Kaminsky: "Bernanke Is Now A Kamikaze Pilot"

Tyler Durden's picture

In a little under four minutes, CNBC's Gary Kaminsky provides a voice of reason amid the 'Gold-and-Bonds-are-in-a-bubble-but-Apple-is-awesome' meme. Reflecting on some of the mind-blowingly crazy statistics of this market's recent inexorable rise, central bank balance sheet eruptions, and valuations; Kaminsky (an ex-PM as opposed to 'reporter') provides six clarifying words: "We know this will end ugly!" From the lack of credibility of any Fed exit, to the explosion of the monetary base, Gary moves back and forth from Japan as an ever-more-obvious template for our path past the Keynesian endpoint. Finally, he concludes that: "Bernanke is a kamikaze pilot... experimenting [in monetary policy] and is destined to fail."


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EscapeKey's picture

Kamikaze pilots usually don't have passengers.

Pegasus Muse's picture

How did that happen?  Truth spoken on CNBC?!

Must have been a Disturbance in the Force.

NotApplicable's picture

But does he have 9/11 accuracy?

DaveyJones's picture

I don't know, did he fail his Cessna training course?

AldousHuxley's picture

there is no proof for anything except relative truth.


you are all just part of a grand experiment called "capitalism" where rich get all of the power, glory, and money.

JPM Hater001's picture

He forgot to mention Bernanke was a douche bag too.

Big fan of complete disclosure.

Carry on.

TwoShortPlanks's picture

Nothing like being suicided...Seppuku[-ed] by a trillion paper cuts

Ar-Pharazôn's picture

cotton!!! cotton!!!! COTTOOOOOOOOOOOOOOOOOON!!!!! :P

Landotfree's picture

There is absolutely nothing Benny can do to save the system from collapsing, I don't know why you guys keep focusing on him and the Fed.  The Fed's job is simple, convince you guys (lemmings) into believing the helicopters are coming to save the system.   Benny is not there to stop the collapse, he is just there to prolong the coming collapse as long as possible as it's impossible to stop the collapse from happening... as Benny would need unlimited power to stop it.  

There is absolutely no truth on CNBC, everyone is running from the Truth.  Masses amounts of unfunded liabilities are going to have to go, the unfunded liabilities do not like the final conclusion to using the equation.  

Blaming Benny is not going to solve the problem, nothing he can do other than to help the system reach max potential before the collapse.  This is not an experiment, as the outcome has always been known.   The Fed and Benny are doing what they have been hired to do... assist the system into reaching max potential before the eventual collapse.  

kridkrid's picture

I agree with that. However, while he should not be blamed for the collapse itself, he's clearly complicit in the lie. I almost wrote "coverup", but that implies something a little different. There wasn't some sort of criminal activity in the middle of a properly functioning system. The system itself is a lie.

Uchtdorf's picture

Right, and many of us here are not lemmings.

CrockettAlmanac.com's picture

When life gives you lemmings make lemming aid.

TwoShortPlanks's picture

Speak for yourself...I'll take being a Lemming over a Gerbil any day.

Landotfree's picture

All the lemmings are involved in criminal activity, if you are saying lying in a crime.   The lemmings have not given up or the system would have already collapsed.   Denial is the most predictable human reaction.  

The system is not a lie, the system is pure Truth, built upon simple Math.  Humans denying the Truth is a lie, the Truth always wins the war although it may lose countless battles along the way.  

There is nothing Ben could do, the system will collapse a good portion of the unfunded liabilities will have to be wiped from the books, my guess 1-3 billion.   If nukes are used instead of the manufactured Hilter-type, 100% of the unfunded liabilities could be wiped from the books.   All I see is 7 billion unfunded liabilities trying pass the blame, their certainly is no fix unless the fix is clearing the unfunded liabilities from the balance sheet.  

"There wasn't some sort of criminal activity in the middle of a properly functioning system."

Sorry a properly functioning system will only be "properly function" for X amount of time, usually a generation or 60-70 years (generally).  The exponential growth needed to sustain the unsustainable becomes too much.   That is the lie, that is the lie you are trying to tell me.   What you consider the Truth is actually lie, yet you are telling me they are criminals for telling lies.   I would include you in with them.

Darth Rayne's picture

Very well put Landotfree.

In the UK the 'value' of houses doubled from 2000 - 2004. I hassled averybody about this not being good. I couldn't say why, as I did not know.

