QE3 Off? Bernanke Says Fed Not Prepared To Take Action At This Point

Tyler Durden's picture

When in doubt, baffle them with male cow manure: Bernanke Says Fed Not Prepared to Take Action at This Point, but, Bernanke Says Recovery 'Still Rather Fragile'. Is Bernanke finally channelling his inner Greenspan. Oh, and just in case the Moody's threat was missed, Bernanke adds that a US default would trigger a crisis and would lead to "chaos." Will someone just give the president a three-page termsheet already.

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Ahmeexnal's picture

"when she says no it means yes"

TheTmfreak's picture

Its real simple. This isn't anything new. He has stated, and I believe him (wow), that if there is not growth, and we're looking at deflation, he/they will act. I think its pretty safe to say, deflation is absolutely guarranteed without more credit pumping and money printing (oh wait its not money printing, its reserves). Therefore, yes, there will be a "qe+."

GetZeeGold's picture


A no from a snake always means yes.


nope-1004's picture

I'm not prepared to buy groceries or fill my tank with gas, "at this point".

But, my survival dictates that eventually I will HAVE TO.  So it is with Benocide.

Just a matter of semantics. 

66Sexy's picture

Well said.

Bernake has already greenlighted QE and the debt ceiling raise.. This is all posturing.

If the FED were doing QE now, they'd do it.

It's all about jobs. The unemployment situation wont improve, and that is the marker he uses.

He is just keeping his options open, and if he affirmed QE readiness, it's the same as doing it.

By "Not prepared", he means he still has to go to his computer and double click the "create money" icon.

And how much credibility do we want to assign a Federal Reserve Chairman who says gold isnt money?

JuicyTheAnimal's picture

By "not prepared" I think he meant he can't do until the clowns finish their debt ceiling circus.  

theMAXILOPEZpsycho's picture

Those of us that totally called theis yesterday must be feeling mighty smart now!

QE3 is backed into the cake - but ye didn't think they were going to just tell you they were going to do it and roll on from QE2 did ya?!??!

They'll have to have a crash first - and even then it'll be QE2.5, QE2.56 etc etc

never take what he says at face value, and be careful of being long PMs right now - but feel free to stack physical in small increments

SheepDog-One's picture

OK, well Im still waiting for the deflation to appear anywhere in the markets which sit near all time highs.

TheTmfreak's picture

None of which has to do with the propping up of central monetary policy, such as "printing" money?

virgilcaine's picture

End the Fed. The time has come.

Oracle of Kypseli's picture

The FED is ending itself anyway. There is chaos already you don't have to not raise the debt ceiling for that. 

All O'Bummer needs to do is spend 7% of GDP to maintain the survival of the unfortunate and the unemployed and prevent them from pitchforking him until 2012 and he is home free. Sad

Mr Lennon Hendrix's picture

Confusing the rational consumer!  Genius!

Dreadker's picture

Its all part of his "No Stock Left Behind" policy

qussl3's picture

Banana Ben basically said until you dweebs panic like Jul/Aug 2010, no sugar for you.

Realization is a very horrible thing.

Bob's picture

Idiots shouldn't have priced that shit in . . . unless they were also positioning for the fast ride down.  Which, of course, they had to be doing.  We might have some fun ahead!

Dick Darlington's picture

And still equities stay on green. Sackman is gonna be late for dinner tonight, he has helluva lot of "buying" to do...

silvertrain's picture

he can just ban all short selling..

oogs66's picture

maybe he got b*tch slapped last night and told no one believe QE helped jobs...stocks, yes, but jobs, NO!  and inflation ain't transitory

Quintus's picture

Yesterday's hints at QE3 dropped the DXY back to where he wanted it, no need to overdo it.  

Bay of Pigs's picture

Trying to wean the markets off the "strong dollar" policy?


Bearish News's picture

Attempt to stamp out the run in precious metals.

augie's picture

lol little more than an attempt. It's going to be so funny watching the entire exchange burn while i'm laying in my bathtub full of silver, doing the breast stroke a-la Scrooge McDuck. 

Cash_is_Trash's picture

The flipside is that you have more metal for your ever worthless paper.

Bernank, reassure the market for I still have much metal to accumulate!

ThoughtCriminal's picture

"Not prepared to take action at this point", however, at a point right after conclusion of this testimony is a different story.

Cash_is_Trash's picture

Duly noted TC, for a point has no area.

Therefore, the point would rather be a parameter, between say, August and November.

Education - it's what's for dinner.

lolmao500's picture

Not only Moody's threat but SP's too... SP : miss any payment on anything and you get downgraded.


Standard & Poor's has privately told U.S. lawmakers and top business groups that it might cut the U.S. credit rating if the government fails to make any of its expected payments -- including Social Security checks -- even if it makes all its debt payments, the Wall Street Journal reported citing people familiar with the matter.

DosZap's picture

GOOD for S & P.....................

Do it you lying scum, I hate no man,but despise this one, and his minions.

Esp the imposter at 1600.

They will all roast in hell.

lolmao500's picture

S&P: We'll Drop U.S. Debt Rating From AAA to D in August


Please do it?

Urban Redneck's picture

Does S&P still sell ratings? 

I'd pay my comparatively meager M0 of hard earned money to see that (CHF, Au, or Ag - their choice).

HL Shancken's picture

Did anyone ever notice that Ben Bernanke sounds just like Woody Allen?

caerus's picture

not prepared to take action at this point...ES hasn't tanked yet

Caviar Emptor's picture

You didn't say pretty please

baby_BLYTHE's picture

Silver taking off again

So much for those that said the end of QE2 would be bearish for the PM complex, including my clueless Keynesian economics professor last semester

JustPrintMoreDuh's picture

Cue Ag margin hikes in 3 ... 2 ... 

baby_BLYTHE's picture

won't matter this time. It will just reveale how desperate they are to hide the fact the COMEX is a ponzi

I Am The Unknown Comic's picture

@justprintmoreduh:   Shhhh!!! You have to wait until Friday afternoon to say that because The Bernankster's buddies need time to frontrun it. 

Damn it man, get with the program!

Paralympic Equity's picture

No soup for you, bitchez ?

RobotTrader's picture

Gold, Euro, ES all getting dumped at the same time.

Same crap over and over.

Risk On, then Risk Off

10-yr. unfazed, yield is still an absurd 2.92%


SheepDog-One's picture

Refer to last nites poleaxeing of Robo by Tyler himself....funny stuff.

Did you fade yourself again Momo?

Bay of Pigs's picture

Akaka's a nice looking corpse. 

Go long Hawaii while he's still breathing. Earmark Central.

mayhem_korner's picture

Looks like he just tanked the commodities from what was going to be a nice chubby of a green day...

Someone at JPM must have told him to pull back on the reigns until they extort more physical silver.

cat2's picture

That's why PMs are selling!