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Watch Ben Bernanke's Semi-Annual Monetary Policy Update To The Senate Live
Ben Bernanke, who is expected to appear before the Senate for his biannual Humphrey Hawkins presentation any second, has just released his latest Monetary Policy Report to the Congress. Some of the highlights from the report:
- Bernanke says longer-term inflation expectations will remain stable, and risk of deflation has become negligible
- The Fed has tools needed to withdraw stimulus, and reiterates rates will remain low for extended period
- A sustained oil price rise would be a threat to growth, price stability, particularly if it unmoors inflation expectations
- The recent rise in commodity prices likely will lead to only temporary and modest increase in US inflation
The full PDF report can be read here.
The live CSPAN webcast can be watched here.
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To keep coming out and to say there is no inflation...he is just digging his hole bigger and bigger...what is wrong saying there is inflation..its what he wants?????
Big Lies cannot be reversed, especially ones that impact interest rates as they are linked to bond prices as that will implode the Fed's Balance Sheet.
lol aggregate demand.
I made a resolution to be a better person this year. But I still really hate Bernanke.
bite fat man, eat. feed family.
Most transparent central bank in the world...HAHAHAHAHAHAHAH
www.silvergoldsilver.blogspot.com
is a self sustaining economy now precedent with a 5 trillion dollar infusion?
www.silvergoldsilver.blogspot.com
He should be down in a hole, and the first thing he should hear in the morning is;
"It puts the lotion into the basket."
Morpheus: Unfortunately, no one can be told what the Matrix is. You have to see it for yourself.Share this quote
Morpheus: The Matrix is a system, Neo. That system is our enemy. But when you're inside, you look around, what do you see? Businessmen, teachers, lawyers, carpenters. The very minds of the people we are trying to save. But until we do, these people are still a part of that system and that makes them our enemy. You have to understand, most of these people are not ready to be unplugged. And many of them are so inured, so hopelessly dependent on the system, that they will fight to protect it.Genius film.
Works on so many levels.
Beware The Day Of Purim. 19th-20th March
Thou art correct. Beware the days of Purim.
http://leftwing-christian.net/2010/02/27/the-highway-of-death-part-1.aspx
Highway of death.
Indeed. Also launch date of the Invasion of Babylon...I mean Iraq 2003 and the 20th march is the revolution march date for Saudi. I fear/know oil will spiral.
In order to get to Zion you have to go through the Nebuchadnezzar (The Babylonian King that captured Jerusalem in 597) ...The Matrix is all around you.
Have faith, they will eat their own tail.
this is like a fantasy -- 3.5% growth? if the peasants can't afford the gas to go to the store.....
he needs to do a few helicopter drops on the serfs....not just his friends at the banks.
Here, Here
Terrorist attack behind Wall Street collapse
http://dawnwires.com/uncategorized/terrorist-attack-behind-the-crash-of-...
Take The Red Pill (on another forum) said:
Well, the report is based on reality, and here are the financial terrorists implementing this plan:
1) The Federal Reserve (with head terrorists Bernanke, Sacks, Frost & Dudley).
2) Goldman Sachs.
3) JP Morgan (hello, Blythe).
4) Rothschild N M & Sons Ltd
New Court
48 Carey St, City of London EC4P 4DU, United Kingdom
020 7280 5000
Boom...you said the R word...watch your back....this site is not pure.
Is the chairman of this committee illiterate or just slow in the head? Listening to him speak makes me want to repeatedly punch myself in the face.
he looks retarded and half asleep or on drugs
he's a politician, he is stupid, drunk, high, and retarded.
Sen Johnson had a stroke a few years ago. Being from South Dakota, he's in as thick as theives with the credit card companies.
He's going to blame the eventual stagflation on oil prices skyrocketing as the Middle East explodes. And next he'll tell me that wet streets cause rain.
+1.
"Who do you believe, me or your eyes ?"
"Post hoc ergo propter hoc".
er....doesnt he have a mandate to control inflation? just wonderin
He has it under control. He is 100% certain he can make it stop on a dime, roll over, and play dead. And he is certainly smart enough to know better. So, maybe he's just stretching the truth a wee bit...
