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A Reader's Letter To Ben Bernanke

Tyler Durden's picture





 

Submitted by TW

Dear Ben:

I don’t know if you read ZH.  I bet you do.  It would be disappointing to learn that you didn’t read some of the leading edge financial blogs.  But if not, I bet at least one of your staffers does.  If you’re any kind of manager, they won’t be afraid to bring this to your attention.  Or perhaps Ron Paul’s staffers can shoot a copy over to your office.  It’s a simple petition, really, in the traditional sense.  I hope you will consider it. 

I understand the conclusion you came to in 2008 and early 2009 after a career spent studying the Great Depression, and I also understand that you feel justified in using whatever channels are available to you as proxy helicopters to drop cash.  And it works.  You’ve essentially manipulated the US and world markets as though they were remote control funny-cars, bent to whatever short-term route you desire, though we have yet to see what the second and third-order effects are.  I mean, beyond food riots, destabilization of the Middle East, gas prices that American citizens won’t ultimately be able to afford, agriculture prices that will play havoc with corporate margins and retail food prices, the US dollar losing its reserve-currency status… things like that.

Having managed money for a while, with all the implicit strategic and tactical decisions, I also understand thesis drift – where you make a decision based on a set of factors, but then continue the policy, or hold the position, based on new reasoning (excuses) that were not part of the original thought process, even after those factors change.  An easy example is when a portfolio manager buys a position based on a chart, then, when the chart breaks and he has a small loss, convinces himself that there are other, fundamental factors (it’s cheap now), which support holding the position until it gets back to even.  This usually leads to a larger loss.  It’s not the sort of lesson you learn in a classroom.

And so it is with you.  I understand how it started – the raw panic that you must have felt over some of those weekends in 2008, after belatedly becoming aware that most of the financial system teetered precariously above a fragile foundation of leverage, artifice, obfuscation, and outright fraud - and how emergency conditions justified extreme action in 2008, as distasteful as it must have been for an economist to allocate the capital of honest savers to those that had, in fact, proved to have been the biggest destroyers of capital.  I even understand, though I disagree with, the reasoning beyond your latest tactical success / potential strategic disaster – QE-FOREVER.

And now, on the horizon, I see the thesis drift coming:  ‘How,’ you ask yourself, ‘will the US possibly roll all these treasuries, to support the ridiculous politicians’ deficit spending, without me in there as an unnatural source of demand?  And, if I don’t keep interfering, day by day and auction by auction, MY GOD, what will happen to the value of the enormous, leveraged debt portfolio that the Fed just purchased at a generational top tick, when the auctions struggle and rates begin to take the fast train up?  WHAT HAVE I DONE??’  Late at night, when it’s just you, the ceiling, and the ghosts of the Princeton lunchroom, you must worry:  ‘At a 5% 10 year, I’ll have one of the largest paper losses in the history of global finance, and, my own obfuscation aside, sooner or later people will clue in, realize they never pulled a lever for my manifesto, and put my head on a stick!’

But here’s the thing, Ben: the deficit spending that you pay lip service to arguing against, which your current policies support, AND THEREFORE FACILITATE, is a real problem.  It’s out of control.  There is no solution in sight.  And, most importantly, there is no URGENCY for a solution to a problem that is, ultimately, existential in terms of capitalism and free markets because the market has stopped giving us any signal other than the delusion you wish to transmit.  The barbarian hordes are on the hill above us, looking down and licking their lips, but you’ve put a mirage of QE –colored camouflage serenity in front of them, so that Americans can look past the spiked battle hammers and chain mail of the aggressor, and the rumblings from the beasts, seeing, instead, great payment terms on a new ninety eight inch flat-screen television.  YOU are helping to paper over a problem which needs, instead, to be viewed in stark relief. 

The danger needs to be FELT, Ben.  It needs to have the same urgency as was owed that 353 plane radar cluster off the coast of Hawaii on December 7, 1941.  Markets need to be telling us there is a problem, but, because of you, they can’t.  Harnessed to your purpose, they’ve stopped serving the ones that they were meant for, allowing one of the most misguided policy trajectories in the history of mankind, to appear benign and without effect.  YOU are forestalling a crisis with a thin veneer of paper-mache over an enormous hole in the path to a secure future, and allowing our elected leaders, who have failed in either understanding or effectively communicating the problems, to diddle and prevaricate.  And, ultimately, your fix is not sustainable either, so what will you have saved us from, when it’s finally too late, and the engine’s still coughing, and we’re contemplating the trees instead of the runway?

As a highly regarded economist you must understand that recessions have a cyclical purpose.  The lows in the business cycle force capital out of poor decisions and into better uses.  The lulls are what convince people that risk is real, and that it must, therefore, be accounted for, even when things feel good.  The lows are what teach us that 50x leverage is not a good policy - not when you’re an investment bank, not when you’re a hedge fund, not when you’re The Fed.  Not EVER!  The lows are when failed policies, and failed policy-makers, are seen for what they are.  Families adjust, companies adjust, leadership adjusts, and, ultimately, nations adjust.  What, do you think, would have been the result of papering over the policies of a Carter or a Nixon?  What if we had just shot enough money into the system that they could destroy our economy, or the lawful fabric of our democracy, without being able to see and respond to the critical warnings that free markets give?  The result, Ben, would have been no solution.  No re-examination of our democratic principles.  No Volcker.  No Reagan.  No fresh image of the city on the hill.  Perhaps no post-cold-war boom.

The inevitable history of nations is that they fail, but not always due to the ill-intentioned acts of a despot or conquering army.  They can also fail amidst the well-meaning attempts of empathetic illusionists and well meaning technocrats, who have everyone’s best interests at heart, but must bend the rules of logic and law this one time, and then another, due to circumstances that only they can see clearly enough; circumstances that must be dealt with through policy and procedure that no citizenry, given full understanding of its complexities or ultimate effects, would accept.

Things aren’t working, Ben.  In your mind, what’s evidently called for is extra-normal production from the machine that you know how to operate.  But that’s not really what we need.  What we need is for failing policies to fail.  We need blathering idiots to be voted out of office.  We need America to wake up to the unfolding tragedy in front of them and feel the raw desperation that is a necessary precursor to change -  not the shallow, manipulative change of a narcissistic wordsmith, but the deep fundamental change that requires fear as a catalyst, and that sets up generations of capitalist and democratic success.  We need Americans to look up on the hill and say, MY GOD, I think that creature with horns on his helmet has a sword, and he’s pointing it at my children.  Maybe I should confront him.

But first, Ben, you have to move the mirage.  And get out of the line of fire.

And another reader is kind enough to share his comparable comment to the Fed, submitted on August 3, 2010,  together with the Fed's response, which in retrospect, and in light of the Fed's recently announced third mandate looks simply hilarious and painfully disingenuous.

Dear Chairman Bernanke and Fed Board: 
 
I am a centrist voter who supported President Obama but who also believes strongly in the need for fiscal responsibility. While I am not a financial expert, I do have an economics degree and understand fiscal and monetary policy issues better than most citizens. 
 
Yesterday, on Monday, Aug 2nd, I watched the stock market go up over 2% despite a month of bad economic news. Today, there was even more bad news -- existing home sales, factory orders, consumer spending and personal incomes -- and yet the market is down only marginally. In any normal world, the market responds to fundamentals.
 
Yet, in the United States today it does not.  The only reason the stock market (and other asset prices, e.g. housing) are supported at current levels is the perceived near certainty of further Federal Reserve intervention (aka "quantitative easing"). Speculation of further quantitative easing is clearly evident in the financial press (CNBC, WSJ, Bloomberg, etc.), and was exacerbated by Mr. Bullard last week.  The Federal Reserve should not -- and ultimately cannot -- prevent markets from reaching equilibrium. This means asset prices must fall to match both declining personal and national incomes, which are the natural consequences of globalization (and misguided US trade policy) on US GDP relative to the rest of the world.
 
Therefore, the Fed should not manipulate markets in an attempt to make up for:  1) misguided deregulation (i.e. abandonment of Glass-Steagall during the Clinton Admin, made worse under the Bush Admin)  2) irresponsible, bubble-inducing easy money policies by the Fed under Greenspan  3) fiscal irresponsibility by the Congress  4) globalization  While quantitative easing may have been necessary in late 2008-early 2009 to stabilize the economy, I am writing to implore you to please stop any discussion of further easing.  Please have the courage to follow former Fed Chairman Volcker''s example and let the economy go through a difficult adjustment period so it can have a REAL recovery. 
 
respectfully

 

 


And the Fed's reponse:

 

Dear Mr. [redacted]:

Thank you for your most recent correspondence to Chairman Bernanke and the Board members.

