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Bernanke Speaks, Spiking EURJPY And Stock Futures - Live Webcast
Curious why both ES and EURJPY (hitting a fresh 4 year high of 135.90) just jumped as if stung by a bee? The reason, as noted earlier, is due to Bernanke who just released his prepared remarks. Key highlights from Bloomberg:
- BERNANKE SAYS MAIN RATE MAY BE LOW WHEN JOBLESS RATE BELOW 6.5%
- BERNANKE SAYS MAIN RATE LIKELY LOW FOR LONG TIME AFTER QE TAPER
- BERNANKE SAYS ECONOMY `FAR' FROM WHERE FED WANTS IT TO BE
- BERNANKE: ‘MAY BE SOME TIME’ BEFORE POLICY AT ‘NORMAL SETTINGS’
- BERNANKE SAYS FOMC COMMITTED TO ‘HIGHLY ACCOMMODATIVE POLICIES’
- BERNANKE SAYS FOMC TO CONSIDER PROSPECT FOR LABOR MARKET GAINS
In short nothing new, just the usual "tapering is not tightening" mantra, the traditional attempt to misdirect from tapering, and to keep pushing the agenda that it is the stock that matters, as does forward guidance and short-term rates, and not the flow of monthly securities bluff which as the May-September period showed the market no longer buys. Good luck.
And now, back to the blackened chicken on a wavy craker dinner and the live webcast below (after the jump):
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FOMC COMMITTED TO ‘HIGHLY ACCOMMODATIVE POLICIES' ... "AFTER QE TAPER"
So the taper is in the cards.
"So sorry that we must keep this charade going. We are obliged to help our member banks pay their fines. AskJPM" - Ben Bernanke, with back up from the FOMC choir.
And so on and so on and so on
And within 24 hours from now someone else from the FOMC will be out there to contradict every word. Have to baffle with BS you know. Wait for it.
@Cult_of_Reason
that is the comment of the month +1
OK.
Just read the fucking thing.
HE SAID NO TAPER FOR A LONG LOMG TIME.
Unless of course, you expect the economy to boom, millions find full time benefits paying jobs, no inflation and Rainbow Colored Unicorn Skittle Shits to Rain from Lloyd's Personal Pocketbook, credibility to be restored to DC and Laws Applied Equally to All, as well as Money Removed from the Political Process.
And lemme tell y'all this
By the time they're not even done with QE, you ain't gonna be able to find a Treasury bill, bond or note to save your ass.
The Fed's gonna own 'em all.
BERNANKE SAYS MAIN RATE MAY BE LOW WHEN JOBLESS RATE BELOW 6.5%
Sorry that was a misprint; now for the accurate headline
BERNANKE SAYS HE'LL BLOW WHEN JOBLESS RATE ABOVE 6.5%; LINES STARTS TO THE LEFT
JOBLESS RATE IS THE RED HERRING.
"HIGHLY ACCOMMODATIVE POLICIES" IS THE RED HERRING.
The most important take away from his speech:
BERNANKE HAS ANNOUNCED QE TAPER (reduction in the flow or less money printing) AND QE END.
BERNANKE REITERATES RATES TO REMAIN LOW AFTER QE ENDS
How long will it take for the S&P futures buying imbeciles to realize this?
There can NEVER be a taper. Nor can there be any other policy in that hidden toolkit this asshat keeps lying about because the FED only has one tool: Print.
If they stop printing, rates skyrocket. Housing tanks. USD tanks. People riot because credit cards maxed, home equity maxed, student loans maxed.
Bernanke is full of shit.
NO TAPER. Can never be a taper.
But, I invite the idiot to prove me wrong. Would LOVE for him to prove me wrong.
Meanwhile...
#askBen
I agree. If there ever is a taper, it'll be a window dressing, where they cut back on one metric while pumping moar into another.
Sit down with all the numbers, we're clearly past the point of no return, and the only thing that keeps it from blowing up right this minute is more printing, so that's what they do.
In the meantime someone is preparing for a post-USD United States, and I think their vision and mine don't quite line up.
That's what this is really all about it seems. Getting rid of the dollar on purpose.
These FOMC governors are a bunch of fucks.
I agree there is no sign of tapering. But I don't see any signs of purposefully getting rid of the dollar. That is why these charts of the S&P against latin american stock markets make no sense to me.