Oh, it's controlled alright. It's a maneuver known as full-fucking-throttle.
Lying bilderderg bastard. Oh wait.
Baghdad Bob was more convincing than this.
"Pretenders" is the word to describe this bunch of liars and crooks.
Bernanke keeps pushing his QE straddle, and what a straddle it is.
Now, he claims QE is needed because of the housing crisis, and because PCE is down vs a year earlier, inflation will be 1 1/2% this year, and wage growth is slow.
Aside from using the PCE as nearly a sole crutch to claim inflation is low (he looked up and raised his eyebrows when asked about inflation retorting "Well, according to the PCE...hint hint, wink wink..."), he is just a pathological liar, and I see even his former allies abandoning him as there is clearly what a technician would call a 'hangman's noose' forming around his neck.
edit - oh, he just acknowledged commodity and oil price sprikes could "lead to sustained inflationary pressure." How grand of him.
For a quick summary transcript....
"Blah, blah, blah"
"Some risk blah, blah"
"We have / are tools blah, blah"
"Inflation under control but ready to act blah, blah"
"Worried about deflation blah, blah"
"QE who? blah, blah. Maybe, not saying. Blah, blah"
"We are confident that blah, blah"
Rising food prices? "It wasn't us blah, blah"
Mark to market? "Ruh roh, em uh. We are confident blah, blah"
Rinse and repeat.
+ win
Thanks for the summary! Couldn't bear to watch it myself.
Gotta read the meanings behind the words. eg . How do you make sure inflation expectations are well anchored? Hint : By making gdamm sure the sheple's incomes dont rise too much.
Teflon Twenty is getting hammered. What, no welfare checks anymore, Ben? Or are you just no match for Brent/WTI.
Silver fighting Brent pretty hard today. Best of luck to the bugs.
That is the same BS it said last year!
oil, food, copper etcetc - the Fed does not consider these prices to be under their purview. Not their problem. The ONLY inflation they care about is Wage Inflation. And yes they would like more emplyment. So in short - if the Fed is really really successful- we will have a country of har working serfs making very little money ( after all wages have not risen in real terms in 30 years!). To now worry about a 2% increase in wages - well -- you get the idea!
is anyone in that room going to stand up and tell the truth?????????
this is utter insanity.
In a time of universal deceit — telling the truth is a revolutionary act.
These minions of the system, are generally speaking to maintain the system, not challenge it.
Vested interests will always expend maximum effort to not lose that in which they are vested.
It's like watching State TV in Libya. You can get segments of it on Al Jazeera, they show LIbyan TV for laughs. It's all ponies and unicorns on State TV. Happy children lining up to enter school. Workers singing Gadaffi's praises while they toil. Women carrying pro-regime placards and ululating.
It is of course scripted and the message is entirely insane. Deranged, detached. It is intended from the outset not only to misinform, but to entirely unwind your ability to believe anything at all from anyone. Once you are helpless with mental confusion and self-loathing they proceed to do exactly as they like.
You don't have to believe any of it. You just have to watch. Your mind will break whether you believe it or not. And that is the intent.
at first i read segments as 'smegments'. this site is really having an effect on me. fits with the context, though.
when is someone going to call an end to this?
when are they going to stand up and admit that Bernanke has committed a catastrophic mistake?
According to Congressman Paul, the FED will call an end to this when they destroy themselves. Bernanke will get a job teaching in the Ivy League or England.
Does the Fed's charter end in 2013?
I read a ton of crazy stuff that it ends with the crazy Mayan calendar deal.
Insane. Insane?
Is there someone with a JD that can opine on this?
Maybe the Fed needs to cause more financial disaster in order to keep their skin in the game.
2012: PM or Fed fiat?
Pick a side.
"One of the most transparent central banks in the world..."
For some reason, he reminds me of
http://www.imdb.com/media/rm3675295232/nm0000195
ABC
Ha!
That's funny.
What About Ben?
Baby steps B.S., baby steps.
... the Federal Reserve is the most transparent central bank ...
therefore the audit every year, no Bernanke?
robbery in broad daylight!
