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Dallas Fed Admits "For The Next Eight Months, The Nation’s Central Bank Will Be Monetizing The Federal Debt", Opens Door To Bernanke Impeachment
Time to begin the Chairman impeachment proceedings. It is one thing for blogs like Zero Hedge to argue (rightly) for the past 1.5 years that the Fed's actions in the Treasury space are nothing but direct debt monetizations. After all, one can always argue semantics, as some peers have enjoyed doing in the past. Yet when an actual Federal Reserve Fed President, in this case Dallas Fed's Dick Fisher states it without any trace of hiding the underlying intent, then things get a little serious. To wit: "For the next eight months, the nation’s central bank will be monetizing the federal debt." It gets worse: even though Fisher realizes that what he is doing is unconstitutional, he also admits that the Fed's actions are now is effectively a policy tool: "Here is the message: The Fed is going out of its way to be a good citizen. It is time for the Congress to do the same." In other words, the myth of the Fed's political independence is now destroyed. All pretense has now gone out of the window as the Fed realizes this is the last "all in" bet. If this fails, it is over. Yet maybe someone in power can precipitate this much needed reset. After all it was Ben Bernanke who testified under oath that the "Federal Reserve will not monetize the debt." It is time he is impeached and prosecuted for this lie.
Video courtesy of Karl Denninger
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What...you mean we have to pay back those bonds the Fed is buying?
So when does the Bearded boy meet his 'horny' bunkie Nick the D_ _ _ ?
As if.
Yeah he lies, but so do all the other individuals involved in the mafia err... government. It's a criminal organization that runs some of the most massive ponzi schemes in human history. Nobody's going to be impeached.
Agreed. Strung up from street lights at some point, a possibility, but impeached, no chance.
http://www.youtube.com/watch?v=-RvNS7JfcMM
Should I not have done that?
Don't get me wrong...the Fed must end.
However...the debt has always gone hand in hand with spending what is not there.
That my friends, was done by the people we elected.
We are going to have to take a good hard look at what our expectations of a federal government are before we can truly resolve this.
Which is why, at some point, humans must become sane.
Specifically, humans must understand that "fictitious entities" (governments, corporations, organizations) DO NOT EXIST. They are exactly what fundamental law calls them, namely "fictions", which means "they do not exist". The concept exists (in your head), but has no referent.
The whole notion that I must be subject to requirements and limitations asserted by some scumbag that YOU voted for... must end. It is absurd on its face, yet endless otherwise intelligent humans repeat nonsense like this. If YOU want to subject yourself to enslavement by predators, go right ahead. But STOP asserting that everyone else who did not "consent to be governed" has some ethical or moral or legal or any-other-kind of obligation to become slaves to a bunch of predators-gone-wild just because those predators are "doing business as" some silly fictitious name.
Get it? I did not sign the Constitution of the USSA, the Constitution of any State, or County, or City, or anything else. And therefore, I have ZERO obligation to be subject to anything predators "doing business as" those names say.
I'll tell you what is my "expectation of federal government". The answer is nothing . It does not exist, and I refuse to pretend I am insane by pretending it does exist. And I do want want any so-called "services" from it or them either, so I expect to pay zero for those zero services, and submit myself to zero of their demands and prohibitions.
Is that clear enough? That is the ONLY solution.
Well, simply put, I'm not an anarchist and I'll tell you why.
In every society, with or without the legal framework of a government, people will form groups. It is the nature of us...people.
These groups will always begin to compete against each other for power & thus prestige, trampling the rights of those who do not belong to any one of the groups or who belong to a lesser group.
At some point one group will rise to the top and impose it's will on everyone according to their rules.
Government's are formed and laws are made to depress this base instinct so that all, theoretically, are treated the same.
In my youth I felt the same way as you. I would turn to my work partner and say what gives them the right to take this from me...I don't see them here helping get the job done.
What we have now is closer to gangland Chicago of the turn of the last century where politicians (government officials) have been bought off by one gang or the other.
The groups are still there and always will be, with or without government, because it is within us to form them. The issue at hand now, in my view, is we have allowed the federal government to become the largest group dictating to the smaller...the states.
You will have to decide which group you want to belong to at some point. You would be forced to even without any government. Good people and evil people really do exist in the world and they form groups.
I like to think I'm with the good guys...LOL.
Because some people will always lie, cheat, steal and harm others... we should enshrine them, recognize their behavior as "legitimate", obey them, and fund their endless atrocities! What kind of insanity is that?
The literal insanity and brainwashing that you support is what makes the most astronomically huge-scale atrocities and destruction possible. What is necessary is to admit those fictions are frauds, and that every single individual is 100% responsible for their actions. If they try to steal from you, you should put a bullet through their head for trying. That is legitimate self-defense, whether the thief is wearing a mask or badge or an IRS uniform. And that's a fact.
I belong to NO group, and I never will. Anyone who considers them part of any [organized] group is a moron or a predator. By the way, just because I do not belong to any group, does not mean I cannot work together with others to achieve mutual benefit. That's perfectly fine, but they are individuals.
You may consider yourself "one of the good guys", but that's probably because you don't realize you and others like you are what give the predators their power.
