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What B-52 Ben Really Said
The man Time Magazine named the Person of the Year in 2009, just
stood in front of America and said that there realistically won’t be
jobs growth during his era as the nation’s Chief Central Banker. What
he didn’t highlight is that total jobs in America during his 10 year
tour as Chairman of the Federal Reserve, is expected to be negative.
2010-12-01 130,712,000
When he took the gavel to be Chairman of the Federal Reserve, there
was 135 million employed Americans out of a population of 297 million
Americans. The latest data available as of Dec 1st 2010, was 130 million Americans employed out of a population of 311 million.
There are 4.6 million fewer employed Americans since Ben started.
So today we have 14 million more people
looking for 4.6 million fewer jobs. That’s not good. In fact, it
should be his number one worry. Ultimately, the US Government is of the
people. The US Government has torn up the national charter of two
prior central Banks historically.
If Ben keeps buying up the US national debt, it will be in the US
Governments best interest to tear up the charter, and declare all
holdings of the Federal Reserve property of the US Government. That
would clean up a bunch of debt issues down the road.
If Ben keeps running these QE programs, with MBS run downs poured
into US Treasury’s. He is going to be the bank that gets rob by a
sovereign.
In the 6 years he has been in charge of our monetary system, it has
suffered a heart attack and the FED has seized more rights from the
people, via the acknowledge manipulation of markets, than in any time
period in modern history.
The people of this nation are growing tired of the Belt way
politics. The Tea Party is an example of this frustration. It doesn’t
matter if you are left, right or centralist frustration in status quo is
still rising.
Ben may have directed this nation through the disaster of 2008, but
he has overstayed his welcome. Today was what synched it. He has very
clear that he does not expect his future actions to generate the jobs
his prior actions killed during his tenure as Chairman.
Ok, I accept that. We don’t stand a chance of organic growth as long
as he is in charge of the Federal Reserve. There has not been organic
growth during his tenure, nor will there by the time he leaves.
My only question is why this is considered acceptable? It’s ok to
send trillions of dollars in liquidity to foreign banks, but it is not ok to invest
in job creation here? Maybe it’s time we found a new central banker to
run things.
This article and others are available at www.jackhbarnes.com
»
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BB's a run of the mill fascist.
http;//www.csper.org
"Ultimately, the US Government is of the people."
Nope. That government went bankrupt circa 1920 and was taken into receivership by its creditors under international / admiralty law. The creditors have run the federal government ever since. And guess who the creditors are.
"In fact, it [jobs] should be his number one worry."
Wrong again. The creditors began a long slow liquidation of America. Exactly what we've seen the past 90 years.
After the creditors managed to get their currency elevated to world reserve currency status, they extended the liquidation process to every nation on the planet.
Liquidation is wealth transfer. Taking the remaining wealth out of the entity and transferring it to themselves. That's what we've seen going on these past 90 years.
In America they destroyed the manufacturing base and business in general so America can't produce any more wealth. Now the liquidation is entering its final stages, transferring any remaining wealth from the people to themselves, primarily by debasing the dollar.
To debase the dollar they have to expand the money supply dramatically. Their primary vehicle for expanding the money supply has been supplying the federal government with endless amounts of money via monetizing Treasury debt. It injects mountains of new money into circulation.
Along the way they've done various pump-and-dump operations to hasten the wealth transfer, the first notable one being the '29 financial crash, the most recent noteable one being the '08 financial crash.
Here in the later stages they have pressed banks into the effort, having banks securitize real estate, then buying those securities, eventually buying up most of the real estate in America (why securitization was created in the 90s).
Next will be confiscation of Americans' retirement savings in government-controlled retirement plans (why those plans were created). After that will be confiscation of non-government-controlled savings in banks ...which actually are government-controlled savings since banks are government-controlled.
All along the way they've been slowly debasing the currency, how they will mop up any remaining wealth eventually.