The Chairman and Board members receive a great number of letters daily. As public figures with many daily responsibilities, they are unable to reply to all of those letters personally or to acknowledge receipt of each correspondence. However, they appreciate receiving observations and advice that bear on the Federal Reserve's responsibilities, particularly from people who have concerns about how the economy is functioning.
   
Also please know that the Federal Reserve's monetary policy actions are not aimed at correcting or influencing any particular market. The goal of monetary policy is to foster conditions conducive to sustaining sound, noninflationary economic growth over time and policymakers must make decisions that provide the greatest benefit overall.

Again, thank you for taking the time to share your views.
       
Sincerely,

JPD
Board Staff

 


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Fri, 02/18/2011 - 19:47 | Link to Comment NOTW777
NOTW777's picture

this is too late.  ben has tied himself to the good ship obama

Fri, 02/18/2011 - 19:49 | Link to Comment FOC 1183
FOC 1183's picture

Actually no.  Ben is still in the line of fire.  And this is excellent

Fri, 02/18/2011 - 19:55 | Link to Comment NOTW777
NOTW777's picture

he s in over his head and wont admit it.  most speculators go through such a phase -

see education of a speculator (victor N)

Fri, 02/18/2011 - 19:59 | Link to Comment FOC 1183
FOC 1183's picture

Agree he's in over his head.  As in 50,000 leagues.

And Victor is tragicomedy personified

Fri, 02/18/2011 - 21:06 | Link to Comment Fish Gone Bad
Fish Gone Bad's picture

It is only fun until someone loses an eye over it, then it gets really fun.  Bernanke makes the same mistake smart people make all the time.  They think that since they know one topic really well, then they must be equally smart in other fields.  The next upcoming US election will paint Bernanke as the destroyer of worlds.  Good job, Shiva.

Fri, 02/18/2011 - 22:17 | Link to Comment VegasBob
VegasBob's picture

Bernokio is a shifty-eyed thief and a goddamn liar.  His ZIRP has stolen over $1 trillion from savers over the past 3 years.

His lying is so extensive and pervasive that it is a wonder that his nose fits in the Federal Reserve building in Washington, DC.

The truth is that the US economy will begin to implode the day that Bernokio stops the printing presses.  His conundrum is that the US economy will still collapse eventually even if he keeps the printing presses running.

Bernokio's hope is that he can literally paper over the problems with money-printing until his term is up in January 2014.

Sat, 02/19/2011 - 10:36 | Link to Comment mrdenis
mrdenis's picture

you forgot  "lip quivering" 

Sat, 02/19/2011 - 15:35 | Link to Comment Malcolm Tucker
Malcolm Tucker's picture

 

Here is a video showing the Saudi Military crossing over to Bahrain!

http://fedupmontrealer.blogspot.com/2011/02/from-bahrain-to-saudi-cracks-appearing.html

Also in there is a video of a protest in the Eastern Province of Saudi Arabia!

It's on.

 

Sat, 02/19/2011 - 19:52 | Link to Comment snakeboat
snakeboat's picture

That's horrific.  Never to be seen in the US MSM.  F the monarchy

Sat, 02/19/2011 - 21:23 | Link to Comment Jendrzejczyk
Jendrzejczyk's picture

++32.66 for another derivation of The Bernanke!

Bernocchio?

Sun, 02/20/2011 - 00:55 | Link to Comment AccreditedEYE
AccreditedEYE's picture

 The next upcoming US election will paint Bernanke as the destroyer of worlds.

+100

Thu, 08/11/2011 - 02:33 | Link to Comment mediahuset
mediahuset's picture

vintage airstream

Nice article, thanks for sharing this information. Good to know that this topic is being covered also in this web site.

Sat, 02/19/2011 - 09:21 | Link to Comment Popo
Popo's picture

Indeed.  Ben is committed to his bad moves now.  He has to go down with his ship.    He has already failed, but can't admit it to himself.  All he knows how to do is provide easing. 

The notion that we need contraction is lost on him.  The notion that there may be utility value to deflationary periods is inconceivable to his academic mind.  Stability, in Ben's view means there can be no mistakes. There will only be positive performance.  Stability equals growth forever. There can be no contractions, and perception is everything.

Bernanke is an absolutely classic central planner:  An idealogue and an absolutist, in denial of all but the data which supports his desperately foundering thesis.  History will be cruel to the man.  Unfortunately, history will also be cruel to his country.

Sat, 02/19/2011 - 13:54 | Link to Comment akak
akak's picture

Sober and spot-on analysis Popo.

Sat, 02/19/2011 - 17:46 | Link to Comment RockyRacoon
RockyRacoon's picture

Das it.  The "answer" to the letter(s) simply confirms the thesis of the letter.

I wonder if that even occurred to the person sending out the reply?

Sun, 02/20/2011 - 11:53 | Link to Comment Manbarepig
Manbarepig's picture

Beautifully said, thanks Popo

Fri, 02/18/2011 - 20:56 | Link to Comment I think I need ...
I think I need to buy a gun's picture

Ben is in France signing the reserve currency away this weekend. He may just stay.

Sat, 02/19/2011 - 13:54 | Link to Comment akak
akak's picture

I suspect that he is secretly paying tribute there to his great 18th century hero, John Law.

Sat, 02/19/2011 - 18:14 | Link to Comment Paul Bogdanich
Paul Bogdanich's picture

Good letter in that it adequately identifies the central problem as political failure.  Bad letter in that the writer thinks the hollowing out of the manufacturing base and reliance on deficit spending under Reagan was progress.  But it's all immaterial and ultimately shallow.  The reason the politicians behave as they do is because our democratic model has failed becasue it did not anticipate the cost of modern campaigns.  The senior bankers who fund the campaigns control the politicians.  Further if we confronted our problems and identified solutions all those senior bankers and many of their elected figureheads would be under criminal endictment.  Since they control the elections they are not going to let that happen and as finance minister Bernanke is merely stuck in the middle doing what middle-men always do.  Please note Neil barofsky who was the only one making criminal refferals or prosecuting cases was just forced out.  We don't have a democratic government anymore and pretending like we do and that old balding Ben Bernanke is the problem is not a solution.  Republics are not self restorative and we lost ours.  What we have right now is a series of petty kings and corrupt figure heads which always leads to autocracy once a strong savy politician / emperor comes along and consolidates power over the rest.  As Gore Vidal once quiped, I was born in a Republic and now live in a Homeland.

Sat, 02/19/2011 - 21:14 | Link to Comment fleur de lis
fleur de lis's picture

Bennie the parasite is in the catseat. He answers to no law, only his parasitic Fed employers and its parasitic foreign owners. And more than a few parasitic American traitors. All he has to do is keep lying, and keeping America on schedule for financial collapse.  

Fri, 02/18/2011 - 20:09 | Link to Comment Bob Sponge
Bob Sponge's picture

I think Ben is likely working to implement a new one world currency which would allow the rich elite to plunder like never before.  He needs to crash the current world monetary system to make a new "better" system needed.  The rich elite need a big crisis in order to implement a big change.  The IMF has just called for the SDR to replace the US dollar as the world reserve currency.

http://money.cnn.com/2011/02/10/markets/dollar/index.htm

 

Fri, 02/18/2011 - 20:33 | Link to Comment NotApplicable
NotApplicable's picture

From broken eggs to omelets.

Sat, 02/19/2011 - 00:47 | Link to Comment Sopra Tutt1
Sopra Tutt1's picture

Very nice one :-) Maybe they'll decide to add some cheese, like gold and silver, to keep it together.

Flaherty, the Canadian Minister of Finance, said today, in an interview from Paris, that he's not yet sure if gold and silver should be included in SDR. Probably because the Canadian gov sold all its gold a long time ago, and all it has now is the underground gold.

Sat, 02/19/2011 - 09:29 | Link to Comment chubbar
chubbar's picture

Yeah, the SDR really makes a lot of sense.

Here we have a reserve currency that is 100% U.S. gov backed crap (crap because the gov is indebted to the point it can not pay it's debt). So, to fix that the IMF thinks that we should mix in some other countries debt instruments to come up with the SDR, all of them except China are also indebted to the point of default (through inflation or default).