He's not qualified for the under-card at Nuremberg
The most cataclysmic result of all this "stimulation and temporary growth" is that the Federal Reserve is now openly poisoning every new financial transaction that occurs. It is doing this to the new home loans and credit worthy employed, and CDS being sold, soverign debt being purchased because the moment they attempt to withdraw from the markets be it through bubble growth and the return of employment (Completely created through borrowing debt from our future growth) or a parabolic move in metals every single one of those jobs which is being created through either governmental spending or shell passing services industries vaporizes in a matter of weeks. The shift to the otherside of the boat when people know the Fed must reign in all this cash will happen in days.
Unless we are creating non-farm jobs we are not creating jobs. We are so much worse off now than in 2008 it cannot even be described in words that do not illicit nightmares. Ben is so completely full of shit because the moment food prices double he is going to panic.
Ben is so completely full of shit because the moment food prices double he is going to panic.
And do what? Drop $10-trillion from helicopters?
The FederalReserve has so totally destroyed the economy of the USSA, it is no longer possible to even pretend to "manage" the economy. This must be what it felt like to the politboro in the USSR before it collapsed.
The FederalReserve, even combined with the federal government of the USSA, cannot "control the economy". Central planning has never worked, but this time the impossibility is totally obvious.
What the FederalReserve can do is drive the price of commodities into mega-bubble-land, even as the real economy collapses. I mean really, what businessperson in their right mind would invest in any real productive endeavors when they can make thousands of times more buying commodity futures (or equivalent/similar)? It will be impossible to even make wild guesses at "input costs", which will be going completely insane, and it will be equally impossible to know whether anyone will care about your products, or have anything to trade for your products --- unless you're selling ammo, weapons, or running a self-sufficient farm.
The predators-that-be have gone far beyond the point of no return. The only two possible results are:
#1: Worldwide totalitarianism (new world order global government).
#2: The predators-that-be are hung in mass.
Which they plan to achieve is obvious.
Do you all remember the ink toner bomb scare?
UPS Sells Debt to Fund Pensions as U.S. Corporate Volume Hits $1 Trillionhttp://www.bloomberg.com/news/2010-11-08/ups-sells-debt-to-fund-pensions-as-u-s-corporate-volume-hits-1-trillion.html
The real kicker..
November 08, 2010 | Analyst Mark Schroeder examines how the fight over oil revenues will complicate South Sudan's goal of becoming an independent nation in an early 2011 referendum on independence. http://www.youtube.com/user/STRATFORvideo FYIFear not ZH'ers. BB won't be impeached. This will all be swept under the rug. But I am looking forward to watching Ron Paul question BB early next year about the Dallas Fed's lapse into the truth.
I just hope a.) he actually gets to head the committee, and b.) he lives that long.
The Devil or otherwise known as "The Father of Lies"
You guys dont get it..............
This "thing" is like a wounded animal fighting for its life--no holds barred. And, the "thing" is made up of several entities all beholden to eachother to stay alive.
There will be no investigations, indictments, trials for Bennie-Boy.
The status -quo is desperate and their interests come before anything rational, right, or decent.
They will let nothing stand in the way of a higher equity market and systematic fraud.
Imagine a riot in NYC--not Harlem. Imagine 100k angry, poor people out in front of 620 Park Ave or Central Park West armed and ready. That's what needs to happen.
Food prices, and messing w/ people's retirements.
Those are what have proven the breaking point in various countries around the world time and time again. As stated above, as soon as food prices double Bernanke panics. Weimar here we come..
http://psychonews.site90.net
Remember the old quote, "We hang together, or we hang seperately"
I think little Bush used it himself, along with "if the American public ever finds out what we've done, we'll be hanging from lamp-posts"
Funny how the second quote can't be found or searched any longer.
Bernanke is praised by the media. Hell, Cramer thinks he walks on water. Try convincing the "Glee" crowd that thinks Cramer is the smartest money manager on the planet, that Bernanke is anything other than a genius. They'll look at you puzzled, then faces back on the set for the next dance number.
I think Ron Paul may have a thought or two on this one Harry.
At the risk of being labeled a lackey, I'll admit that I spotted any number of folks today on CNBC who had no kind words for Bernanke. Really. He is being called out for his policy and some were quite unkind. So, your "glee" crowd is in a state of flux.
Glee won't fill an empty stomach.
Ben Bernanke knows something you don't. There's a boogie man under your bed and he's gonna get it before it gets the nation. He does have access to privileged information. Just saying.
.
Why didn't his privileged information tell him that the housing market was in a bubble?
His priviledged info is of a political type..as in the near certain impeachment of a certain Chicagoan for abuse of a stimulus not related to cigars...
Good one!
Are we really going to have that circus again? All the issues that really matter off the table while Republicans throw a tantrum? Just stop the country and have OJ all over again?
If we want to throw a leagal tantrum why not follow William K. Black's advice and go after the white-collar criminals who destroyed our economy?
Tarzan sold cotton on the close.
I thought Tarzan was already in commando mode
Perhaps you are confused? My sisters fathers son is as you say
http://www.youtube.com/watch?v=bwlQ0qJxaGo
Do you all WANT the Fed to be independent or "a good citizen". I think a few things are inverting here. Is Kevin Warch serving the "independent-but in control of YOU" sect or the good citizen sect? I think he serves the former. I think he positioning himself as a hero of the international rich who don't want the FED getting in their way, which they are with QE2. I didn't say "the banks", I said the rich.
Think about it. Putting aside "ban the FED" which won't happen in this congress, do you want the FRB to be an American citizen or be the benefactor of int'l capital?