Well they can make the unemployment rate whatever they want it to be.
If this is the truth, why not go balls to the wall all-in on leverage? (I've done it.) Take out as much home equity as you can, buy the S&P, buy anything not nailed down. I'm in for gold and silver at these ridiculous prices. I've bought farmland and livestock, plus the implements to help me farm it. I've gotten several guns and a small battery of ammo. If there is nothing to lose by making the leveraged bet, then we should be betting away. How many are taking the Bernank's incentive?
Now don't buy any iShit or $98 TVs, but why not buy things of real value???
The Fed has checked us all into the ROACH MOTEL of monetary and fiscal policies...
I really wish Schiff was wrong but he isn't. There is nothing we can do but watch in horror as the Fed gets set to transfer all known wealth to those with access to either the Fed or it's primary dealers.
What does this do for Icahn's PUT positions?
Maybe Carl with "force" a meeting with Ben to add more clarity to Carl's plan for the next few weeks.
Ben said a lot of things, but he was thinking "man, I am soooooo outta here."
Now when Bernanke speaks , nobody listens . Had his time to make a mark and leave a legacy , but he fucked up - end of.
"So the taper is in the cards?"
Fixed it for ya. yeah maybe they said the word. But the word is now meaningless.
Just die already
"Dr. Guillotin, Dr. Guillotin, to the Marriner Eccles Building, STAT!!!"
Katy Perry - Part Of Me
http://www.youtube.com/watch?v=uuwfgXD8qV8 (4:12)
Repeat after me...... The fed will never taper. Their only option is to print moar.
I did. See below.
Actually they could "taper" for a month to show us how much we need them on the wall, we want them on the wall..we can't handle the truth! But the nthey would replace the tapered QE with even yet more new and improved QE that will make all of us love Big Brother so much more.
But they won't do it. Mr. Yellen's balls are about as big as the Bernank's. None of them have any.
Repeat after me...... The fed will never taper. Their only option is to print moar.
Is 'only option' a contradiction in terms...in the way that 'fed taper' is?
Inkcoin.
Wheres my leverage? Anybody seen my leverage?
These people need to get out of their offices and tour America
Old people will starve to death and drain their savings while the banks get richer...and they caused this shitty mess
I puke in your general direction Ben
And to think, we the citizens of the United States are to blame.
i dont know about you, but the older people i know are loving it right now. i dont know too many poor ol grandmas. the ones like my parents who are in their late 60s/early 70s, who are in retirement, are thrilled to see their 401k zoom to the moon after seeing the evaporation in 2008. same goes for the older east coast pensioners who retired from public service and spend most of their time in florida.
its a mistake to state that the older generation amongst the 99% are suffering while the 1% are the only ones reaping the benefit. there are trillions upon trillions of dollars of 401k, ira and pension money that has been benefitting from the bernank. these people are quite pleased with the bernank. shit, my parents have seen their bond and stock fund portions of their porfolio pull off a fantastic recovery from near death over the past 6 years. i can only tell you that my parents and those close to me are thankful they never listened to me about staying away from a ticking time bomb in the market and hoarding cash outside the system. (and more recently gold). at thanksgiving, im the turkey.
sigh
The window closed and they missed it.
So now they're going to buy everything with funny money.
EUR bid USD crushed, huge flows moving into futures.
Rally on pretty much from this line: *Fed be patient on rate hikes even after jobless below 6.5%.
It's almost surreal.
if you are riding this bubble all the power to you, what could go wrong?
I think we're at that stage with the voices coming from Schiff and Rogers that the curtain is ready to close on the Second Act and the Third is going to be a doozy.
If you're in the military get the fuck out of this Country and assume a new identity because the next one you're getting into ain't gonna be like the last ten -that's for sure.
Drums are beating for the "biggest one" because the neocons is losing that 68 year old choke hold on the rest of the World and if they can't continue to control the entire "sand lot" -No one else will.
"War is Peace"!
suspicions this may be the third act.
Let's see, under QE, the Fed buys junk debt and under the discount window type programs it holds junk debt posted as collateral. I don't see much of a difference.
If EUR is strengthening against USD, the implication is that either the economic prospects in the Euro basket case are brighter or the downside on the PIIGS farm isn't as ugly as on the FOMC plantation.