After real estate has been bought up, savings have been confiscated, and the currency has been debased to worthlessness, that's pretty much it, job done, leave America to wallow in it's new third-world status.
They're liquidating America, and the American people are completely ignorant of it. That's the real genius of it.
Bernokio sleeps quite well at night. He's doing exactly what his masters want. His job performance is excellent.
You should consider becoming a ZH contributor.
Whenever supply is greater then demand, prices will keep going down.
THIS is the SAME for the JOBMARKET. To much supply will keep pushing salaries down.
CONCLUSION: The US will be in this death spiral for AT LEAST another 5 YEARS.
The only question one should ask is when people will start to revolt because they can't buy food anymore like in Algeria this week.
And this is also why unemployment benefits will continually get extensions. Because this is the only way from keeping people to go looking for a job at half the price of a current worker so they can buy food.
Can't unnerstand why zh gets it so wrong on Thebenbernank as if he's worried about anyone below the top 1-2% of the self-anointed royalty of the world.
Why do you insist on thinking, believing that he has some other motivation than to keep and enhance the fortunes of the top tier?
What's the matter with you?
The government creates plenty of "private sector" jobs. Just ask the employees at Lockheed Martin, Boeing, Northrop Grumman, General Dynamics, et al.
I think Helicopter Ben has had his Greenspan 'moment'. It is written all over his face, the face of a man who cant sleep at night.
We must be near the tipping point.
-Greenspan: I couldn't understand how anyone would put their company at perilous risk, for the sake of personal gain. (DOH!)
-Bernanke: Why would anyone I give free money to, want to spend it only on frivolous things? (DOH!)
With apologies to Harry S Truman who used these words to describe a corrupt politician, Bernokio (aka The Ben Bernank) is "a shifty-eyed goddamn liar ... who talks out of both sides of his mouth and lies out of both sides too."
The more money we send to China, the more Democratic and liberal they'll become, resplendent in their new found prosperity. And the more we in the US will, of necessity, drift to state run capitalism, resembling China more and more, to compensate for ever increasing unemployment, underemployment and decreasing standard of living in the name of political stability.
The only thing the FED cares less about than the USD are US jobs. The FED is really an indirect job disabler rather than job creator, unless of course you work at the FED or its member banks. If you understand the actions of the FED, its obvious that blaming Ben directly for jobs lost or gained is silly. The economic plausibilty of such an idea is a long perpetuated myth towards FED plausibility of purpose. The data presented in the article is proof enough.
The question should be asked how can you have recovery without job growth? Well for sustained real growth, you can't. Technology can provide efficiencies, but as related to costs, outsourcing efficiences are magnitudes greater.
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If you really want to understand why jobs are not being created you should assign researchers to track jobs catagories for various sectors and map out where investment and job creation goes one job at a time for each company with a certain threshold of earnings. Once you determine this, quantify the cost outsourcing differentials (overhead, taxes, etc..), then set business tax and trade policy to encourage domestic investment, make it an overall lower cost, and investment will come back. Prices overall will be higher, but the economy will be self sustaining, and have the chance for real positive growth. A nation's industrial core has an associated maintenance cost. It can be destroyed for profit, but in the end, it will cost twice as much to recreate, and it must be recreated to support employment and provide a growing tax revenue base.
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It is interesting to look at the US and understand that a debtor consumer nation will never sustain enough growth to substantially pay down its debt. For the US, the policies should really be at the opposite extreme, protected trade, maintain USD real worth, and produce real private growth.
Mark Beck
Welll, we are very busy selling out the future for the sake of present cash.
We are like the Parents that blow the college fund and/or inheritance on a Vegas bender then come home to the kids and say "We won $500 on the quarter slots" leavning out the fact that we blew $50,000 on the trip.
Industrial to Service to Information to Stagnation Economy; witness the U.K., France, Spain, Germany, Constantinople, Rome....