What is this possibly going to fix? Let's say the SDR is 40% USD. Does this restrict the amount of dollars the FED prints? Does it restrict the amount of EUROS that are printed? What is the exact mechanism that keeps the SDRs from meeting the exact same fate as the current system?

What authority does the IMF have over the U.S. sovereign state and how did it get that authority?

This has no chance of working for any length of time. It's all smoke and mirrors for the masses.

 

Sat, 02/19/2011 - 01:27 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

 

hi!  FED?  IMF?  EU?  RFD?

rfd, skewie, what's that mean? rat-fuked democracy?

well, dearstz, kinda, if 'democarcy' were plural.  here's what my obvious insanity is pointing to, ok?

RFD = Radio Frequency Devices = Radio Frequency IDENTIFICATION Devices. as per wiki:  Radio-frequency identification - Wikipedia, the free encyclopedia

"they" don't need to "mark" yer forehead or yer hand, why not just do your "money"?  RFID Tags in New US Notes Explode When You Try to Microwave Them

Hahaha!  Tin Foil Wallets!!!

United States Dollar Bills and Us Currency - Part 2  

people sign up for this b/c it's "green", perhaps?  Take a very good look at the picture of the "clockwork" with the different "currencies".

i keep getting shit from my bank telling me how wonderful the new e-statements are---No Paper!!!  i just say why the FUK should i worry about piece of paper i can hold in my hand and you can't change if i start asking a question, or 3, or 3,000, or 30 Trillion?

really, i go the teller to do a transaction, and as soon as (s)gets my acoount info on the screen, and i get my $20, guess what the next question is?

Bingo!

if slewie were up to this, i'd try to confuse everybody, too.  i'd want to keep feeding everyone bullshit about the "IMF" so they wouldn't ever think about what has ALREADY Happened.

The modal IQ on ZeroHedge, even for those who can "navigate the 'captcha' " seems to me to be about, uhhh, 30. 

Since you all know the differences among mean, median, and mode, iyam certain no one on this site will misunderstand THAT sentence, eh?

and, remeber, if you think anyone might be tryng noy to pay their fair share of taxes to this system, please do NOT hesitiate to make that free phone call in the interests of JUSTICE!!!!!

night night.

Sat, 02/19/2011 - 01:35 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

 

Bob Sponge:  i don't know how to evaluate this, either, but at least we are talking, and prob'ly way over everybody else's head here, too, unfortunatey.  this isn't aimed at you.  you are aking the right question and questioning the "implied spin" and also the reverse implied  spin.  t.y.

altho there is no political moral consensus on this site, that does not mean that it isn't developing:

a)  off this site, and

b)  because of this site.

keep the faith.  peace.

Sat, 02/19/2011 - 01:36 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

 

Bob Sponge:  i don't know how to evaluate this, either, but at least we are talking, and prob'ly way over everybody else's head here, too, unfortunatey.  this isn't aimed at you.  you are aking the right question and questioning the "implied spin" and also the reverse implied  spin.  t.y.

altho there is no political and/or moral consensus on this site, that does not mean that it isn't developing:

a)  off this site, and

b)  because of this site.

keep the faith.  peace.

Sat, 02/19/2011 - 01:38 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

 

hey tyler!  what does the MILLIONTH comment get?  to lick your butt-plug clean and tell you how fuking good it tastes?

Sat, 02/19/2011 - 15:25 | Link to Comment DavidC
DavidC's picture

What points, precisely, are you trying to make?

And no, I haven't junked you.

DavidC

Sat, 02/19/2011 - 15:30 | Link to Comment akak
akak's picture

But I did junk him, for what was perhaps the most irrelevant (not to mention gratuitously vile) comment I have ever read here.

Sat, 02/19/2011 - 17:50 | Link to Comment RockyRacoon
RockyRacoon's picture

Unwelcome comment.  Would it pain you so terribly to stay on topic?

I'm no proponent of eugenics, but your continued existence makes me think.

Sat, 02/19/2011 - 09:39 | Link to Comment Golden monkey
Golden monkey's picture

I will obey for sure and rat them out. (As I really enjoyed that RFD injected by the nurse - hope it's useful, just like capcha info asso).

So for you dumbo, the supreme interest of justice is the people to get rob by their fair shares of taxes? (And finance Muslims democracy instead of Americans education?).

How many time should I tell you that you are overweight? Fatty cost billions a year to the healthcare system. THAT'S NOT FAIR MAN. 

Sat, 02/19/2011 - 21:40 | Link to Comment Jendrzejczyk
Jendrzejczyk's picture

Velo, did you let your brother out of the basement again?

 

Sat, 02/19/2011 - 21:33 | Link to Comment fleur de lis
fleur de lis's picture

Yep, and they've had lots of practice. They planned, provoked, and managed the first WW and had a pre-fab "enemy" whose job it was to collapse the four empires of Europe. But the parasitic genius was to have said enemy take the fall and blame and suffer economic collapse, and then get its first rate workforce to repay the Fed for all the money it spent to fund the war. Win-win.

Then when they needed this same efficient enemy again a few years later, a devastated nation was built up with the most formidable army ever known, all in a matter of a few years. And all ready for the "crisis."

The parasitic Fed has had a hand in every war and bloodletting of the 20th century, so collapsing our economy is a cakewalk.

 

 

 

Fri, 02/18/2011 - 21:26 | Link to Comment reckoning
reckoning's picture

if you would like to drop ben a personal note and express your dismay, distrust, disappointment, dis-whatever, please use the following link and let him know how you feel about the job he and his bankster buddies are doing... http://www.federalreserve.gov/feedback.cfm

Fri, 02/18/2011 - 21:28 | Link to Comment reckoning
reckoning's picture

sorry.... clickable link

 

http://www.federalreserve.gov/feedback.cfm

Fri, 02/18/2011 - 21:43 | Link to Comment GreenSideUp
GreenSideUp's picture

http://www.federalreserve.gov/feedback.cfm

Is it just me or does anyone else find the .gov address...odd?

Fri, 02/18/2011 - 21:59 | Link to Comment reckoning
reckoning's picture

agreed.... the only private for profit corporation in america with a .gov address... yet another lie!

Sat, 02/19/2011 - 00:54 | Link to Comment Cursive
Cursive's picture

the only private for profit corporation in america with a .gov address...

Can we get some kind of class action lawsuit on this?  I'm thinking we could actually get the Facebookers attention whereas talk of QE is coma-inducing for the navel gazers.  Just a desperate thought.

Fri, 02/18/2011 - 22:12 | Link to Comment SilverDOG
SilverDOG's picture

Ben is personification of the evil who owns all. 

A shield of distraction, defecting irrelevant venting.

Obama, is but an underling. 

Look beyond what is being told, and what you choose to believe.

 

Sat, 02/19/2011 - 16:21 | Link to Comment Zero Govt
Zero Govt's picture

Here's Turbo Tim admitting/agreeing his own plan has "excessively high interest rates... a very large interest burden and unsustainable obligations over time.."

http://www.youtube.com/watch?v=WdcQGJF_jmY&feature=player_embedded

The US Treasury Dept is run by a financial genius who submits a financial plan he agrees is completely unsustainable, even using his own 'highly polished turd' figures of continued low interest rates.

Turbo Timmay knows his plan is bankrupt but he still submits it to Congress!!!

His own plan for the country is to knowingly and consciously jump into a powerboat, head up Shit Creek and sink???


Sat, 02/19/2011 - 19:56 | Link to Comment Fred G Sanford
Fred G Sanford's picture

I gotta believe that TPTB have a plan in place for after the dollar collapses that further empowers them and further enslaves everyone else. I am not particularly an optimist and I hope I am wrong, but I don't feel a lot of good vibes coming from TPTB.

Sat, 02/19/2011 - 21:33 | Link to Comment Zero Govt
Zero Govt's picture

i'm pretty certain that when all this shit blows up the public will be angry as hell and will take absolutely nothing from any figures of authority ....all confidence in Govt and authority figures will be completely gone. Anyone telling Joe Public what to do will get 'fuk u' and a single or double fingered salute... hard to construct any new establishment ponzi system or currency in that atmosphere!! 

Sat, 02/19/2011 - 11:01 | Link to Comment Richard Weed
Richard Weed's picture

To TW (the author of the letter),

DISTILL, DISTILL, DISTILL

You say you are a money manager, but you sound more like a demented rambling professor, enamoured with his own voice.

Any truly brilliant mind would be able to distill his/her thoughts into no more than 3 bullet points.