I thought it meant we will gladly show exactly how we are fucking you.
withdrawn
Look at that face, those quivering lips & twitching face, and listen to that nervous voice.
Would anyone here even ever buy a used car from this Shylock? (to the overly sensitive - yes, I know that Shylock happened to be a jewish financier in Shakespeare's work, but I do not mean Shylock in any way that is even remotely anti-semitic)
Gotta' love how he's boasting how transparent the Federal Reserve has been, since it had it file the information he's boasting about due to a FOIA lawsuit brought by Bloomberg News, LLP, and in lesser part due to the (weak and timid) Dodd-Frank Act.
this man is so tight, so programed,that his speaking manner is compromised from normal human speech..
and good interviewer would use this to open him like a ripe tomato..that is why we have
semi invalid brain injury senators asking the questions.
i would LOVE for one of the commitee members to ask Bernanke how buying the most expensive treasury offerings on the daily POMO (as identified numerous times here by TD) serves "the best interest of the taxpayers."
wow... Sen. Tim Johnson... can't say I'm too familiar with him... did he recently have a stroke or has he always spoken that way?
He had a stroke a couple years ago.
has he been reelected since that time?
hence the ideal substitute for Obama
There is no need to watch this -- you covered exactly what he will say. Thanks for saving us the time.
Yup... inflation will be because of rising gas prices instead of the other way around... kind of like the NY Times article from a week or two ago that listed about a half dozen rational sounding reasons for food price inflation. Cover.
This reminds me of the old German propaganda films telling the people Hitler was still winning the war as the Russians were entering Berlin.
Ah yes, those were the days...
"Springtime, for Hitler! Deutschland is living, again..." -- 'The Producers"
I wish the fucker would express QEs numbers in real value. What would be the real interest rate if QE were calculated like that? -4%?
Bernanke PUUT= Greenspan PUUT
WITH A much much MUCH MUCH higher striking price :)
Bernanke must remember... THESE ARE OUR PEOPLE!
Tribute to the working class:
http://www.youtube.com/watch?v=Zv3G41ms7dw
HAAAA HAAAA HAAA!!!!!!!!
Q: How do we determine if Quantitative Easing has been a success?
A: Well, uhh...uhh...uhhhhhhhhhhh duhhhhhhhhhhhh....if we look at financial markets which is where we should look...blah blah blah blaaaaaaaaaaahhhhhhhhhhhhhh....
What a piece of shit.
Can you imagine the coversation between Bernanke, Gibbs, and Obama?
"Uh...."
"Uhh..."
"Uhm...."
"Uuhh...."
"Duh..."
"Derrr..."
Shelby asks, "when the fed no longer becomes a buyer of treasuries"... Ha! Ha!
Ranks right up there with the surety of death and taxes.
I think Bernanke just told these dudes to quit spending his money.
Are my savings keeping or increasing their value?
Do I have ready access to easily affordable healthcare?
Do my kids have ready access to easily affordable higher education?
Is the dollar maintaining it's purchasing power?
Any "NO" answer means we are in deep shit.... No more questions necessary.
I was just thinking, all of those people who went in yesterday ahead of the "first day of the month" trade must not have been aware that Ben was speaking today.
The "markets" will be down today AND tomorrow just because he's talking--unless of course he states that QE3 is coming.
I think Ben has forgotten that people need confidence in the con man for a con to work, and no one believes he has anything under control.
When equity markets crash, Bernanke & ObaMao are fucked so bad - since equity markets (their buying of a temporary ramp) are the SOLE thing they ever talk about now in response to criticism of QE/POMO/TARP/GM AIG Chitty Share, and not unemployment, savings, deficit spending, real-true economic growth, or anything that really matters for 95% of Americans...
Well said.
Long term inflation will remain stable becasue we will spontaneously combust at the apex of the short term rise.
Just press the fast forward button.
http://www.federalreserve.gov/newsevents/testimony/bernanke20110301a.htm
No exit strategy has been reached.
At least he has saved himself the embarrassment of continuing to suggest there is a plan or desire to execute an exit strategy.