In June 2012, again I wanted to know what was happening. I researched. I reached my own conclusion.

(Either exponential growth is sustainable for ever or it isn't.)

Again, few people want to know.

I was a lemming for 43 years. Now I am a knowledgable lemming and everyone in my life believes me to be utterly wrong.

The Lemmings believe everything is OK, I wish I did.

(I own physical gold.)


kridkrid's picture

You used to post here under a different name, I think. If so, welcome back. I think we agree, mostly. Semantics might be a little off. The thing itself is not the lie, I suppose, what it is projected to be is. And yes, the hive mind shares in the guilt, my mind shares in the guilt. But there is lots of work done to bury the truth, don't you think. I don't think we all share equal blame.

JuliaS's picture

Bernanke and the congress only do what we let them get away with.

If you had a printing press in your basement, you ran it a few times, went out and spent money and no one did anything to you, you'd sure as hell keep running it. If you went over the limit on your credit card for 80+ times and the bank kept raising the limit, would you ever have the incentive to start paying off the balance?

So far the bansk and the congress suffered nothing. They've seen nothing but monetary rewards.

The biggest regret Paulson (the former secretary of treasury) probably has is asking for measely $700b, when it's been trillions of dollars going down the drain since then without as much as a squeak.

marathonman's picture

"So far the bansk (sic) and the congress suffered nothing.  They've seen nothing but monetary rewards."  Bingo.  The beauty of the central bank is that there is no government program too big to fail.  The central bank just keeps buying the bonds, the money supply inflates, asset prices go up, the lemmings pay more for their stuff, Congress critters have more power, bankers have more power, and it all keeps going until KABOOM.  Either the debt overwhelms the sovereign and you get the sovereign debt crisis and default or you get the Misean crack up boom where everyone dumps the currency before it looses even more value until it becomes completely worthless.  Or the lemmings can no longer afford to live and they storm the Bastille and start cutting off heads.  The system goes until it can't.  We'll see which collapse scenario happens first.

ChacoFunFact's picture

Don't forget, there is no inflation check box on your 1040 to let the irs know your new found realized capital gain in gold was due to the dollar devaluing, not the actual gold going up!  they'll get this deficit under control as soon as qe3 trickles down to joe plumber.

Ar-Pharazôn's picture

he has more than 1 option.

he can resign and tell in a press conference that he cant do nothing to fix the problems.

and that would be really smart from him.

The problem is that he's a PUPPET of TPTB. end of the story

azzhatter's picture

Has Kaminsky been fired yet?

Stoploss's picture

No, Kamikaze planes don't have passengers.

Our plane has a Kamikaze pilot..

There is a difference.


Landotfree's picture

Once the plane runs out of fuel nothing the pilot can do other than to put his head between his legs like everyone else.   

This plane took off before Benny was even born.

rfaze's picture

We now know what the people on United flight 93 felt like..... 

BandGap's picture

But they were usually hopped up on methamphetamines washed down with sake. 

Truly a one way trip.

slaughterer's picture

OT: but today's tape looks like it did not receive any QE3

VyseLegendaire's picture

Most upvoted comment in the histort of ZH? Let's make this a try!

DaveyJones's picture

Can we put him in an internment camp?

sbenard's picture

Great point!

I keep saying that Bernanke is a teenager with a chemistry set that won't stop playing until he blows up the house! And WE are all his guinea pigs!

ToNYC's picture

"In the Church of Good Citizens, the children are tortured until the first lie." -Paul (Marlon Brando) in Last Tango in Paris (1972)

You buy, you fly.

NoTTD's picture


NoTTD's picture

Also: Gold, Bitchez!

EscapeKey's picture

What do miniature trees have to do with it?

Flakmeister's picture

In all fairness, he could be referring to the Banzai Bonsai.... You know, those scrubby little pines that spontaneously throw themselves into chipper to pulp themselves...

Dead Canary's picture

Ok. Give me your address. I'm going to come over there and slap you.

NoTTD's picture

Frankly, it wasn't worth the effort to look up.

akak's picture


What do miniature trees have to do with it?

Let's leave Paulie Krugman and Robert Reich out of this, OK?

akak's picture

(ZH glitch --- not my fault!)

DaveyJones's picture

they're an abstract model and human plaything that have nothing to do with nature?