Ben Bernanke

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Frontrunning: March 5





  • China Lowers Growth Target to About 7% (WSJ)
  • Obesity Is Hurting the U.S. Economy in Surprising Ways (BBG)
  • Embattled Hillary Clinton urges State Department to release emails (Reuters)
  • Washington Strips New York Fed’s Power (WSJ)
  • U.S. Supreme Court split over Obamacare challenge (Reuters)
  • Citigroup Loses $800 Million as It Exits Turkey’s Akbank (BBG)
  • Justice Who Once Tried to Kill Obamacare Now Potential Savior (BBG)
  • Buyers of Espírito Santo Debt Face Financial Uncertainty (WSJ)
 
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Bernanke Wants The US President To Declare "Economic Emergencies" In Future Crises





"Presidents should get the power to declare economic emergencies along the lines to declare war... [and] take extraordinary actions and not put that all on the Fed." - Former Fed Chairman Ben Bernanke

For those of us who remain horrified and disgusted by the 2008-09 Federal Reserve and U.S. government bailout of the kleptocratic oligarchs who created the crisis, the above comments by the mastermind of this historic theft should be extremely concerning.

 
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Janet Yellen Is A Coward





There is no exit strategy…there is only a continuation strategy... and The Fed’s cronies have always known this. Yellen is simply paralyzed with fear that the markets will violently react to a tightening of policy. The Fed is being held hostage to the financial markets but, ironically, is in no mood to escape its captors despite so many clear opportunities. The lack of action, by Yellen, can only be described as cowardly.

 
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Bill Gross: "Central Banks Have Gone Too Far In Their Misguided Efforts To Support Economic Growth"





"None dare call it a “currency war” because that would be counter to G-10/G-20 policy statements that stress cooperation as opposed to “every country for itself”, but an undeclared currency war is what the world is experiencing. Close to the same thing happened in the 1930’s, a period remarkably similar to what many countries’ policies resemble today....  Negative/zero bound interest rates may exacerbate, instead of stimulate low growth rates in all of these instances, by raising savings and deferring consumption... Asset prices for stocks, high yield bonds and other supposed 5-10% returning investments, become stretched and bubble sensitive; Debt accumulates instead of being paid off because rates are too low to pass up – corporate bond sales leading to stock buybacks being the best example. The financial system has become increasingly vulnerable only six years after its last collapse in 2009.... Central banks have gone and continue to go too far in their misguided efforts to support future economic growth."

 

 
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"We Are Failing To Deliver On Our Obligations As Americans"





"...we are failing to deliver on our obligations as Americans, that is undeniable.  We are allowing the political class to plunder our wealth, negate our freedoms and desecrate our Constitution.  Sadly we have become the immoral populace our founding fathers warned all future generations not to become... The duty and obligation is ours and so too then are the failures and successes of our society. We are 15 years in to what is absolute denial regarding the competence of our nation’s policymakers. Yet here we sit, silent and indifferent to our own demise; so completely antithetical to the character of a true American."

 
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Breaking Bad (Debt) - Episode One





The average American benefited in no way from the government/banker bailout. Their wages have deteriorated, their daily living expenses have risen, Obamacare has resulted in higher healthcare premiums, higher co-pays, more part-time jobs, less full-time jobs, and less healthcare choices for the working class, while Wall Street generates billions in risk free profits, bankers and corporate executives reap massive million dollar bonuses, and the .1% parties like its 1999. Rising wealth inequality has been systematically programmed into our economic system by bankers and their bought off puppet politicians in Washington D.C. – Corporate fascism at its finest.

 
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Europe's "Them" & "Us" Fiscal Faux Pas





Oh well, some are more equal than others. One day after Eurogroup head Dijsselbloem says France won’t get any more lenience... "France must respect EU budge rules," ... the EU over-rules him "France gets more time to meet EU budget rules."

 
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Janet Yellen Is Freaking Out About "Audit The Fed" – Here Are 100 Reasons Why She Should Be





Janet Yellen is very alarmed that some members of Congress want to conduct a comprehensive audit of the Federal Reserve for the first time since it was created. During testimony this week, she made “central bank independence” sound like it was the holy grail. Even though every other government function is debated politically in this country, Janet Yellen insists that what the Federal Reserve does is “too important” to be influenced by the American people. Does any other government agency ever dare to make that claim? If the Fed is doing everything correctly, why should Yellen be alarmed? What does she have to hide?

 
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"You Don't Buy Home Insurance After The Roof Catches Fire"





US stock markets reached record highs last week. Question: does that make them riskier, or less risky? We think the former.

 
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Why Does Fiat Money Seemingly Work?





Government mandated fiat currency simply does not work in the long run. We have empirical evidence galore – every fiat currency system in history has failed, except the current one, which has not failed yet. The modern fiat money system is more ingeniously designed than its historical predecessors and has a far greater amount of accumulated real wealth to draw sustenance from, so it seems likely that it will be relatively long-lived as far as fiat money systems go. In a truly free market, fiat money would never come into existence though. Greenspan was wrong – government bureaucrats cannot create something “as good as gold” by decree.

 
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The Top 0.1% Loves A Guaranteed Minimum Income: With One Caveat





The last thing the top 1/10th of 1% wants is a desperate, politically charged underclass with no money to buy the goods and services that generate the income of the top 1/10th of 1%. The best way to keep the underclasses passive and powerless while insuring they have enough money to continue consuming is to arrange for the central bank to issue them money in the form of a popularly acclaimed guaranteed minimum income. Helicopter money here we come.

 

 
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The Beauty Of Deflation: It Reinstates Lost Liberty





Deflation goes hand in hand with releasing the individual from the debt enslavement that was created with the monetary policies of the past 100 years. Nigh unlimited printing of money has become the orthodox strategy to avoid deflation. Deflation was made the scapegoat for all sorts of economic ills in a century of pro-inflation propaganda. For deflation to happen government interference in money and the economy needs to stop. The endorsement of deflation goes hand in hand with safeguarding liberty. “Paper money has become the technical foundation for the totalitarian menace of our days.”

 
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The US Dollar Bull Market is Alive and Well





The "big" move in the USD we have witnessed over the last 6 months is only just the start of a major move

 
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Ron Paul On Gold & The Fed's Failed 'Utopian Dream'





Over the last 100 years the Fed has had many mandates and policy changes in its pursuit of becoming the chief central economic planner for the US. Not only has it pursued this utopian dream of planning the US economy and financing every boondoggle conceivable in the welfare/warfare state, it has become the manipulator of the premier world reserve currency. All this effort by thousands of planners in the Federal Reserve, Congress, and the bureaucracy to achieve a stable financial system and healthy economic growth has failed. It must be the case that it has all been misdirected. And just maybe a free market and a limited government philosophy are the answers for sorting it all out without the economic planners setting interest and CPI rate increases. A simpler solution to achieving a healthy economy would be to concentrate on providing a “SOUND DOLLAR” as the Founders of the country suggested.

 
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5 Things To Ponder: The ABC's Of The ECB's QE





Well the day has finally arrived that after two years of promises, jawboning and hope - the European Central Bank finally announced they will take the plunge into the Quantitative Easing (QE) pool. Whether or not the ECB's QE program has the desired effect or not will not be realized for a while. However, this week's reading list is a variety of opinions and initial takes on the "ABC's of the ECB's QE."

 
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