The focus on GDP really is remarkable, when you stop to think about it... The disconnect that exists when we are borrowing and PRINTING money to support federal spending... but are fearful of cutting federal spending because of the possibility of GDP falling. I simply don't understand how even the most average of people can't take a step back and realize how utterly over this is. And I don't mean "liberals"... I mean all people. Those pitching austerity as a "SOLUTION" don't understand the problem.
If people knew what was happening they would be nervous. But they don't know, that's the point. None of this reaches the front page or any page of my morning newspaper. I keep looking, it's just not there.
And then there are the technical issues. It's not just interest rates, and it's not just inflation pressures, and it's not just the employment picture, and it's not just jitters in the commodity markets including oil it is all those combined in a nonlinear model and now geopolitics rears its ugly head, wtf.
We at ZH are immersed in this lore and we still argue over details. It's a god-damned nightmare. The wheels are coming off. Politicians are dawdling. State leaders all over the world are showing weakness. Central banks are genuflecting to their bankster masters who it seems are intent on actually ass-raping the entire global population of the world.
What to focus on. Hell's bells, when everything is falling down like this you should probably just focus on running away entirely. Standing around talking about it just gives it the facade of normalcy and ensures that there will come a day when actual people catch actual fire and actually burn up live on cable TV.
Guess we got that goin' for us! :>D
a waste of mother fucking time...those bank owned bitch ass politicians either know that mother fucker is lying or r too fucking stupid to b even asking question...
why dont they ask him some simple questions...
1) What is money???
2) From where does what u call money come from???
3) Is it possible for a "note" or debt to b money at the same time????
fuck all bankers and their bitch owned politicians..........
That Bernank speech is just awful. I cannot continue to see his face and how he contorts all the information. See how he tries to deny or push away the problems and distracts from the key questions? He must be a Sith lord... like Palpatine*!
I hope people will awake soon... But they are locked on angry birds and other Apple shit.
* Don't let him raise the clone army or anything! Wait... he dictates monetary policy?
ARRGH! Ben, the stock market is NOT the economy. You fool!
+S&P --> 1500
Ben is a very confused man.
I like it when the Bernank is talking, and then the squares at the top of the screen flip over to gold and silver showing big green numbers.
+1
Do they move higher every time he opens his pie hole?
I have never, ever witnessed anything close to this level of incompetence in someone thought (preconceived) to be intelligent.
Bernanke is either in the midst of a mental breakdown or he is simply totally and completely incompetent, despite his much and often touted credentials (lack of credentials in the real world).
Are you saying his incompetence exceeds that of Stan O'Neal who purchased on Merrill Lynch's behalf Franklin Federal, the mortgage lender, for $1.3 BILLION in September 2006 (great price, better timing) which it shuttered in February 2008 and which subsequently generated over $10 BILLION in charges to reserves for BAC and is still a source of corporate anxiety??
Incompetent.. maybe.. or perhaps more likely he's just lying through his teeth to a bunch of half witted hacks who ask questions a 9 year old might conceive of. He just said '...we have to pay the interest ont he debt.. if we dont its like not paying your credit cards, we already made commitments to pay old people etc. etc....' These idiots just swallow everything he says even if he makes absolutely NO sense whatsoever. Correct me if i'm wrong, but the interest on the so-called debt is owed through a system of legendary fraud to a bunch of international bankers floating paper and demanding we trade our substance for their facimile of a copy of money with no substance.. whats it got to do with old people ? This guy is such of piece of sh*t and these senators are even worse. I can truly say, I hate this man!
EURUSD
Any higher and the USD will soon have a new low.
http://www.zerohedge.com/forum/99er-charts-0
Bankster bitch Shelby ought to sell The Bernank one of those comb over dye job toupees of his...
http://www.creditwritedowns.com/2010/12/sell-bernanke-dollar-buy-gold-silver.html#ixzz1FMgqxbHF
http://dungheap.wordpress.com/2011/03/01/they-care-so-much/
Bernake " NOT RAISING DEBT LEVEL WOULD CAUSE REAL CHAOS! "
It's the ole madman with a gun trick.
"Do as I say and nobody gets hurt!"