It's not black/white anymore.
it all depends on what your definition of "will" will be. billy esk.
@ "will the fed monetize the debt?"
after all it is all about supporting bad speculation/s so
the "perjury" of ben's projection concerning what "will" be
won't amount to perjury in any meaningful way. it was just
a common lie under oath, i think. "monetizing" the debt has always
been what the fed does. if they didn't do that the banksters wouldn't
even be in the business, that is how they get so ridiculously
uber rich. they let the middle class and poor incur debt at a steep cost,
fees to the bankster, and then demand the horrible debt be paid in austerity
and loss of property by the populations, the bankster gets the bailout
and depression era big bonus for doing god's work for him. dust to dust
and they take the
flesh from the bone. but it isn't perjury when you ask in an open ended
way "will you..?" hmmm. he should have asked "have you...?" or
"did you ever ...?"
?
end the lies!
Unfortunately, this whole facade will be poised under a National Security measure.
Watch & wait. Our military has other ideas in handing treasonous characters.
Enjoying my popcorn.
Can't understand what Fischer is calling for...austerity, perhaps? Austerity is code for GET BACK ON THAT WHEEL, HAMSTER, and RUN FASTER.
Let's recall that for Congress to actually pay back this debt, plus interest, that it would take the entire tax base for like a decade?
And, during the process, credit would collapse in the most vicious deflation ever known. It would bankrupt even Prechter and Mish and Douchinger.
Austerity means real default...cascading bankruptcies would vaporize the money supply.
Fischer probably wants a more "balanced" budget or some kind of return to where the foreigners monetize the debt, but that ain't happening with this oil peak overhang and the massive overcapacity worldwide.
The credit base has an interest component which requires more credit drawn in order to repay it; perhaps Fischer doesn't understand his own business or else he thinks that we can just have a few bankruptcies and go right back to happy 5% economic growth again
Hey, I recognize you. We agree on stuff.
The debt isn't meant to be paid. It is meant to be serviced, as the cost of creating the money to buy the debt is a free lunch. The resturant pays you.
Good one, Trav.
And that should be easy since the money is noting but vapor anyway.
Boss says " What we have here is failure to communicate" ..What we see in the news is a disturbing pattern in the way news is presented. It comes in two steps. The first step is the good news that make all the sheeple believe that every thing is ok and we are winning this thing. The second step comes usually a day later which is the total opposite of what was originally said on day one. For example , This impeachment news is step one. In one to two days, We will hear step two somewhere buried in Bloomberg that Bernanke will not be impeached. Remember Balloon Boy? Same shit.
http://kpfaweb.kpfa.org/archive/id/64324
The attorney general's office is the most embarrassing in history. People might be able to swallow the QE's with massive prosecutions and sweeping replacements at the banks. The idea that the same people are making bank is too much to take...
Why QE2?
"There are those in the party – the Democratic Party, who are right now actively preparing for that possible outcome [that Obama's scandals are as big as Watergate] and taking protective measures to protect the party. Let Obama go down for it "
http://fellowshipofminds.wordpress.com/2010/10/30/obama-in-deep-trouble-huge-scandals-brewing/
If this had any merit, and it sure looks vague and fuzzy to me, it had better be damned clear to everyone that Obama had been dishonest. Otherwise: Racewar, Bitchez. You can't do a Clinton on Obama and have the black community stand for it.
You want a politically correct revolution?
I think I was clear. I could give a shit about politically correct. You need to prove the case against him or you will have African Americans cooking up their own conspiracy theories about how the whites are trying to discredit him and fuck him/them over. This thing needs to be clean and clear, if it happens. I can write fiction like the link you posted. But I am open to the idea it is real.
I have no interest in a bullshit race war. People of color are just that, people. I am a people too. So are you. Don't you think everyone has been cheated? Don't you want everyone fighting along with you when this thing gets taken down? I do.
You are kidding yourself. These "people" of color are hooked in a thousand ways on a group-entitlement welfare-illfare state, drug culture, crime-lobby legal system, that whites are increasingly tired of paying for in a thousand ways. So there'll be a "race war"...so what. Along with class war, seceeding states vs. central regime, and rural areas versus cities. These things have to happen from time to time. True, large numbers of urban whites will be dogmeat, but they (you) are mostly cosmic liberals anyway. Good riddance. Man up, MsCreant.
She's just giving fair warning to get the case right, without ambiguation.
It has nothing to do with what she wants...but she is dead on.You better have verified videotape and witnesses or it will be on like donkeykong.He is a historic first, and it would be best if they did not go there."They" know this....so it better be a bit more damned important than a soiled dress....or there will be literal hell to pay.
MS is right, it would be.....bad.
It's all going to crash and burn.
Dare to dream.
We're stuck with this. Feudalism in Europe lasted a long, long time. Neo-feudalism (now with technology too!) will not die in less than a century.
The scary part is that feudalism lasted so long because it was an effective economic model. Besides it was only used in Europe because the Americas were then unknown.
The British Royal Family are still among the most significant land owners on earth. Still! To this day!
The US was successful because land was widely owned. The bankers from Europe hated this and used contractions in credit (gold) to concentrate land in their banks, either by outright title or by collateral.
Pessimism not justified. Thanks to various forms of hi-tech, things move much faster now. Lightspeed, sometimes. Also, bullets go way farther and faster than swords. In all directions.