My advice... distill, redraft, distill some more... then resubmit your letter.

But what do I know, I am just a Dick Weed.

 

Sat, 02/19/2011 - 13:57 | Link to Comment covert
covert's picture

true and more. obummer HATES ambition and/or prosperity. "liberty and capitolism is a toxic combination" is obummers belief. ben is a total suckup to obummer of course.

http://covert2.wordpress.com

 

Sat, 02/19/2011 - 14:03 | Link to Comment Atomizer
Atomizer's picture

Happy landing on a chocolate bar.. 

On The Good Ship Lollipop

Sat, 02/19/2011 - 15:33 | Link to Comment TruthInSunshine
TruthInSunshine's picture

"Also please know that the Federal Reserve's monetary policy actions are not aimed at correcting or influencing any particular market."

 

O Rly?

 

'Bernanke has said he hopes the Fed's bond-buying program will help lift stock prices. In part, that's because lower yields on bonds would cause some people to shift money into stocks.

Higher stock prices would boost the wealth and confidence of individuals and businesses. Spending would rise, lifting incomes, profits and economic growth. Bernanke has referred to this as a "virtuous cycle." '

Bernanke takes defense of Fed to '60 Minutes'

 

BERNANKE = EPIC LIE. EPIC LIAR. PSYCHOPATH.

 

Fri, 02/18/2011 - 19:51 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

LOTS of blame to go around.

Start with .gov.  We elected them.

Banksters and crooks are bad. So is deficit spending .gov.

Fri, 02/18/2011 - 19:57 | Link to Comment NOTW777
NOTW777's picture

I agree but the current leaders have failed miserably. they have concealed and covered up the problem and lied to the public - all this happy talk about recovery and growth and

increased tax and regulation described as "investment" is an abomination. their power will be taken away.

Fri, 02/18/2011 - 20:03 | Link to Comment NOTW777
NOTW777's picture

we can start by recalling or impeaching any congressman who flees his or her own state and refuses to perform duties

Fri, 02/18/2011 - 20:09 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

+ 1 quadrillion to the quadrillionth!

Fri, 02/18/2011 - 20:29 | Link to Comment spdrdr
spdrdr's picture

Is this the first vestige of hyperinflation of atta-boys that I see?

We now have a need to recalibrate the junks.........

Fri, 02/18/2011 - 21:28 | Link to Comment Cleanclog
Cleanclog's picture

+ a squillion!

And the new currency will be called fairy dust.

Fri, 02/18/2011 - 21:46 | Link to Comment Backspin
Backspin's picture

The problem with throwing them out of office is that they are then replaced by someone else.  You can't vote against someone without at the same time voting for someone.  So the crop of politicians keeps growing.  The system itself is flawed.

And when you vote one of them out, they are basically on the federal dole for the rest of their life, and they enjoy a big salary, sweet benefits, all at taxpayer expense, until they finally, finally, finally, to the benefit of the country, die.

If we could vote them out of office, and terminate their taxpayer sustained lifestyle along with it, I could more readily justify taking time away from my actual productive work to vote them out.

Sat, 02/19/2011 - 23:37 | Link to Comment RockyRacoon
RockyRacoon's picture

we can start by recalling or impeaching any congressman who flees his or her own state and refuses to perform duties

Would you go home knowing that all you're gonna get is an ass whoopin'?

Fri, 02/18/2011 - 20:19 | Link to Comment GreenSideUp
GreenSideUp's picture

Agree, but everyone needs to stop calling these people leaders.  That's what they want us to think.  They're supposed to be representatives of The People and they work for us.  They most certainly do not know what's best for you, me or anyone else.  

 

Fri, 02/18/2011 - 20:44 | Link to Comment Michael
Michael's picture

Dear Ben Bernanke,

Please keep doing exactly what you have been and don't listen to the nay sayers. Follow in the footsteps of the great architect Alan Greenspan my greatest hero, engineer of the greatest financial collapse in the history of the world. I need to see the grand finally of financial destruction reach into ever nook and cranny of the planet. 

Thank you for destroying more than 5 generations of social engineering on your part and that of your predecessors. All that hard relentless work of the CFR, Trilateral Commission, Tavistock, CIA, Mossad, Club of Rome, Illuminati, etc, etc, etc designed to establish your New World Order getting flushed down the toilet at a rapid pace, warms my heart.

Keep up the good work.

New videos I just uploaded for weekend viewing;

The Calling By Maxwell Igan Part 1 of 5

http://www.youtube.com/watch?v=Cj4OCchhfEw

The Calling by Maxwell Igan Part 2 of 5

http://www.youtube.com/watch?v=c1ixCtjCRdg

The Calling by Maxwell Igan Part 3 of 5

http://www.youtube.com/watch?v=B_KgLXdr-2M

The Calling by Maxwell Igan Part 4 of 5

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

The Calling by Maxwell Igan Part 5 of 5

http://www.youtube.com/watch?v=qEgZvAN1A0s

Fri, 02/18/2011 - 20:55 | Link to Comment asdasmos
asdasmos's picture

You can't forget the E.T.s, and the lizard men right michael???

 

www.stopspammingcrazyyoutubevideos.com

Fri, 02/18/2011 - 21:13 | Link to Comment Michael
Michael's picture

Thanks for the endorsement.

Fri, 02/18/2011 - 23:48 | Link to Comment darkaeye
darkaeye's picture

I liked it. Especially part 5.  Thanks for the post.

Sat, 02/19/2011 - 03:08 | Link to Comment asdasmos
asdasmos's picture

You have two accounts or is someone drinking the kool-aid?

Sat, 02/19/2011 - 14:00 | Link to Comment Pure Evil
Pure Evil's picture

Your link to our masters, The Reptilians, didn't work.

I was so hoping to see our benevolent masters again.

Sat, 02/19/2011 - 17:15 | Link to Comment asdasmos
asdasmos's picture

In time my friend, in time. The Phobos eclipse on Mars is soon upon us brother.

Sat, 02/19/2011 - 20:10 | Link to Comment DavidPierre
DavidPierre's picture

asdamos:

Go on over to SmokeyQuinn's blog and join up with all the Ewe-Diddlers @

www.theSheepsPlatform.com

They would love to have another MORON to share inanities.

................................

Michael:

Thanks for link! 

Reading narrow minded comments on ZH creates nausea, as well as eye strain.

Sat, 02/19/2011 - 20:21 | Link to Comment asdasmos
asdasmos's picture

'Reading narrow minded comments on ZH creates nausea, as well as eye strain.'

 

I am sorry, but you need to reflect on much of what is presented in these videos. There might even be some stuff I am in agreement with, but have you seen some of the crackpot shit in them? I am not in agreement with the totality of the videos and their conclusions even though I agree with some ideas.

You do know that Michael is a fervent supporter of an intpretation of the 'king james bible'(or something along those lines). If you buy his religious basis without question for some of the ideas presented (particularly in video 5), then we have nothing to talk about. I believe you are the one who is narrow minded.

Sat, 02/19/2011 - 21:36 | Link to Comment DavidPierre
DavidPierre's picture

asdamos:

Since it seems it is Saturday Night At The Movies, here on ZH, let me present for your and others viewing pleasure...

In the category of web classics... I am pleased to nominate...

Zeitgeist

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

"...but you need to reflect on much of what is presented in these video..."

 But..."I believe you are the one who is narrow minded."

Sat, 02/19/2011 - 21:43 | Link to Comment asdasmos
asdasmos's picture

Wait, was that the video he originally had? or did he just edit his post to the ones above?

 

Also, I do not think you have seen my exchange with Michael, you should check it out, or ask him youself what he believes.

 

He believes in an interpretation of the bible. Specifically the king james one for some reason. Go ahead ask him. He tried sending me a free book on the interpretation.

 

Explain again what this has to do with our discussion?

Fri, 02/18/2011 - 20:45 | Link to Comment akak
akak's picture

Agreed, Ben and his ilk are not "leaders".

They are oligarchic, kleptomanical, sociopathic Masters.

Sat, 02/19/2011 - 15:11 | Link to Comment A Nanny Moose
A Nanny Moose's picture

Couldn't agree more. It merely perpetuates the idea that they are heros who will solve all our problems, if we would just follow them. Truth is, they are all just Gubmint employees.

/salute.

Fri, 02/18/2011 - 20:02 | Link to Comment poor fella
poor fella's picture

This is from Rainbow's End and may be old hat. The following is random bits from three pages (brackets are mine).