Ben is doing exactly what his masters tell him to do, and hes doing a heckuva job at it. I believe that the usa is being unwound intentionally and Ben is in charge of making it an orderly affair. The US is done as far as growing, and that is on purpose folks. Go ahead and bitch about manufacturing jobs or any other jobs. The fact of the matter is if your job does not have to be performed here it will go away. Even if your job must be performed here you will be forced into lower pay and benefits and you will like it, because you will be glad just to still be employed. The solution is for us to wake the heck up and scare the crooks but we wont, were all too drugged and stupefied. The sun sets on america...the end game is to allow us to be taken out by china and russia and then "act" surprised. Americans will then accept their new globalist masters. Im not saying this will happen tomorrow, the process is gradual and it is occuring. You don't just blow up a building all at once without too much shock value, you gradually dismantle it. What I am talking about is treason at the highest levels and make no mistake it is occuring. And while you laugh it will keep on occuring. Sounds grim I know but face the facts. I dont know about gold, silver, etc, but you should learn a marketable skill you can use. Your finance degree wont do you alot of good when TEOTWAWKI comes.
You are all over the board here. Pick a topic and stay with it please.
Would it be so terrible to spend those deficit dollars on infrastructure jobs instead of banker bailouts. Granted, the money is still make-work projects, but its money that is going to be have to be spent on our aging infrastructure eventually. Better to spend money on stuff you need than stuff you want.
Re worded;
What's the problem in spending money that we have to borrow, on things that we can't afford? I know that it puts us further into debt but isn't the creation of a few wealth draining jobs, a good enough rationale` for going deeper into branruptcy? I know it won't do any good, but we have to do something!"
Words straight out of the desperate, Keynesian politician's play book.
The point is like it or not, we ARE spending the money. It would be more helpful to the economy to spend it at the bottom, where it will actually go into people's pockets and then into circulation, than to give to insolvent banks. And at least Americans would get something for their money in the form of infrastructure. Right now we are getting fuck all out of it. At least we'd have something real even with the inflation.
unless you're a bunch of greedy sociopath mthrfkrs.
can't offer this essential video on the history of money too often.
if americans/the world knew this info-- all but bankers and pols would be a lot better off.
"The Secret of Oz" on how our money is created: http://www.youtube.com/watch?v=U71-KsDArFM
I'm just not seeing the motivation here ... unless ... the Fed ends up owning all of the debt and then says "so sorry, the rest of the world is fucked".
Could they be that smart, or stupid, as the case may be ?
I'm just not seeing the motivation here ... unless ... the Fed ends up owning all of the debt and then says "so sorry, the rest of the world is fucked".
My brother presents the same conundrum; "What's their motivation? They're not stupid enough to collapse the system, are they?"
Ofr course he only sees the dollar as money, rather than debt.
In reply I unload on him and he walks away calling me out as a "doom'n'gloomer". I have finally found a presentation that gathers it all into onerelatively succinct video. I sent it to him and if he can't fathom the motivation of the bankers from this, he deserves his lot. I hope you get it.
http://www.silverbearcafe.com/private/01.11/takeamerica.html
Could be good news, actually. Bernanke hasn't made an accurate call yet, far as I can tell.
Ben is spending money like there is no
tomorrow.... maybe he is right.. With all
these birds and fish dying the Myan
Calander looks more and more true.
Is the Polar Shift under way...?
What good is $ 8,000. / oz. gold
if we are all dead...
What good is $ 8,000. / oz. gold
if we are all dead...
Now your learning.
As a matter of fact the polar shift is under way (or maybe it never stopped). Magnetic north is moving out of the Canadian arctic and into Siberia. This week they were redoing some runway numbers at TPA. Runway 18/36 is now 19/01 - a shift of 10 degrees. Maybe the fish, birds andb crabs didn't get the memo.
Not the biggest deal, most runways are not spot on, 18 could very well be 184 degrees but it is rounded. If the degrees moved two they could have rounded it up to 19...I don't know what the variation is for sure but this is pretty common.
so when does he tell his sons its all over, it has been a ponzi scam all along
won’t be jobs growth ? LOL Duh !!! but aint that what QEII was for ??? Jobs.... What an AssHole
repeat of sub prime is contained until it wasn't type of QE for jobs type QE...