This should scare the shit out of anyone who has seen Fascism: EuroPonzi Edition up close.
Or it could all just be a big scam to enrich some bankers who need to lever up their inflation takings...
Which is odd considering the dollars we have shipped overseas to help bail out their banks.
Maybe if a non Jew was ever allowed at the Fed or the top of a Wall street firm the economy and life might be better for a whole lot of people --- and Oprah
thinks it is all about black skin - which, in her case, is a whole lot of the stuff --- but I digress -- ..............
No you didn't digress. You just used this post as another moment to dis two races when if you were truly intelligent enough to get your shit out of the way of yourself you would see we got a whole fuckin world of differrent races, religions and political persuassions totally immersed in fucking things up best they can. I susppose in your mind a little ethnic cleansing would solve our problems. Problem is, who would you blame then?
Does Bernanke ever consider the Fed has been operating under 'Emergency Conditions" for almost the entire time of hsi chairmanship?
No
It is time we ALL contribute to the BTC Fund!
BERNANKE SAYS FOMC COMMITTED
we can only wish
To what?
Assisting the Marxist Progressives Destroy the Country?
Doin' good, Ben! Doin' Good!
Don't forget the role of the marxist progressive Koch brothers and their ilk. Or is it only your favorite assholes whose hands are clean?
I have no favorite assholes.
The simple fact of the matter is that a bunch of true Marxists, Collectivists, who support Agenda 21 (no private property.... ) who are leery of even being called Progressives are masquerading as Liberals or Liberal Democrats to divorce themselves from the Cluster-Fuck which they have by and large whilst in Power, yes, them in power, damage they have wrought over the last 6 years ...
... not to mention not undoing any of Bush's et al damage, which he'd promised to reverse....
Son, a little word of wisdom.
There's a time for the Hegelian Dialectic Paradigm to be utilized in analyses and times to affix blame singularly where it belongs.
Talking about assholes, the ones in power have brought us to the very fucking event horizon at giddy up light speed.
Our society's cone of light is intersecting the singularity...
Where it disappears.
Are we there yet, mom?
Maybe it is salvageable in some form, but if it ain't you'd best get off the net and start digging a deep ass hole.
Them assholes are the only ones in charge, right now...
Or at least nominally
Which means they eat the shit sandwich for their errors...
Unless you want to use the red blue argument as a way, like Obie, to dissemble and distract, divert the blame...
Hmmmm?
Not the time for that.
And I have no favorite assholes.
I vote and practice principles before personalities.
"There's a time for the Hegelian Dialectic Paradigm to be utilized in analyses and times to affix blame singularly where it belongs"
Singularly, the blame rests totally on US, the people and our original sin of perverting the U.S. constitution, via allowing slavery and adopting policies such as manifest destiny, in order to serve two masters, Greed and Ego in the name of God.
All attempts to rectify past sins only serve to contribute to more divisiveness as the "sins of the fathers are revisted upon the children" and by so many definitions the call can still be heard for the "south to rise again."
Although Marxism will never work (accounting for it's many different current permutations almost equal to that of the term representative government) in a species that lust after power, control and riches, it's original view on results of unchecked capitalism pretty much nails our current situation. The Central planners are bought and paid for.
As noble or fearful as Agenda 21 may sound it is a pipe dream. Africa proves it. The American Bourgeoise would never allow it and the UN celebrates their impotence with masturbatory fantasies of it's delusional importance.
The rule of 3's i.e the triangle can not be denied.
ID, Ego, Super Ego. Man, Woman, Child. Father, Son, Holy Spirit. High Tide, Low Tide, Ebb Tide. Foward, Reverse, Nuetral. Positive, nuetral, negative. Yin, Yang, Equilibrium. Black, white, gray. Ad infinitum ( well maybe 3.14159265.....).
I applaud your quote, "Principles before Personalities." And am admonished by it. Forgive my occasional intentional lapse into, "Lastly, if your organization is too tiny even for noise, stink up the place". Sun Tzu would forgive me I hope for recognizing Alinski, whose tactics both the left and the right use.