A mild recession in 1924 led him [Strong, head of the Fed] to lower
the New York bank's rediscount rate in three increments that summer
from 4 1/2 to 3 percent while the Federal Reserve added $500 million
to its holdings of government securities through open-market
purchases. This easy-money policy helped spur a recovery that was too
vigorous for some observers like Hoover, but neither Coolidge nor the
Federal Reserve Board opposed it.

By May of 1925 Strong himself had qualms about the vigor of the
recovery. Three developments struck him as potentially dangerous:
"over-building and real estate speculation, . . . too much enthusiasm
in automobile production, and . . . the ever-present menace of the
stock exchange speculation." The latter especially annoyed him because
it seemed always to get in the way of his broader objectives.

The current situation, he wrote Montague Norman of the Bank of England
that November, struck him as "an attempt to manipulate the stock
market. I confess that I hate it. It is repugnant to me in every
possible aspect..."

"We have had dangerous speculation develop in the stock market," he
explained to Norman, "with some evidence that it is extending into
commodities."

The heating up of the stock market prompted the Federal Reserve banks
to reverse course and raise interest rates to dampen speculation [let
it run this time?].

By late summer [of 1927], however, the business outlook had lost its
rosy sheen. Another downturn brought employment, building
construction, railroad freight loadings, and commodity prices to their
lowest levels in two years. [maybe the only 'new normal' is in
commodities' base price?] The Federal Reserve Board's own production
index dipped below the 1923-25 level for the first time since the mild
recession of 1924. These developments [as well as a European currency
situation which mostly dealt with devaluing while trying to hold onto
one's gold], led Strong to urge the board members to reverse course
and reduce interest rates.

....by September all [banks] had gone to the new rate [3 1/2
percent]. The open-market committee also increased its purchases of
government securities.

The danger posed by easy money was that of stoking the very kind of
speculative activity Strong so despised [so we're told]. Lower rates
encouraged banks to borrow funds cheaply from the Fed and put them in
the call loan market, where growing demand produced higher rates. It
required no great talent as a banker to borrow at 3 1/2 percent and
lend at 7 percent or more [!!]. Moreover, the attractive rates in the
call loan market exceeded those for regular business loans, which
meant that the bankers would likely prefer to put their money into the
call loan market with its quick, safe, lucrative return than into
legitimate business or agricultural loans of longer duration, lower
return, and higher risk. In this way easy money held the potential for
not only fueling more speculation in stocks but also shifting needed
funds from sectors that contributed to real economic growth.

Adolf Miller also voted vehemently opposed (and voted against) the
order in vain.

It was, he wrote, "the greatest and boldest operation ever undertaken
by the Federal Reserve system, and . . . resulted in one of the most
costly errors committed by it or any other banking system in the last
75 years."

Fri, 02/18/2011 - 20:46 | Link to Comment poor fella
poor fella's picture

Oh, point being, this has all been done before, no drastic measures as we're led to believe, and regrettably these acts just happened to preceed the crash of 1929 and the Great Depression..

Fri, 02/18/2011 - 22:00 | Link to Comment Backspin
Backspin's picture

Old hat perhaps, but not to me.  Excellent post, thanks for that.

Sat, 02/19/2011 - 10:30 | Link to Comment Irwin Fletcher
Irwin Fletcher's picture

Same here. Seems that if the 1925-1929 period is a good analogy for modern times, then those Mayan calendar makers are going to look really smart. 

Fri, 02/18/2011 - 20:53 | Link to Comment Rainman
Rainman's picture

+ 1925

Fri, 02/18/2011 - 19:58 | Link to Comment unwashedmass
unwashedmass's picture

 

the last thing Ben is ever going to do is confront this catastrophe....and admit he had a hand in taking it from catastrophic to civilization ending.

the last thing.

this is a guy with an ego bigger than the planet.....and he's going to destroy the planet trying to show us all....

that he's way, way smarter than us.

Fri, 02/18/2011 - 20:00 | Link to Comment Twindrives
Twindrives's picture

A legend in his own mind, just like the man who appointed him to the position he holds. 

Fri, 02/18/2011 - 20:27 | Link to Comment faustian bargain
faustian bargain's picture

And the one who reappointed him.

Fri, 02/18/2011 - 20:40 | Link to Comment subqtaneous
subqtaneous's picture

ego

 

There probably isn't a font bold enough, or point size large enough to emphasize that word enough.  And, you're right, that's all this is about.

 

Well said.

 

 

Fri, 02/18/2011 - 19:59 | Link to Comment I think I need ...
I think I need to buy a gun's picture

no i think the decision was made back in the late 90's early 2000's to run the gold price to  infinity and they've been buying the gold all along. I think Bens exiting stage left shortly and they REALLY don't care.

Coming soon Gold to the moon.

Fri, 02/18/2011 - 20:55 | Link to Comment Dave
Dave's picture

It's been my belief for some time that Greenspan and possibly Bernanke and a few others' plan all along is to force a return to a gold standard by crashing the dollar and all fiat currencies. There's no way they can admit it and if politicians had any understanding of economics they would be all over these guys. There's no way to know but I'll bet they all have substantial personal gold stashes.

Fri, 02/18/2011 - 21:03 | Link to Comment Shameful
Shameful's picture

Really?

This line of reasoning is like saying serial killers are really just trying to get people to learn about self defense. Or rapists are trying to get women into carrying pepper spray.

How about the guys who pull their strings are making a fortune on the scam so they let it continue? It doesn't need to be more complicated then that.

This whole idea that Greenspan was a good guy is crazy. But why not. The abused always turn to the abuser. So maybe the wife beater is using the wood bat because he cares.

Fri, 02/18/2011 - 21:07 | Link to Comment Dave
Dave's picture

Easy there amigo. I never said there was anything good about this.

Fri, 02/18/2011 - 21:11 | Link to Comment Shameful
Shameful's picture

My apologies then. But sick of the meme that Greenspan was an insider to bring down the system. When in reality it's clear he was/is a sellout. He got taken up on the mountain and was offered riches and power in exchange for his service and took it.

He was a great guy to have in there. Because of his background they got to blame capitalism for the failures of crony capitalism. Greenspan set back the movement for liberty and real markets back at least 50 years.

Fri, 02/18/2011 - 21:57 | Link to Comment Caviar Emptor
Caviar Emptor's picture

++

Fri, 02/18/2011 - 22:03 | Link to Comment Backspin
Backspin's picture

Agreed - this is, probably, the best interpretation of the facts.  Others are possible, but Occam's Razor seems to lead us here.

Fri, 02/18/2011 - 19:59 | Link to Comment VegasBD
VegasBD's picture

too late.

Fri, 02/18/2011 - 20:03 | Link to Comment Twindrives
Fri, 02/18/2011 - 20:02 | Link to Comment TradingJoe
TradingJoe's picture

Reset Will Be Mercylesssss!

Fri, 02/18/2011 - 20:07 | Link to Comment Reese Bobby
Reese Bobby's picture

"I understand the conclusion you came to in 2008 and early 2009..."?

"...well-meaning attempts of empathetic illusionists and well meaning technocrats, who have everyone’s best interests at heart..."

You can't be nice to Satan.  How about:

Dear Ben/Incubus:

You may be willing to starve people world-wide and ruin the lives of the average American for your Godless Bank Masters, but We the People are not; but We don't expect you to listen to us; talk to Jesus who lives in our hearts/houses.

Evil Bastard will jump out a window.

And that used to be America.  May it be again...

 

Fri, 02/18/2011 - 20:07 | Link to Comment Shameful
Shameful's picture

Zimbabwe Ben is not here to serve the public.  He follows the Fed's Dual Mandate.

1. Enrich the oligarchs

2. Keep the ponzi going as long as possible

That's it.  Expecting him to have a change of heart is like asking a jaguar not to be a jaguar.  It is what it is.  Pleading with it will do nothing.  Does one ask a fire to stop being a fire?  Or beg water to stop being wet?

The real secret is Ben does not care about you, in all reality he probably hates you.  But we don't need him.  He is only in power because we the dumb stupid masses give them our power.  We let them rule us because we are to lazy and stupid as a group to seize our own destiny.  So he will lead us into Hell, because the masses let him.  The masses will not struggle before they have herded us into the abattoir, so best to prepare yourself and your kin.

Fri, 02/18/2011 - 20:23 | Link to Comment Rockford
Rockford's picture

I skip the majority of the comments here at ZH. Never skip yours, Sir Shameful. 