The stock market is now in fact, the economy. It is the engine and driver of growth. You see, if we behave according to ways that the Federal Reserve would have us behave, we shall be blessed with having more federal reserve notes. A good example of such behavior would be taking some of our existing federal reserve notes, opening up a brokerage account, and then buying the exchange traded fund SPY. Then, that purchase could be sold later on that day, month, or year to then receive more federal reserve notes. We should then go out, and use those new federal notes to purchase something. This, my dear friends, is what the Federal Reserve would like for us to do. This is the new economy.
Ben looks like the chimp from plant of the apes
I wonder if the Bernank actually believes his own bullshit?
Well, they put the question out there... if Ben exits the market, what happens?
The one intelligent, well-framed question that Bernanke was faced with, and which he completely punted on so badly that he will be the footnote in history as to one of the primary reasons Keynesianism was discredited.
Paul Krugman is texting the White House asking if he can substitute in for Bernanke right now, in a frantic and panicked fashion.
LOL! Krugman: "Put me in coach!"
Obamatron: "Not yet, wait until the 2:00 minute warning."
Nail, meet coffin..
"Overall some of the worst fears about commercial real estate seem not to be coming true" - Ben Bernanke, 3/01/2011
withdrawn
UFB -- what a circus
Bernanke says that not raising debt ceiling is like a family that cannot maintain its lifestyle refusing to pay its credit card debt. Umm, Ben, families do that. It's called bankruptcy. And it makes it a hell of a lot easier to maintain a lifestyle than spending thirty percent of your income just to pay off minimums that will never dent the debt anyway.
And most familes don't have nuclear bombs to scare away the creditors.
I would blame him for all of this, but it's just too easy...
This is all assuming that those families dont come to the realization that the so-called debt doesnt and never did exist in the first place. Hmm let me think.. feed my kids, or discharge some interest debt? Such a dillema.. what to do?
Devil’s Bargain:
Money has become the economic and political wedge for profound changes in American society.
Perhaps the most deceptive policy tool to lessen debt loads is the “negative” or exceedingly low real interest rate that central banks impose on savers and debt holders.
"To rebalance debt loads and re-equitize financial institutions that should have known better, central banks and policymakers are taking money from one class of asset holders and giving it to another. A low or negative real interest rate for an “extended period of time” is the most devilish of all policy tools. And the asset class holder that it affects, or better yet, “infects,” is the small saver and institutions such as insurance companies and pension funds that hold long-term fixed income assets."
http://www.pimco.com/Pages/Devils-Bargain.aspx
We don't have democracy ... we have DEBTocracy, or debtocrazy!
our duly elected narcissistic sociopaths ask him questions like he is some sage with answers.
what a crock of shit.
someone should ask this bearded money wench if there are more dollars or dollar denominated debt on planet earth.
the question for everyone is simple: you are in a movie theater with 99 others. how many people (randomly selected) would have to simultaneously run out of the theater screaming fire! for you to get out of your seat? one? ten? fifty?
or zero. might you be the first?
pm's bitchiz.
How do these shmucks become Senators? Bernank and this cast of baboons use the word Mortgage interchangeably with the idea of getting a 'loan' but one couldnt be more different than the other. I think I will only be able to watch this for a few more minutes before i'm forced to make the choice between shutting it off and an outbust or violence of legendary proportions. Notice, all of the questions have been prepared for them already and I'm sure the Berstank got them all well ahead of time. This is just utterly disgusting.
I thought the market always went up on the first day of the month? The new normal is broken?
10-Y Note
Bonds, Ben. Bonds.
http://99ercharts.blogspot.com/2011/03/10y.html
No one in this captive audience thought to bring handcuffs & an orange jumpsuit.
"No one in this captive audience thought to bring handcuffs & an orange jumpsuit."
Or a Haitian Necklace.
LOL. You reminded me of those poor Gatsos in the UK.
http://www.speedcam.co.uk/gatso2.htm
I'm thinkin' that the Brit's really don't like roboCops! :>D
Nice
FUBAR
SNAFU
SUSFU
BOHICA
Any others that I forgot?
FUBAR and SNAFU I know. What are the others?