I vote also. Out of some misplaced guilt I guess.
i love how they say that the economy is far from where the fed wants it to be.
so first we here how things are much better and there are no downside risks to the economy, but just so they can justfiy not tapering, they will say how things are far from where they want it to be.
i guess we will have to wait for the u.s to create over 1,000,000 jobs a month, unemployment rate at 2 percent, gdp at 10 percent, i mean we need impossible numbers to happen, and once that happens these assholes will taper, but we know those numbers are pretty much impossible even in a real thriving economy.
bernanke, yellen, and evans, and cant forget obama, how about u guys all take a gun and put it to your head and pull the trigger. this world will be alot better when that happens.
also, i love how the casino just ramps up stocks on this crap.
ya , i thought the ''market'' prices everything in, the bunch of fucking bullshit we here from these cocksuckers who know nothing, the market is forward looking and is always right. fucking bullshit.
how the fuck does the market pretend that this is news?
gee, i really thought bernanke would say something like '' we may have to taper sooner than we would like to'', things are getting really frothy in the market and that worries me'', we are at risk for another financial crisis if we are not careful'', etc.
i guess thats what the brilliant market thought he would say to react the way they r to his bullshit comments that are obviously bullish.
You know it was just a few short months ago that tapering was a given and the discussion was on how much.
Now it looks like QE forever
Seems this is a result of only one of two things or possibly a little of both:
1. Things are worse than we know (think data manipulation) and the Fed is scared to death things are abiut to take a dump
Or
2. They now realize they cannot taper and have to keep moving the unemployment target in order to justify continuing there reckless policy.
Which ever is the case, I fail to see how this can be good, in the long run, for the dollar and the stock market.
No wonder Larry Summers suddenly wanted out......he sees whats coming
"Things are worse than we know (think data manipulation) and the Fed is scared to death things are abiut to take a dump"
The size of which we can not even fathom and the government is being blackmailed to maintain the charade and is scared shitless someone will find out.
No evidence or source for the above. But my gut aint none to comfy!
Our world has become so convoluted and fucked up it isn't even funny. Debt and recklessness reigns and prudence and pragmatism is not only laughed at but punished. WTF?
If the world continues to spiral into this senseless state its time to unplug and get the fuck out of dodge. Away from the insanity....
Those of us that come here rant and rave daily in a true fight club. But today Im like WT fucking F! Zimmerman making a mockery of the stand your ground law. Fl congressman catches a cocaine charge. Senator stabbed by his son? White house lying about labor statistics. TSA employee running a hate site for blacks continues to get paid so Homeland security can keep an eye on him? Toronto mayor goes more berserk by the day and stays in office. The US of A still can't fix a website. Announcement that effectively says we will QE either forever or until the rich are richer and don't want anymore money (like that will ever happen). And thats just a sampling of todays headlines...................................
AND ALL PARTIES ARE KNEE DEEP IN THE SHIT. CNN just had a segment with conservatives arguing over who or what are conservatives. Liberals are abandoning Obama muey quicko.
Lewis Carroll (ALice in Wonderland) could not have written this on acid! Fuck the red pill. I need a couple blue ones.
"Fl congressman catches a cocaine charge."
And they said Tea Party guys are a bunch of stuffed shirts...lol.
http://www.motherjones.com/mojo/2013/11/trey-radel-cocaine-sex-websites
Sounds to me like Trey and @Banging7gramrocks could be real good buds. The new "Odd Couple".
It is absurd. What is even more insane are the people who claim that soon we all will be back to the way it was. Or even more ludicrous is that prosperity for all is around the corner...a better more prosperous world. Energy independence, housing recovery, 3-D printing (whatever the fuck that does for ya), dawn of a maufacturing renaissance, cures for ever disease...all right around the corner. If we just get past this speed bump of slow growth and QE. If we can just get the motor running again. But we can't. Not with what we are doing.
Tired of hearing the lies. Tired of seeing the "leaders" acting badly (although the Rob Ford story is entertaining, as sad as it is). Why can't we have an honest conversation about what is happening and work to resolve the problems??? Why can't we grow up and face the fucking music???
You are right, we have fallen in the rabbit hole and living in a fantasy world of illusions and insanity.
Where are the flaming torches, the Pentagrams, and the entrails of goat splayed upon the altar?
Those are all at Bohemian Grove, CFR and Skull & Bones chapters.
http://youtu.be/g2wD5TaMf2k WEIMAR PRINTING PRESS; Say Hallo to my LETTLE FRIEND. OK OK Wanna Play Rough??? OK...