Fri, 02/18/2011 - 20:44 | Link to Comment nmewn
nmewn's picture

I'll add mine here as well.

I always skid to a stop while skimming the comments...well stated sir.

Fri, 02/18/2011 - 21:06 | Link to Comment Shameful
Shameful's picture

Thanks guys appreciate it. Honestly, feel like a broken record most of the time. I'm not that smart a guy and if I can see this, amazed that everyone can't. Always a shock in real life and the net when people are blissfully unaware of reality.

The scam is actually not that complicated when it gets broken down. It's no different then any other hustle or scam, just on a grander level. But then I spent a little to much time around gamblers and pool junkies as a kid.

Fri, 02/18/2011 - 21:47 | Link to Comment nmewn
nmewn's picture

"But then I spent a little to much time around gamblers and pool junkies as a kid."

It may be as simple as some were raised too sheltered from the world and are now adults...there's nothing like seeing a man's head split open with a pool cue over a 50 cent bet to bring things into a certain perspective at a young age.

Been there...I know what you mean.

Fri, 02/18/2011 - 22:00 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Again, ++

He is smart who can see clearly through the fog

Fri, 02/18/2011 - 23:19 | Link to Comment Alienated Serf
Alienated Serf's picture

 We're the middle children of history, man. No purpose or place. We have no Great War. No Great Depression. Our Great War's a spiritual war... our Great Depression is our lives. We've all been raised on television to believe that one day we'd all be millionaires, and movie gods, and rock stars. But we won't. And we're slowly learning that fact. And we're very, very pissed off.

Sat, 02/19/2011 - 10:33 | Link to Comment Irwin Fletcher
Irwin Fletcher's picture

You seem like a pretty fucking smart guy to me.

Fri, 02/18/2011 - 21:28 | Link to Comment adissidentishere
adissidentishere's picture

You are so sadly correct.  Have you read Matt Taibbi's new article in Rolling Stone?  It was posted elsewhere on ZH earlier in the week.  There exists in this country an exclusive club of financial predators.  This is not a new thing in the history of mankind and communities, of course.  There always have been and always will be predators and prey in any environment.  But when a predator population becomes too large, too successful, well, that's bad for everyone including, ulimately, the predators themselves.  The question is, will the system eventually make a turn with balance restored, or will it crash?  I'm with you.  Not much one can do, but try to get the hell out of the way.

Fri, 02/18/2011 - 21:56 | Link to Comment Shameful
Shameful's picture

The system will revert back to historical average. Meaning we will see a tiny ultra elite, a small class of skilled gofers, and a hoard of serf/slaves. Middle class is an anomaly.

Now will the other classes fight when resources are bare, yes. We got a taste of this with Bear and Lehman. As things dry up they will turn on each other, much the same way the serfs will turn on each other. Social Darwinism at it's best/worst.

But in this struggle lies our only real hope. If they don't fight a rather nasty control grid will be in place. Perhaps if they fight it will distract them enough that some of us little people will fall through the cracks.

We will have a crash, that is unavoidable. Baked into the cake. And the balance that will rise out of it will be worse off for 99% of the population in the US and likely Europe.

What we can do now is make for the life boats and spread the word. They won this game a long time ago, before I was born. The ship is lost.

Fri, 02/18/2011 - 22:12 | Link to Comment Caviar Emptor
Caviar Emptor's picture

I share most of your opinions and even the passion. I do believe that cataclysmic change is at hand and that Pandora Ben opened the box that contained all the troubles of the world that have been locked away for a long time. It's still possible to avert some of the huge suffering that will come if we stay on this course. Whether or not that will happen is unpredictable and I share your cynicism. 

Sat, 02/19/2011 - 22:41 | Link to Comment adissidentishere
adissidentishere's picture

"...Pandora Ben opened the box that contained all the troubles of the world that have been locked away for a long time."

 

I think that is the most succinct and poignant assessment of this whole fucking mess I have ever read.  I had to copy it into my favorite quotes list with "Caviar Emptor - ZH poster" as the author.

Sat, 02/19/2011 - 00:16 | Link to Comment darkaeye
darkaeye's picture

Here's the Taibbi post you refered to.  Excellent article.

http://www.zerohedge.com/article/matt-taibbis-latest-why-isnt-wall-street-jail

Fri, 02/18/2011 - 22:05 | Link to Comment Backspin
Backspin's picture

Profound.

Sat, 02/19/2011 - 01:26 | Link to Comment Zero Debt
Zero Debt's picture

Let's call it what it is. Some suggestions.

The dual crimedate
The dual crapdate
The dual scamdate
The dual shamdate
The dual rapedate

Fri, 02/18/2011 - 20:08 | Link to Comment Dr. Porkchop
Dr. Porkchop's picture

The short version:

 

Ben,

 

Please fuck off back to Princeton.

 

The World.

Fri, 02/18/2011 - 22:05 | Link to Comment Backspin
Backspin's picture

Also profound.

Fri, 02/18/2011 - 20:08 | Link to Comment Misean
Misean's picture

The self absorbed arrogant naval gazer wouldn't read that, let alone follow it. Ben has ~God Mode ~noclip his models and is emptying BFG clips with reckless abandon.

Fri, 02/18/2011 - 21:05 | Link to Comment spdrdr
spdrdr's picture

Misean,

What leads you to conclude that Biohazard Ben is a military ship-spotter?

 

Fri, 02/18/2011 - 22:00 | Link to Comment Misean
Misean's picture

Hmmmm...guess the old Quake gamer references got lost in the translation. ~God Mode self explanatory. ~noclip walk through walls. BFG= Big F**king Gun.

Fri, 02/18/2011 - 23:10 | Link to Comment AbandonShip
AbandonShip's picture

Actually those were Doom cheats before they were Quake cheats (IDDQD = God Mode and IDCLIP = walk through walls if I remember correctly)

 

Good letter (I agree w/ it) but what's the point?   Economics has become polarized between the Ron Paul's and the Krugman's.  There's no middle and the 2 sides keep talking (shouting) past each other without serious engagement and analysis.  I think Israelis and Palestinians have better conversations than these 2 economic policy camps.

Fri, 02/18/2011 - 20:09 | Link to Comment ctiger2
ctiger2's picture

Don't blame Ben. He's just fullfilling his real mandate: Keep the Game Going as long as possible.

Fri, 02/18/2011 - 20:08 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

JW: RU married?  i REALy like yer penperson ship, as usual.  say hi to msZ, and tell her we feel very much alike.

econ for idio-toes!

Fri, 02/18/2011 - 20:10 | Link to Comment Rainman
Rainman's picture

Bernank will take a copy of this immediately to Bill Daley, JPM's capo on the WH inside. Ben will get the Medal of Freedom for saving the world economy.

Fri, 02/18/2011 - 20:13 | Link to Comment Sancho Ponzi
Sancho Ponzi's picture

Ben truly believes he holds the world's economic order in his hands. He can no more release his grip on the economy than the Old Man of the Sea could release his grip on the travellers.

Fri, 02/18/2011 - 22:13 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Yes, he believes the Fed already saved the world once since his tenure. 

Fri, 02/18/2011 - 20:16 | Link to Comment Poor Grogman
Poor Grogman's picture

The further this illusion continues, the further one must run from the eventual blast.

Even the survivors of this one will get singed by the flash and kicked around by the shockwave.

Its really too late to do anything just GTFOOTW.

Fri, 02/18/2011 - 20:17 | Link to Comment topcallingtroll
topcallingtroll's picture

We have to get military spending and entitlements under control, but the voting sheeple aren't willing to accept it. 

Ben has a fair chance if we can get the spending under control in the next year or two.  However given the 1. extreme response in Wisconsin to small changes that still put wisconsin state employees in an above average position, and 2. given the extreme response to republicans attempting to cut 106 billion from the 2011 budget, we may yet end up as a greek tragedy, or comedy, depending on how you look at it.

Fri, 02/18/2011 - 20:52 | Link to Comment John Law Lives
John Law Lives's picture

I hope you are not suggesting that Republicans are suddenly demonstrating some form of "fiscal conservatism".  Care to review how much deficit spending took place under Reagan, Bush 41 and Bush 43?  Give us a break.

$106 Billion in proposed spending cuts is a joke.  Spending cuts need to be on the order of tens of Trillions over the few next decades, and they need to include deep cuts in Social Security, Medicare and Medicaid.  Good luck with any of that.  $106 Billion is an amoeba on a gnat's ass.  I think The Ben Bernake knows the debt can never be repaid, so he will try and destroy the US Dollar and reset the entire system.  Methinks he may go down as one of the greatest villains in history.