Actually, my great hope is for massive inflation of inputs without wage increases (due to 20% U6 UE) and without ability to pass through price hikes (no more HELOC credit, no more EZ credit, no wage hikes, both spouses already working, taxes only going up, interest rates can't go down, not likely another direct stimulus possible)...STAGFLATION will destroy the economy and the Fed's credibility and enable us to finally move toward actual constructive, hopeful (though painful) policies.
Fishers letter states it plainly (in scholarly rebellion) - the policy cannot and will not work. The Fed is done! The 20% wage increases in China, 20%, 30%, 40% increases in rubber, oil, cotton, ags cannot be passed on. This will only push US corps to lay off more...death spiral meet America.
This is a time to rejoice for it is the beginning of the end (the wicked Fed is dead) and this is reason to be very afraid 'cause I think this last chapter (before we start a new book) will be very dangerous and confusing.
Nothing like $87 gal gas, $35 for a qt milk and $115 for 3lbs of sugar without a wage increases, better yet with no yobs mang.
At $87 / gal gas, the $8 / hr wage slave would be cheaper than the slave in China and even in Africa. You'd have some pretty well educated, citizen slaves compared to the rest of the world and international investment into America would be flowing. Guaranteed.
This blows my mind even more than when Dudley slipped and had a Freudian moment, admitting that the Fed was "only" monetizing the debt a "little bit". But this was clearly not a "slip" this time!
This was no slip, this was pre-meditated and well thought out from Fisher. He is opening up the rebellion to end the Fed and end it from within. He called Bernanke out on PERJURY!!! This is blood in the water for Ron Paul and Fisher made it plain as day. Bernanke and the Fed are wounded now and will not survive.
This is like when the Berlin wall came down...came down from within.
Like white blood cells?
I doubt anything will change. Until the shit hits the fan, meaning collaspe.
Plus, people seem to forget this:
http://www.siliconvalleywatcher.com/mt/archives/2008/10/the_size_of_der.php
Plus, the finanical elite, have made us all debt slaves, and too keep us that way, until they pull the rug, from under are feet. I say two more years, until then.
So your bet is that the fan is of the Japanese type and not electric?
As stated some time back. As a subscriber, cannot tell you any more than what's publicly available.
GEAB N°47 is available
This is normally a good reason for the rating agencies, always so quick to see the straw in the eye of most countries in the world, to threaten the United States with a strong downside rerating if they not implement a comprehensive austerity plan as quickly as possible. But anyway, for LEAP/E2020, due to the internal and external conditions in the country described above, it is really in spring 2011 that the United States has an appointment with austerity, an appointment that the rest of the world will impose if it is paralyzed politically.
Until then, it is likely that the Fed will try a new series of « unconventional » measures ( a technical term meaning « desperate attempts ») to try and prevent arriving there because, at this stage, one thing is certain concerning the consequences of the United States entering a large-scale programme of austerity: that will be financial and monetary chaos in the markets accustomed for decades to the exact opposite, that’s to say, US waste; and an internal economic and social shock unparalleled since the 1930s (27).
http://www.leap2020.eu/GEAB-N-47-is-available-The-Global-systemic-crisis-Spring-2011-Welcome-to-the-United-States-of-Austerity-Towards-a-very_a5168.html
Public GEAB N°49 will be available in 7 days.
Monetization of the debt also creates the moral hazard that just gives Congress the green light to do it even MORE!
The Federal Reserve never coined any money.
ding,ding, ding, give the man a cigar!!! They Federal Reserve Bank does not coin money. The issue bearer's notes (that is why there is a signature and a countersign on the note) valued at a floating percentage of real dollars, When FDR illegally nationalized all gold and eliminated all gold clauses in contracts, he created two currencies, Federal Reserve Notes and U.S. metallic dollars. The definition of a dollar is clear, one ounce of silver or 1/20 ounce of gold. Because congress has the authority to coin money and set the value, they have changed the value of to 1 oz of silver and 1/50th ounce of gold. Federal Reserve Bearer notes have no legal value under the constitution since they can not be exchanged for money. There is the rub. Federal Reserve Act of 1913 could be found constitutional but, the Federal Reserve Notes would have no legal value since they are not exchangeable for the denominated value in the note. They are the ultimate underwater asset note. If marked to market as per required legal practices, they would, at best, be worth 1/27th of a dollar today (a bit over 3 cents).
Why is this important? U.S. revenue codes!!! Tax Codes are written with denominations in dollars. Federal Reserve Notes are not dollars, but a floating fraction thereof. Therefore an argument can be made, that if you are paid in U.S. dollars (gold and silver), the value in dollars as it concerns the Internal Revenue Service is the Congressionally established face value of the coins, not the numismatic, content or collectible value thereof. And yes, the IRS will issue opinions disputing this, but they don't write laws, congress does.
So, if I get paid by my employer $50 gold dollars a week, my income is not 90K a year, it is 600 dollars a year. By the Internal Revenue Code, I would not be required to file a return because I don't make enough money to file.
Now, has this argument been tried before? Yes. I don't remember the case name but a construction company was paying their employees in silver every week. They advised their employees that they did not have to file a return or pay SS/Medicare taxes. The IRS initially went after both the employer and the employees. After 3-4 attempts, they could only get a guilty verdict against the employer. The verdict was fraud, not because they paid in silver, but because they claimed a deduction for the cost of the silver they paid employees and then bought the silver back from the employees with notes. They were guilty of claiming expenses they did not incur because they were recycling the silver dollars, not buying new ones yet claiming they bought silver coins every week.