Botoxed that brain
You are in error. This government is not of the people, but the people.
This government, as do most, exist for its own benefit-and those who provide benefits for the government(ie: bankers and money creationists.)
A realistic multi-branch government was created by the founding fathers to prevent tyranny of majority, individual, system and so forth. But modern media, overt corruption of the elected and the handover of power to private entities like the FED mean this government is pretty much only going to benefit the plutocracy. The rest of us just run like hamsters to keep the machinery going while bankers buy Lamborginis. But then, this country has one of the most fucked value systems ever.Most of the wealth in this country is created out of thin air by financial innovation(pickpocketing.) And more people go into the financial sector looking for easy money and not providing any value to society-just looking for the next sucker.
So, I guess we got what we deserve. A government of idiots by idiots
Well said cocoablini, well said!
not idiots by idiots
crooks by crooks
+1.. exactly.. ZH'ers tend to demonize banksters, fed, and CONgress.. And rightfully so.
But the fact is that everyone is scamming for a buck. Everyone...
Try starting you're own business and register it through all the normal govt. process..
You won't believe the amount scammers and douchebags you'll get a call from within the first month you file a fictitious name statement.
Just cut your consumption in half and enjoy the outdoors. The douchebags will eat each other soon enough..
100% spot on
someone lend me their sniper rifle, please. I'll do it. give me a stinger I'll bring that stratofortress down.
Perhaps this post should have been edited prior to posting.
Oh, WTF.
Guess it's OK to bail out Wall Street, commercial bankers, mortgage and auto lenders, hedge funds, but No Way Under The Sun is any Federal Money Going to Help the States.
Yieeeeeeeeeeeeeeee Gods these people are unfuckingbelieveable.
This Federal money (FRNs), where do you think it comes from?
Lower Federal taxes, and make the states take care of their own d@mn problems!
Good Golly Miss Molly!!!!! Why would you even consioder "helping the states!?!?!"
Consider the relations between Greece and Germany under te European Union. The Germans don't want to pay for Greece's profligacy. I sure don't want to pay for the pensions of California's $100K/annum prison guards, or the fine cultural example set by Illinois former governor in selling a US Senate seat. Flipping Senate seats is just like flipping houses, and that is how we got into this trouble. Now if Illinois had a real organic economy and this was a temporary blip vice a majr structural problem, I might have a different opinion. Until then, let the states sleep in the beds they made.
Sorry, rated this 1 star. Job creation is never acceptable. Two wrongs.
I junked you.
Sorry, you are just playing a semantics game.
Other than adding MORE DEAD WEIGHT to the US Govt, just what job(s) get created by the US Govt?? Junk for thee -- check your premises.
Funding foreign banks could actually improve the trade balance, while job creation equals pissing away money en burning it too. Printing money to fund foreign banks however, is sheer stupidity.
Our central bank, and our administration just keep doing the same thing over and over and over again. By doing this, they think jobs will magically appear. Since people in the government read this site, let me educate them on how jobs are created.
Let's say someone has an exploitable resource (like cattle), that people will pay money to get. The person rounds up the resource, processes it, and sells or trades it. In time the demand for the resource is large enough that it requires more than one person to do the jobs necessary. The original person hires an employee and then the processing goes a bit smoother and makes the owner more money than not having the employee around. As the finer details are worked out over time, more employees are hired and more money is made.
This process goes for raising pigs, harvesting lumber, building houses, making cloth, or baking bread. So now ask yourself, what does the United States have that is uniquely exploitable? T. Boone Pickens talked about a giant wind farm. What happened to that? There was talk about "spray on" solar panels to put on homes and buildings. What happened to that? There is plenty of work to be done, and there is a lot of money to be made. Get to it.