Situation Unchanged, Still Fucked Up
Bend Over, Here It Comes Again
lulz
thx
I always think of this goodfellas scene when I think of what's going on these days... It's the restaurant scene... "when there's nothing left... you can't borrow another buck, you bust the joint out, you light a match" http://www.youtube.com/watch?v=ZPtjyqgZAUk
Sen. Mark Warner-- this f*king fool is drinking a special kind of kool-aid. What is wrong with these people? Do we live on the same planet as these sycophantic morons? This is like watching the twilight zone.
What are they waiting for!
There's the Bernank, seated, out in the open in a public forum...grab him and slap on the chrome bracelets.
If they are thinking there is yet a bigger fish to reel in, then they are wrong.
They get together and speak words that mean nothing. Meanwhile Rome is burning while they fiddle. Surely it must be said, that they know or at least think, that most of the sheep simply do not understand their antics nor do they care. I mean do they really think that we all out here are dumber than rocks and don't see what is going on?
He's touching his face again! Every time the Bernank touches his face, the US Dollar falls. This is the worst poker game ever.
"Yes, YES, I hope there will be lots of discussion about all those good things just as long as there is NO discussion of not paying the crooked ass interest on an imaginary debt created out of nothing via babylonian fiat."
I hate them all!
Well, he's doing wonders for gold & silver.
To da moon!
True True
when asked after the crash of the FRN..what the public should have done..he said: "they were given every opportunityto buy gold and silver, it's not my fault they did not. they understood the trillions in FRN's we printed..the federal gov debt we encuraged..they should have protected themselves ..I have no guilt in the matter at all."
Ok.. this douchebag Schumer is on.. I've had enough... I cant stomach this motherf*kr
Q: Where does Bernanke keep his freshly minted currency?
A: In debasement (he lives in his mom's house).
No pun intendered.
Gotta love how Schumer is ONLY concerned about parochial matters that apply to his TBTF & other Bankster constituencies in his district.
What a piece of shit he is. He could care less what's happening in any part of the nation other than Manhattan.
Well I certainly feel more confident now that I've watched this dog and pony show. No offense intended to dogs and ponies, by the way.
Mark Kirk is the man!
Check it out: Under Federal Reserve Act, it's illegal for The Federal Reserve to loan money to the U.S. Government.
Bernanke responds that Fed is not DIRECTLY buying the debt (hello, Primary Dealers - here's inside information and 60 billion annually in payola).
This is going somewhere...
Section 14 of CFR.
Kirk is alleging Bernanke is doing an illegal 'end-round' to Section 14.
This section of the hearing MUST be played here, ZH.
Good lord he just said with a straight face that he's not buying debt from the government, he's buying it in the secondary market [a week later], and that's a totally different thing. Paging George Orwell.
Who is the politician ripping bernanke a new one right now? Holy Crap. The pol actually said "DEBASING THE CURRENCY" and he sounds like he's really trying to make bernanke cry by exposing the incestuous relationship between the Fed and Treasury. Are we really almost there? wow...
Ok, mark kirk, got it
Mark Kirk (R-Illinois).
He asked the 2nd intelligent (and the far more profound, legally and politically speaking) question of the day.
Now that it's getting good CNBC is breaking away...lol...gotta move to CSPAN...
Senator: There was a time when we had a currency without a debt.
Ben: Yes, but we didn't have a central bank then.
Ah, case in point, anyone?
+ Modern Money Mechanics
+9 trillion (at zirp)
Did you see ben go down in flames when Mark Kirk asked him a country could have a currency without debt.
wow
Prettiest thing I've seen in congress ever.
I thought he looked rather smug
I find the destruction or limitation of the ugly to be beautiful. I guess beauty has a lot to do with perception.
He's probably counting the days until Kirk has a little 'accident.'
The only difference between Bernake and Gadhafi is their stylist-- he should consider wearing some ray-bans or Dolce & Gabbana's next time he goes on a meaningless, distracted, unfounded, assbackwards rambling of something he thinks is actual reality.
Cut the glare, wrap some couch fabric around his head as well! :>D
12:03 Eastern Time: The Ben Bernak agrees(reluctantly) that it's possible for a country to have a functioning currency without a trillion dollar debt.