Their "Gaboning" has gone a long way in trying to keep the Market up. Just look at some of the high beta names since Janet Yellans testimony.
Abenomics doing wonders for Japans' trade balance. /s At first glance you see the increase in exports, then you see the bigger increase in imports. Yens are probably cheaper then Venezuelan ass-wipes. Nice work with that blowout 3rd number Abe... TOOL!
15:50 JPY Exports (YoY) 18.6% 16.5% 11.5%
15:50 JPY Imports (YoY) 26.1% 19.0% 16.5%
15:50 JPY Trade Balance { -1,091B} -814B -932B
Evans, Yellen and Dudley never experienced a WEIMAR event. They would be like deer standing in front of a 90 mph freight train.
China and Russia can simply help the US destroy it's currency and be unable to afford the military. Just like the former Soviet Union.
The best way to defeat the US is economically.
Markets have developed a QE tolerance... need more to get high
What people are missig is
China announces yesterday move to part floating currency .. now FED evans talking about buying more.. is this not releated (ie Chinese will see US/Yen assets to move back to Won a head of flexiable exchange rate.. (to protect against exepcted appreciation)
More countries signing currency deals with CHina. They already have much of our paper and much of our industry and are very patient.
Berskankie releases doves by the dozen in his talk, yet spot gold and silver are basically flat. WTF !!! Looks like another sale setting up towards the end of the week, courtesy of JPM and company ...
Arrest that terrorist. Don't let him get away.
HEY BEN !!!!
THE DUMBEST PLACE TO CREATE A BUBBLE IS IN THE STOCK MARKET.......
ALL YOUR TRILLIONS IN DEBT (CAN I MAKE THIS FONT BIGGER) WILL GO "POOF".
JUST ASK CORZINE AND MADOFF !!!!
STOCKS HAVE NO INTRINSIC VALUE OTHER THAN THE PERCEPTION OF A BUYING PUBLIC WHICH YOUR qe IS NOT GETTING TO...
IT WOULD BE SMARTER TO JUST GIVE PEOPLE THE CASH AND LET THEM MAKE THE REAL ECONOMIC DECISIONS.
LET'S ALL SEE TO IT THAT THE AMERICAN TAXPAYER DOESN'T HAVE TO REFUND THE DEBT....JUST THE PONZI SCUM THAT IS CREATING IT.
BERNANKE HASN'T A(N) IQ.
HISTORY WILL SHOW HE AND KRUGMAN AND SOON TO BE YELLEN HELEN NOT ONLY FAILED TO STOP A DEPRESSION.....THEY KILLED A COUNTRY.
"HISTORY WILL SHOW HE AND KRUGMAN AND SOON TO BE YELLEN HELEN NOT ONLY FAILED TO STOP A DEPRESSION.....THEY KILLED A COUNTRY."
Histroy will show that the American public, the American middleclass, the American working class, the American veterans, AMERICANS in general sat on their fucking asses and allowed the country to be taken from them!
And American public deserves it as well. Critical thinkers, well were outnumbered.
Shalom Ben's mouth is the only tool he has left & Of course for Yellen too.
The problem is the bad smell/stink now coming along with the hot air when they spew out their crap.
Whosoever wishes to remain and listen to them- No not even God can help them.
Taper or not?The U.S. has severe structural problems rooted in its society.Look at China and compare the cost of a college education.Education is free in China except for minor fees which are next to nothing.The U.S. jail system is a Goulag and if war doesn't bankrupt the country the jail system will.The fact is the country has been gutted by China and it's a National disgrace that Washington politicians allowed it to happen.Who would ever think of allowing communist China to help finance a degenerate war machine with a federal agency that deals dope?
"The U.S. jail system is a Goulag and if war doesn't bankrupt the country the jail system will"
Prisons being privatized and inmate labor contracted to corporations for pennies on the dollar in wages. If you can't get slave labor in China you can get it at home.
It's been happening, it is happening and it is the future. We are enslaved. And most of the country regardless of political persuassion could fucking care less.
Would make a hell of a book.
Who needs a job. I'll just ask uncle Ben to collateralize my first born, right nut and left arm. Ben, you know where to send the FRNs...
this will end in all of us being corzined
But, but - Ben is helping the middle class... You know, guys like Soros, Buffett, Gates...