sandwich peddlin' slim sack that he is

http://www.youtube.com/watch?v=7xxgRUyzgs0