Ok, you lawyers out there, how can we use this to collapse the Federal Government thru starvation of tax receipts?
In my opinion, this idea is futile because the rule of law is over in the US. The various vultures are just tearing apart what's left of the carcass now, not really even trying to resuscitate it.
Perhaps soon they will not even bother to pretend about it. Notice they don't follow Fight Club rule #3: "When someone says stop, or goes limp, the fight is over." For these characters, the fight is over when we are dead.
Book Bernanke, Dano...we have the smoking gun: "For the next eight months, the nation’s central bank will be monetizing the federal debt."
In their personal vaults, Paulson, Summers, Geithner, and Bernanke probably already have pardons with their physical gold. Only Ron Paul has indicated any ambition to reign in the Fed's powers. Most of congress is content to keep a ready scapegoat, knowing full well the gravity of the experiment unfolding. We don't have a Fed chairman running amuck with a live test of his lifelong thesis as much as we have timid elected representatives content to bask in their leadership roles without providing much demonstrated leadership.
Under the premise that O'Bama is involved too, he and those under or beside him cannot grant immunity to anyone.
That shit will not fly, as a matter of fact, those with pardons or immunity, should be the first to get the AXE as it implies their complicity in the entire sordid affair.
Sorry, get-out-of-jail free cards have expired as well as escape-from-the-lynch-mob cards, please apply again if you wish.
"Where now are the horse and the rider? Where is the horn that was blowing?
Where is the helm and the hauberk, and the bright hair flowing?
Where is the harp on the harpstring, and the red fire glowing?
Where is the spring and the harvest and the tall corn growing?
They have passed like rain on the mountain, like a wind in the meadow;
The days have gone down in the West behind the hills into shadow.
Who shall gather the smoke of the deadwood burning,
Or behold the flowing years from the Sea returning?"
-J.R.R. Tolkien
One thin September soon
A floating continent disappears
In midnight sun
Vapors rise as
Fever settles on an acid sea
Neptune's bones dissolve
Snow glides from the mountain
Ice fathers floods for a season
A hard rain comes quickly
Then dirt is parched
Kindling is placed in the forest
For the lightning's celebration
Unknown creatures
Take their leave, unmourned
Horsemen ready their stirrups
Passion seeks heroes and friends...(edit, to release my inner Chukara?)
The bell of the city
On the hill is rung
The shepherd cries
The hour of choosing has arrived
Here are your tools
Al Gore...ROTFL.
I'm not a lawyer, I'm just going to play one on the internet.
MsCreant above states that the USG is a victim of fraud by the Fed. Since the Fed is a semi-private entity (with the USG defrauded by its "partner"), then the entire onus for the fraud falls on to the "private members"---and I use that term literally and figuratively---of the Fed. This also satisfies the legal precedent of going after deep pockets, since the USG is bankrupt and the IB's who own the Fed are receiving record bonuses.
Thus, the private members assets---all the capital and all partners' wealth---plus their "private members" should be taken by the government. They all fucked the American people, so removing their ability to fuck anyone else is demanded under the law.
When the sentence is carried out and the world made fair again, the resulting eunuchs can then become the first of the new exports to India as part of Maharaja-bama's just-signed trade deal.
It's a win-win.
You know I love it!!
chindit13 - Excellent points. Seems also like the USG is not the only victim of the Fed's fraud. Seems like a class action lawsuit by millions of savers, pensioners, and other folks could be mounted against the Fed for the Fed's actions as a private party. No govt immunity for the Fed which acts as a private entity not as a government agency.
Qui Tam.
Show me some whitleblowers inside the Fed or private banks recounting conversations with the Fed to tip AIG and cause the bailout. Memos or convos inside the Fed where they took positions benefiting private banks where they knew the conclusion would ultimately be a bailout.
That would be a start.
Instead of Impeaching Bernanke, how about they hold proceedings for the dissolution of the Fed?
In the meantime, Im anxiously awaiting the Bank Holiday, which I would expect to occur some time in the next Few months or so.
http://www.frbatlanta.org/about/holidays/
I wonder if the federal government will establish November 4 as a new federal holiday in honor of Quantitative Easing. Sort of like Thanksgiving...thank you Chairman Bernanke, O Great Spirit in the Sky Helicopter, for the bounty you bestow on the U.S. Treasury and the stock market. Thank you Bountiful Ben for robbing the poor and middle class so that the filthy rich can feast on Other Peoples Money.
Believing that The Benster can and might be impeached is basically diverting our attention to the land of fairytales and unicorns.
The only time when BennyBoy gets some sort of axe is when the powers that be need to scapegoat him for a "failed" currency policy (or fill in the blank). It seems like there is a clear mission to devalue the currency (and the debt) so my guess is that we are far from this point. Perhaps someday they will hang him out to dry (though I can't imagine it being an impeachment) and the collective will cheer in the new slave master-puppet as they fall for another salespitch of the day that "it was all his fault".
Silver $28.01 !!!
With all due respect folks, Bernanke is on the inside and we are on the outside. He is staying and we are missing the rally of the century.All is well and good people, Larry I see a bull market 30% higher than today
Nothing will change it..................................................
Wha, wha. what just happened?