Fri, 02/18/2011 - 22:12 | Link to Comment Backspin
Backspin's picture

Absolutely.  We need HUGE cuts, and when there is talk of even tiny cuts, or even just cuts in the increases, everyone starts to get out of control.  The entitlement mentality has grown deep roots in what I think of as the "leech" class of society, the non-producing government workers who soak the system.

However, cuts there will be.  The logic is simple:  the debts and entitlements mathematically cannot be paid.  Therefore they will not.  There will be pain.  We will see the struggle of each group trying to push the pain onto others.

Fri, 02/18/2011 - 20:17 | Link to Comment lolmaster
lolmaster's picture

how do you reason with a genocidal maniac? we're on the brink of world war and bernanke is pulling the trigger while obama cheers him on.

Fri, 02/18/2011 - 20:19 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Dear Ben,

Too formal.

I don’t know if you read ZH.  I bet you do.

Hahaha!

Way to call him out.

And because I bet Ben will read this.....

Ben,

M.I.A. told me what you were up to.  Get f***ed.

-LH

M.I.A. - Paper Planes:http://www.youtube.com/watch?v=ewRjZoRtu0Y

Fri, 02/18/2011 - 20:36 | Link to Comment BallsDeepGold
BallsDeepGold's picture

TW,

    You proceed from a false premise. You seem to assume BEN (1)knows what he is doing, (2)has the US interests at heart, and (3)has scruples. I would suggest he does not have the US interests at heart, nor does he have scruples. As for knowing what he is doing - it is entirely possible he does and his steering of the dollar into the abyss is intentional.

  

Fri, 02/18/2011 - 20:40 | Link to Comment DavidC
DavidC's picture

Or make him read Mark's letter...

http://www.zerohedge.com/article/disillusioned-99er-shares-his-disappoin...

Bernanke's actions have ensured that because there is no dip to buy now, when a correction comes it's going to be dramatic and deep. He's not allowed the market to breathe. Rosenberg's thought that Bernanke is pursuing this purely to allow banks to make back the money they're lost on derivatives is scary but looking to be more true with each week that passes.

DavidC

Sat, 02/19/2011 - 01:18 | Link to Comment Cursive
Cursive's picture

Bernanke's actions have ensured that because there is no dip to buy now, when a correction comes it's going to be dramatic and deep.

This is coming.  Of course, it could happen at SPX 1600 just as easily as it could next Tuesday (markets closed for Presidents Day).  There is also the problem of rising interest rates for Benron to deal with....

Fri, 02/18/2011 - 20:41 | Link to Comment BKGuy
BKGuy's picture

Very well written!

Fri, 02/18/2011 - 22:08 | Link to Comment asdasmos
asdasmos's picture

Great letter but I bet he doesn't. He does have a computer though....

Pic 19:

http://dailybail.com/slideshows/inside-the-world-of-ben-bernanke/8256325

 

Fri, 02/18/2011 - 20:44 | Link to Comment mkt-voix-d-raison
mkt-voix-d-raison's picture

isnt it revolting when rationality is jettisioned? Men and their emotions....sigh!

Fri, 02/18/2011 - 20:45 | Link to Comment Everyman
Everyman's picture

To Bennie "The Bernake":

Pease go to the local sporting goods store and get a nice shiney .357 revolver, buy one bullet.  Take it to the Fed Res HQ, go to your office and put it in your moughth and pull the trigger.

Thanks!

A concerned Citizen

Sat, 02/19/2011 - 10:45 | Link to Comment snowball777
snowball777's picture

You forgot to tell him to load the round. Now he's got a gun in one hand, a bullet in his mouth, and a confused look on his face.

(what? you didn't think he'd fuck this up too?!)

Fri, 02/18/2011 - 20:49 | Link to Comment mkt-voix-d-raison
mkt-voix-d-raison's picture

and oh sorry, if this scam is revealed the world falls apart. right? yes right. so in whose interests is it that the world falls apart? So dont think about armageddon, it aint gonna happen! think about the most palatable alternative that politicians can feed the electorate. kick the can.

Fri, 02/18/2011 - 20:57 | Link to Comment Hollow_Point
Hollow_Point's picture

We need America to wake up to the unfolding tragedy in front of them and feel the raw desperation that is a necessary precursor to change

Too late, a new season of American Idol has started. The Kardashians' are trying to decide if they should make another home made porn flick and all the state government minority in Wisconsin got mad and took their ball home.

Fri, 02/18/2011 - 20:52 | Link to Comment lynnybee
lynnybee's picture

fuckin'  criminal  .

Sat, 02/19/2011 - 22:44 | Link to Comment kaiserhoff
kaiserhoff's picture

Such language from a lady, lynnybee, and so true;)

Fri, 02/18/2011 - 20:58 | Link to Comment lynnybee
lynnybee's picture

double post .... but, in this case, it's justified.

Fri, 02/18/2011 - 20:57 | Link to Comment John Law Lives
John Law Lives's picture

Villain!

The SOB knows the US can not produce a balanced budget.  The Fed is monetizing debt even though the SOB said the Fed wouldn't monetize debt.

The SOB knows the US can not cover its future liabilities and repay its debt, and it appears the SOB is trying to destroy the US Dollar and reset the whole system.

What is your definition of treason?

Fri, 02/18/2011 - 21:01 | Link to Comment working class dog
working class dog's picture

The QE is working, but there are better ways to accomplish the goal of balancing the working families of Americans  asset/debt ratio, if the Fed, really cares to do it.

Fools are you who think Benutty is the sole cause of the food riots. There are too many people in the world, we have reached crtical exponential mass and are hitting up against the limits of fuel, food and water. Everyone is in denial. I am against Al Gore's bullshit con job of a carbon tax and trade. But there has to be a better way to deal with this issue that is not going to go away.

I refer all to Chris Martenson.com and to take the crash course.

 

A shortage of surplus, which is causing hard choices between apportioning the available surplus of a country to go to either growth (building up the economy) or to prosperity ( nice things , new cars, vacations, boats, electronics,) and lets not forget the exorbent golden parachutes for banksters, and bailouts of failed banks- this is propserity for the elite). 

There is only so much surplus to go around, and everyone has to share like it or not, King of Saudia Arabia, and Kings of Wall Street take notice.

Fri, 02/18/2011 - 21:25 | Link to Comment John Law Lives
John Law Lives's picture

<<< The QE is working >>>

The QE is working to let banks make easy $$$.

The QE is working to jack up the stock markets.

The QE is NOT working to lower mortgage rates and make housing more affordable (which was supposedly one of its key objectives).

The QE provides massive liquidity which is serving as a catalyst to jack up commodity prices (i.e. the cost of living).

Fri, 02/18/2011 - 21:02 | Link to Comment Revolution_star...
Revolution_starts_now's picture

I don't think you understand who's survival he is fighting for. It's a big club and you ain't in it.

Sat, 02/19/2011 - 03:32 | Link to Comment hidingfromhelis
hidingfromhelis's picture

Agreed.  I don't think he's an idiot or doing his job poorly.  Who is benefiting from his policies?  Who do you think he really works for?  But then I repeat myself.  h/t Mark Twain.

Fri, 02/18/2011 - 21:05 | Link to Comment Heavy
Heavy's picture

I think you assume a morallity, which is absent for Ben.