Holy shit I just woke up from a bad dream where I was a CNBC talking head and I saw a bull market of all bull markets. I believed myself!
God I was Don Luskin!!!!!!!!!!!!!!!!!!!!!!!
Are you alright? Should we send the dream police?
"It is time he is impeached and prosecuted for this lie." and die.
Bernanke, an orange jumpsuit and soap on a rope...made for each other.
deleted.
ORDINARY CITIZENS’POWERS OF ARREST WITHOUT WARRANT.
SECTION 24A OF THE POLICE AND CRIMINAL EVIDENCE ACT 1984
(INSERTED BY SECTION 110 OF THE SERIOUS
ORGANISED CRIME AND POLICE ACT 2005)
“24A Arrest without warrant: other persons
(1) A person other than a constable may arrest without a warrant -
(a) anyone who is in the act of committing an indictable offence*;
(b) anyone whom he has reasonable grounds for suspecting to be
committing an indictable offence.
(2) Where an indictable offence has been committed, a person other than a
constable may arrest without a warrant -
(a) anyone who is guilty of the offence;
(b) anyone whom he has reasonable grounds for suspecting to be guilty
of it.
(3) But the power of summary arrest conferred by subsection (1) or (2) is
exercisable only if -
(a) the person making the arrest has reasonable grounds for believing that for
any of the reasons mentioned in subsection (4) it is necessary to arrest the
person in question; and
(b) it appears to the person making the arrest that it is not reasonably
practicable for a constable to make it instead.
(4) The reasons are to prevent the person in question -
(a) causing physical injury to himself or any other person;
(b) suffering physical injury;
(c) causing loss of or damage to property; or
(d) making off before a constable can assume responsibility for him”
http://www.routledgelaw.com/textbooks/9781859417058/updates/4.asp
Okay. So let’s have a mass rally on the Washington Mall, then a march to the Eccles Building to make a citizen’s arrest of Bernanke. Toss his slimy ass in jail awaiting trial and, if found guilty of both violating the Fed’s “mandate” and the Coinage Act of 1792 (debasing the nation’s currency), his Pay-Per-View execution.
We can call it C-TARP…Citizens To Arrest a Rogue Printer.
can't say i would condone capital punishment. i'm a wuss like that, too much Thich Nhat Hanh in me brain. buttttt....it does seem like there's at the MINIMUM a crystal clear case for perjury to be made. but we're just playing attorneys on the internet, what do we know right?
Naw, not a wuss. I just got caught up in the blood fever. You know what the Arab's say, that when the sword is drawn it must taste blood. Well, if the pen is mightier than the sword, and I'm writing, then I guess the pen is even more thirsty. I'd settle for a pink slip for Ben.
Duplicate. Third World connection!
How do you create inflation in a service economy with surplus labour resources? Better yet, how does a service sector economy grow its buying power?
Ben has a job for you on Jeckyll Island.
Non-Fed Wall St. investors bail out of the stock market Ponzi, then use their $$$ to bid up the price of commodity futures, gold, silver etc. Up go prices...in fact, the weekly grocery basket that cost me $40 about 4 years ago now costs $80+...on an accelerating curve as QE bites deeper. As for real "buying power", it doesn't. Rich get richer, middle class disappears, poor get poorer. Until a combustion point is reached...
Ben is a small fish, and when the big fish don't want to be caught, they let the small one's get hooked and fried.
If they can keep Ben quiet, they will fry him.
After all, they can promise him a cushy job when he gets out in a back room at Golman Slacks or whatever Wall Street bank they care to stash him.
Well, please excuse this European bystander, but I think that a good argument can be made that the US was technically bankrupt well before Bernanke became the chairman of the FED. I don't think that the deflationary course that many here seem to favor --in which most of the nation's banks, insurers and pension funds, as well the housing market and the stock market would all have gone under, and where interest rates would have soared and businesses would have had to let go of twice as many employees, and where the government itself would have been unable to help its people-- would not have been preferable to the relatively benign inflationary solution that the FED has sought instead. When this is over, no or few Americans will have succumbed to famine or lawlessness and the productive capacity and infrastructure will still be there to be used in rebuilding the nation. That wouldn't have been so in a deflationary scenario.
The damage that the US is facing today, it did to itself during the 1973-2006 era, in which it appropriated much of the world's wealth by running huge trade deficits. Really, you turned consumption into an art form. Small wonder, when you had the rest of the world working for you. But now you're some 10 or 15 trillion in the red. In all, it was a crazy exercise in, as De Gaulle forewarned even earlier, the monumental abuse of the privilege of issuing the world's trade and reserve currency. Of course, the US did provide its allies with safety from totalitarian harm and with access to cheap oil and other resources, and its insatiable appetite became the engine for a bit of of Europe's and much of Asia's new-found wealth and productive capacity. So, even though I'm a European and I'm sad to see how your over-consumption is dragging our banks, insurers and pension funds down, as well as our savings, I don't think we Europeans should be complaining. We have benefitted from this system too, and with our creation of the euro (to some extend just an attempt at getting a piece of pie before you had gobbled it all up) I don't think we were much better. And let's not even mention our own colonial histories, which really amount to the same thing. In all, it was an incredible ride for the whole western world. But that's come to an end now and it will be quite a while before we reach a similar level of wealth.
Frankly, I wonder if this ill-deserved wealth that many of you still feel so entitled to may have been too much of a good thing. When I look in from the outside, I see a nation that seems to have collectively fallen prey to boredom, neurosis and obesity, and most of all, to civil complacency, and division. A bit of poverty -just a bit, not the kind that 85% of the world's people suffer- may well help you regain a sense of purpose and revive that old American spirit. It's happened many times to other countries and in the end, often serves to build a stronger nation. Speaking from one such nation, that through its history has seen countless wars, invasions, floodings and other disasters, I'm glad to see that a new sense of community seems to be building among American citizens, but I hope for your sake -and the world's sake- that its aims will be constructive, not destructive and vindictive like in many of the posts above.
good post, bystander. people are mad, projecting, defending, and lashing out. The problems lies less with "the Fed" than it does with the myriad of ways the wealthy corporatists have rigged the system against most competition and fairness, but the Fed makes an easy target. The irony is QE2 may serve a different end and motive than Bailout/1 but people distrust it so much, it doesn't matter.
Some want that austerity for the reasons you state. Some don't know what that will actually be like, day-to-day, that the wealthy will end up owning MORE as a percentage of GDP than ever, even if they think the system is contracting, that doesn't mean it will disappear. At the low point of the contraction, the wealthiest who did the fraud and harm could be best served. That's why many voiced opposed to QE2 were also opposed to regulating the banks and in favor of 08 bailout. The same people who lived to deregulate from the 70's thru today. The same people who valued insolvent S&L's for their good will and ran GAAP scams thru the 80's. These people don't believe a bank is ever insolvent, so long as it's running.
All banks are insolvent today and that puts politicians in charge of selective enforcement and king-making. I'd bet you'll see lots of political contributions for Obama in 2012 from proxies for these insolvent banks. If not, than Obama isn't as Chicago as I thought. It just might be that the 08 bailout was a horrible idea, as it was run, deregulation was a terrible idea, easy money was a terrible idea, but QE2 isn't a terrible idea.
I'm still thinking about it....
and so democracy dies, not with a roar, but a whimper, while Emperor Palaptine tells us its necessary sos the trains will run on time
to all you fucking killers reminiscing jingo style, talking heroes, talking semper fi, first of all, fuck your latin, second, you're all fucking tools, murderous losers; and third, it should read "de liber oppresso", not the other way around, feel me? Being around you heroes-in-your-own-minds makes me fucking want to vomit. You're heroes??? Really? then so is the guy that shoots you dead. is he?? you fucks?? don't fucking short-circuit on me now you pieces of shit! you're not heroes; no matter how many beers you drink. and as for the so called "greatest" generation? fuck them and especially fuck 'go-live-in-mumbai' brokaw; their 50's, investments, bonds, quality of life, you took it, fine, just don't try to act like your shit don't stink, cause on your best day, you're fucking putrid, don't you ever forget that, as much as you like to relish and hard-on about what you did or saw. You ain't exceptional, in fact, you're dumb scum and you sure as warm shit ain't no heeeeeeeeeroes. junk away you faggots.
and btw, a multi-trillion dollar machine of supposedly the "best" trained "coalition" of highly advanced and cutting-edge militaries of western cuntries(sic), who actually outnumber the fighters on the other side by at least 20-1, can't hold land(ooooohhhhhh but you "own" the skkkyyyy, FUCK YOUR SKY!), can't hold a candle to an ak-47 design that is ancient comparatively and you're getting run by a bunch of cave dwelling towel heads with flying grenades and 1st gen mines who don't use utensils to eat.
That's right you fucktard jingo fucks, the people kicking your collective asses, for at least the past 10 years, eat like neanderthals, they have not figured out spoons and forks yet! keep "fighting" for my right to an iphone. Keep "death from above!" coming in the name of my freeeeeedoms! Take that to the shooting range and choke on it Johnny!
on a long enough timeline, every soldier is an asshole loser! a sucker! you keep believing that jingo shit soldier! jack-off while it feels good you fucks. let's get something straight you faggots, you ain't heroes, you're nothing but jack-booted paid thugs. You're fucking lost, a child.
+1000
But but...right to iPhone is in the Constitution!
Remove the cock from your mouth and try again.
http://maxkeiser.com/2010/11/08/gold-vigilantes-are-gonna-win-in-the-end/
Hate to rain on everyones' parade but technically Bernanke is not monetizing US debt, Fisher is wrong. QE is not money printing (as everyone seems to think), it's reserve swapping. The effect looks like money printing, but it's not.
Impeachment FAIL. Sorry.
Hey, gangland! Your mother and father were related, weren't they?!? Dumbass!
STOP!
It is a matter of national security now. Nobody leaves the room.
And how about those currency swaps last year? Bernanke had pre-knowledge of the "hit" on the euro last spring by Paulson and Goldman.
http://www.youtube.com/watch?v=n0NYBTkE1yQ
Money for nothing and the chicks are free.
Is there such a concept as High Treason in the U.S.
Treason doth never prosper: what's the reason? Why if it prosper, none dare call it treason. -Ovid
http://www.youtube.com/watch?v=udUyUQvu5w4&feature=related
The raw fact is Obama has adopted FRAUD and MOMENTUM as a business model for the U.S. Bill Black is absolutely right in that this crisis could have occurred many times in our past, minus some of the more creative and multiplying force of derivatives, the S&L crisis in the 90's could have been extended into a major crash in the 00's. http://www.huffingtonpost.com/william-k-black/if-obama-thinks-the-respo_...