Fri, 02/18/2011 - 21:07 | Link to Comment TheSettler
TheSettler's picture

 

 

 

Copied This awile back here on ZH, authored by Chindit 13 very insightful

 

While violence may not be the answer, the only other seeming alternative is quiet acceptance. That acceptance comes in the form of blogging and commenting and voting, which in the end are merely a form of catharsis.
I enjoy this site for its intellectual stimulation and I am continually impressed with the energy and passion Tyler et al bring to it. What they are doing is astonishing, but in the end I cannot help but think it is the equivalent of a grad student working feverishly on his or her doctoral thesis.
Two years into this financial debacle and the only thing that has changed is that the ones most responsible and closest to the problem have benefitted the most; in fact many have done far better than they would have had we not had this crisis. Bankers have been well paid for messing up, and have been allowed to keep everything they "earned" that actually turned out to have been false profits.
Punished have been the savers and the debt free, or at least the financially responsible. Rewarded have been the spendthrifts, the heavily indebted, the incompetent, the corrupt, and those who threw gas on the fire.
How many arrests have we seen? Is there not a single act that should at least merit a real investigation, save for some Russian immigrant's purloining of source code that "has the potential to manipulate markets in an unfair way", but which is supposedly the legal property of a firm We the People are required to save at any and all cost?
New regulation was gutted and emasculated, all at the behest of lobbyists. Accounting rules have been altered so as to make accounting meaningless other than to be used as a means to hide, rather than reveal truths. Senior government officials have blocked the release of pertinent shareholder information and have altered the pecking order in the bankruptcy laws that used to be at the heart of the capitalist system. An accountable-to-no-one Central Bank has taken on untold burdens for the US Taxpayer that not even this supposed democracy's elected officials are privy to know, much less the citizens. Efforts to uncover what we will be taxed to pay for---directly or via orchestrated inflation---are forever held up in the courts. Records relating to the most significant taxpayer bill to date have been marked "Secret for Reasons of National Security" and locked away until 2018.
Democracy is the answer? As in 99% of the American people being against TARP? There is far more chance of real democracy on American Idol.
Have any rules been changed in a way to obviate the possibility of a similar debacle recurring in the future? Is "the System" safer or less safe than it was in 2006? The fact is that anything that might have immunized the system in any way from the disease that afflicted it has been carefully and painstakingly removed, so that in all future instances---WHEN they occur---the burden will again fall on the innocent. We have almost constitutionalized Too Big to Fail and Moral Hazard. We have certainly funded it.
We have come as close to Taxation without Representation as we were in 1775, yet we are told to work within a system that has most assuredly failed us and is far too broken to offer a real solution.
So we write. We blog. We call attention to a sleeping SEC and FINRA and Justice Department. We call and write our Congresspeople, just as some of us did BEFORE the collapse. We are ignored now as we were ignored then. I'll make a bet and say we will be ignored tomorrow, too, no matter how many great articles we write, no matter how loud a second rate cable TV station allows us to scream, no matter how often we protest, and no matter whom we choose to vote for.
We live in a system fine tuned to ignore us, but which allows us an outlet or two from which we can let off steam. We are patronized by those who have the audacity to say they are doing things we could not possibly understand but which are for our own good, because the system---whose system?---was just so close to collapse.
We are treated as children and fools. And we are fools if we think that anything we do can make this system change. Our vote is a drug that is useless, because the cancer has metasticized beyond the point of cure.
Like many here I will not go quietly into the night. I will not go down without a battle. I will vote for anyone who has not been a part of this charade, and demand to know the leanings of anyone seeking office who wants my vote. I will (have) pull my wealth away from those who abused the trust of the people and who used my money only to enrich themselves. I will not suffer the fools who have bought the party line and are naive enough to believe our elected officials are working in the interests of the majority.
In the end, though, I hold out little hope. If there is a real solution, other than passion and energy, I have not found it.
Today in Athens maybe someone thought they found another solution. Probably there are people within the US who will try the same solution. I do not condone it, but I understand the frustration. I feel it myself from time to time. I fear that whatever self restraint I may possess---and I do not know how deep it goes---may not be possessed by all of my fellow citizens.
There is a breaking point, and we may well be there. Those who caused the problem and those who have benefitted from the inequitable solution are just as blind and deaf and self-serving as they were in 2002-2007, yet I fear they may have remained so a day too long.
Those who have control and authority have very little time left to act. They have very little time left to show contrition, to share the burden, to make the system more fair, to make the system more transparent and accountable, and to make the system less vulnerable to a repeat. Or they can continue to obstruct, to hide, to transfer wealth from the innocent to the guilty and/or powerful, and loot all they want believing they can get away a day ahead of the coming maelstrom. Maybe this small and violent act today is a clarion call. Maybe it is a harbinger of things to come.
Whatever it is, it is ignored at EVERYONE's peril.

Sat, 02/19/2011 - 01:28 | Link to Comment Cursive
Cursive's picture

@TheSettler

Thanks for the re-post, missed the original.  Chindit13 is the shiznit.

Fri, 02/18/2011 - 21:12 | Link to Comment DavosSherman
DavosSherman's picture

Fantastic letter!

Fri, 02/18/2011 - 23:26 | Link to Comment Winisk
Winisk's picture

Well written letter but everyone had best adopt the attitude that appealling to reason, sympathy, logic, common sense, etc., will somehow get through to these unfeeling architects of destruction is a lost cause.  They don't care about what is right.  We wouldn't be in this predicament if they did.  They wouldn't lie through their teeth if they did.  They wouldn't be so cock sure of their policy if they did.  They quite simply must go away and hide in some dark damp hole and let some sanity prevail.

Sat, 02/19/2011 - 23:39 | Link to Comment creviceCaress
creviceCaress's picture

 

 

solid point winisk and one that shows a lot of hypocrisy and short-sightedness on a lot of peeps part here, including I.  this letter begs for the almighty u.s. to correct herself and save the day....."if we only/because of this policy/get off yer ass and vote"  shit that i see a lot of here.  or the endless comments(see above) calling for bernanke to hang from the lamppost/he's a shister/ he's leading us over the cliff.......................................................all this when most of the regs on here know/understand that it dont mean a hill of beans who is there in that seat.  most know/understand that any "hope' in changing the direction/voting that one guy in who isnt on the take into office means doodoo.....yet people still insist that bernanke is going to ruin this country!!!   WTF!!!!  please tell me what i am missing because he does what hes s'posed to do, no more/less.......sure wouldnt lose any sleep if he was dangling though...

 

there's two avenues i see coming up ahead>

 

one is systemic collapse; rough, lotsa hard times, but better than.......

 

two is ponzi+ meets QE9 meets jeb bush POTUS 2016 because the specatcle became zombified and it wont/cant die

Sat, 02/19/2011 - 02:38 | Link to Comment Threeggg
Threeggg's picture

I know exactly what Bennie is going to do with this letter when he recieves it.

He will go over to his bleach and water filled container, soak it for 5 minutes until all the black ink is gone and let it dry, press it between the pages of his fresh copy of President Bammies new budget to get the wrinkles out, then run it through his printer (that only has green ink in it) creating a couple of crisp new hundies and then head over to KFC for dinner skipping his Weight Watchers appointment.

Thats Benny's contribution to "going green"

All kidding aside it's a great letter, just dont think Bennie gives a damn.

Fri, 02/18/2011 - 21:20 | Link to Comment sschu
sschu's picture

With respect, this letter is about 2 ½ years late.  Bernanke knows all too well what happened, just read the recent testimony (from 2006?) where he talks about how GS and by implication the large money center investment banks are utilities if the Fed does not move to “save” them in a crisis. 

The people didn’t want TARP, the PTB had to threaten the world with financially Armageddon before it would pass Congress.  The people knew back then where this would lead, and now here we are.  Just try to tell JSP that he is going to have to tighten his belt, pay more taxes and suck it up after giving $20 TRILLION to Wall Street and when the compensation for these same characters is $144B for 2010.  Yea, that sure is going to fly.

Our leaders have betrayed us, Bush, Cheney, Obama, Biden, Paulson, Summers, Pelosi and Reid all have made it very likely we face war.  Citizen vs citizen, state vs state, country vs country. 

There was a different path, and we could have been thru the worst by now if the right decisions would have been made back in 2008.  But we did not and now Satan will have his way.   

sschu

Fri, 02/18/2011 - 22:20 | Link to Comment Backspin
Backspin's picture

Exactly.  Precisely.  Hit the nail on the head.  The people didn't want TARP, didn't want any of the bailouts, didn't want Obamacare, and didn't want QE.  But it's all being forced on us by having our hard earned money forcefully taken from us.

Sat, 02/19/2011 - 01:48 | Link to Comment Flakmeister
Flakmeister's picture

A quibble.... TARP was not supported, 97% were against it. It was a goddam financial coup d'etat.  Obamacare with a public option, that was desired by a majority of Americans up to and well past the '08 election. Please stick to the facts. As for QE, most Americans had no idea about it, it was way over their heads (and still is).

Sat, 02/19/2011 - 03:45 | Link to Comment Backspin
Backspin's picture

If I remember correctly, by the time Obamacare actually came to a vote, a slight majority was opposed.  And you're right, the average Joe doesn't know what QE is, and is completely confused by the two-step process of money creation.  Talk to people about the government printing money and they will agree that that is bad.  Talk to them about the Fed purchasing bonds from the Treasury and they will give a blank stare.

 

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