It's all about timing and the regulating of white collar criminals. It's ALL ABOUT THE LACK OF REGULATIONS IN THE 00's. Keep that in mind, anti-government folks. Ron Paul might be right in a perfect world, but he knows he will never start with white paper, so his arguments against regulation are simply insane and dogmatic. I like him for his perfect image of a market. But - if we've proved ANYTHING, it's that we need MORE regulation over shifty white collar bankers looking for a better year in income. These are people tampering with a public resource, like a utility, acting like cocaine addicts. Libertarian solutions cannot apply, unless you apply them ALL, AT ONCE. That will never happen.
I do think thru Obama's policy, the Fed's policy and more war, we will probably delay catastrophe for another decade, just like they could have in the early 90's. The CORE problem our regulators didn't do in the 00's what our regulators did in the early 90's. Obama damn well knows if he did the right thing, he'd be termed out of office during a larger recession too. You think Ben wants to be the deflation, second depression guy? Big Egos and legacies on the line. No prez could stop Vietnam either, no matter what their promises.
Unless you think NO QE2 will result in a great Libertarian re-set (it won't), you need to keep an open mind about what best serves the bottom 90% of this country. The 08 bailout, as constructed did NOT. It was an epic fail that stole from the bottom 90%. I don't see QE2 the same way. Hence, the comments about a political Fed acting as "good citizen" rather than what the wealthy deficit hawks want, which is a Fed acting on behalf of capital, instead of people. Last I checked, .05% of the world had all the capital.
It's time to see QE2 and 08Bailout as two different things altogether.
How can this possibly be news? The Fed has monetised the governments debt for many a year.
The following is from Melchior Palyi, written in 1958!
"The Federal Reserve system fulfills this function by using its resources to provide a market for certain types of debt certificates issued by the federal government.
Government debt certificates - overwhelmingly short-term obligations - are virtually the sole components of the Federal Reserve System's non-gold holdings."
Destruction of the Dollar continues... It all gunna crash and burn.
Oh look the stock index futures are up, that should be no surprise, they rise overnight 90% of the time. Buy the close sell the open works 90% of the time.
The problem with this video is that it's so over dramatic that if I show someone who doesn't follow this shit, is that they'll think i've gone off the deep end.
It is time for an organized protest of the Federal Reserve and there active destruction of the dollar.
Our actions can be quite simple and yet get everyones attention. Pick the day and have everyone pull out a dollar and monetize it with a match. In fact we are only doing exactly what Bernake is doing to our dollar every day.
Our demand is Bernanke's resignation.
I have been wondering for a long time.. exactly what is the penalty for treason?
Will be interesting to watch, the backwardation of the 30 year futures over the next year or so.
This is going to come to a head.
Adding 200bp to the 30 year yeild, would be nothing, from here once/if/when the Fed stops buying.
why would someone out helicopter Ben? I would think they'd get JDMorgan or Blankenstein before Ben Bacardi. Just my opinion.
While we're at it, let's also indict and prosecute Paulson for lying to Congress about his intentions vis-a-vis the TARP funds. (Lest you forget, Paulson told his minion Kashkari that he was going to use the fund to recap. the banks, but he told Congress, under oath, that he was going to purchase bad assets, not simply recap. the banks.
I just sent out a few letter's to my congressman, Ron Paul, and Chris Dodd. I have attached my letter to Chris Dodd for your viewing pleasure. I may have stroked his ego a bit more than I cared, but it was to get the point across. I'd like to hear feedback from the readers.
Chairman Dodd,
As I understand it, you will continue as the Chairman of the Senate Banking and Finance Committee. While I am not a resident of your state, I do actively watch your committee. I am not a registered voter, but if I had to be placed in a box, I would consider myself a Libertarian. I work in the financial services industry as an analyst for a local investment consulting firm.
The reason for my email today is I am quite distressed at what I am hearing out of the Federal Reserve lately. The newest version of Quantitative Easing recently announced trouble me. The particular reason it is so troubling is that, in fact, it is unconstitutional. The Dallas Fed President, Mr. Richard Fisher, wrote an editorial on the Dallas Fed website yesterday. In no uncertain terms, he said of "QE2", and I quote, "For the next eight months, the nation’s central bank will be monetizing the federal debt." This is a breach of the Federal Reserve Act, and a breach of our constitution, as I understand it. I am writing to inform you that I insist Fed Chairman Ben Bernanke be brought forward in front of the Senate committtee, and impeached for violating the Federal Reserve Charter. It is harsh punishment, but it is Congress' responsibility to provide oversight to the private banking cartel of the Federal Reserve - we gave them that monopoly in 1913, and have regulations in place to prevent abuse of their power to create money.
You have done yeomen's work in attempting to re-regulate the financial services industry, and now is the time to prevent this lawlessness from continuing. You have proven to be a champion of the people, in many cases, and now is another chance.
I have attached the link to the Dallas Fed website, where Mr. Fisher openly admits to the Federal Reserve breaching the constitution. You have sworn an oath to protect the constitution, and as a citizen of this beloved country, I implore you to uphold your duty and honor, and stop this unconstitutional act.
http://dallasfed.org/news/speeches/fisher/2010/fs101108.cfm
Kindest Regards,
*Name Redacted*
I thought Dodd was a lame duck?
He is also the biggest shill the banks ever had.