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With The World Burning Around Them, The Fed Was Debating This Epic Question
"We are not clueless," Kevin Warsh notes in this September 16th 2008 Federal Reserve transcript (as the entire financial system was imploding around them); but it is the final 'debate' in this brief section that sums up what Marc Faber has feared all along. Adjective or Abverb?
MR. WARSH. I think the sentiment we are trying to suggest is watchful waiting. We are not indifferent, we are not clueless, we are paying attention, but we are not predisposed. Hence, Governor Kohn’s suggestion.
MR. KOHN. My suggestion was to substitute “carefully” for “closely.” I agree that “monitor closely” had this other connotation, but I think we should be seen as paying more attention than usual. There might be another alternative.
MR. DUDLEY. “The Committee will carefully evaluate economic and financial market developments.” That means you are on the case.
CHAIRMAN BERNANKE. Well, it is not an analytical thing we are doing. We are just watching closely.
MR. WARSH. Keenly? Carefully?
MR. LACKER. Mr. Chairman?
CHAIRMAN BERNANKE. Yes. President Lacker.
MR. LACKER. Including “closely,” what does that imply about the opposite? I mean, are we going to be able to take that out?
MR. WARSH. Well, we have done things like “in a timely manner” and other kinds of phraseology.
MR. LACKER. Yes, but this is an adjective.
CHAIRMAN BERNANKE. No, it’s an adverb.
MR. LACKER. There goes my credibility. [Laughter]
(h/t@Not_Jim_Cramer)
Perhaps that's why they get paid the big bucks (or not as it appears)
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Could turn you anti semantic.
His name is Francis Sawyer.
& he is deaded.
They left out the part where someone volunteers to call Jamie and Lloyd to read them the statement before it is made public.
The ONE time BernanQE got anything right.
They are only concerned with how they appear, and that they appear to be in control, because at the end of the day they (and the FRNs they print/counterfeit) are inescapably legitamized only by the people's confidence in them. This short dialogue sums it all up very clearly for anyone willing to stomach the gut-wrenching reality of how precarious and even illusory our global financial system is.
here to go to explanation.
BERNANKE. Well, it is not an analytical thing we are doing
You got that right -- thanks for the honesty. And ... scene.
HERE TO GO [to explanation]
~~~
"When you smell the smoke
You don't need to be told
What you got to do...
But there's a certain breed
So very inbetween
they'd rather take a vote...
Runnin short on time
still they can't decide
what we already know..."
is this a fed meeting or a fireside chat at the local synagogue?
meanwhile, in the colosseum next door, some christians were drawng straws to see who would fight the next tiger...
Yeah, yeah. The FED is bad. We get it. Blah, blah.
"MR. LACKER. Yes, but this is an adjective.
CHAIRMAN BERNANKE. No, it’s an adverb.
MR. LACKER. There goes my credibility. [Laughter]"
But enough of the levity....should we devalue the currency by 50% within 10 years? Or by 70%?
They were splitting hair "closely" or "carefully" while the mother of all credit bubbles was imploding.
They were all "closely" putting their thumbs up their asses while "carefully" picking all of our pockets to bail out the TBTF banks and Wall Street.
And this is what they argue about while the world financial system implodes in front of them ?
For some more context lets take a time warp back to January 2009 on CSPAN as Rep Paul Kanjorski Chairman for Capital Markets Committee explains exactly what was happening the week of September 15, 2008. The above meeting was 4 days after the event being described by Mr. Kanjorski.
http://www.youtube.com/watch?v=Sxz6gYIiFHc
'Well, it is not an analytical thing we are doing. We are just watching closely.'
Man, that is some pervy circle jerk, 'watching closely.'
Imagine the funding power to be able to withdraw $5.5 trillion in a single afternoon.
That is not just a single entity, that is a collective.
Be it China, the House of Saud, Russia, and various other smaller players, there was a concerted run on the banks. The result was a run on everything from equity, to bonds, to gold - although the gold run ceased in the fall and the equity run continued until further measures were put in place in the following spring.
This happened over 5 years ago and there has been nothing to solve this problem except print massive amounts of fiat cash. And fiat is an IOU on the bond notes. If there is ever a run on bonds it will collapse the dollar because the faith of the two are tied together.
You do understand the difference between physical cash (which was not printed) and the stale reserves on file at the Fed?
The Fed levered up and now it has no real way to unwind...
Physical cash has the legth of life that lasts as long as it can stay intact and not tear and rip. The digital currency is what the IMF play with before they go to sleep at night.
$550 billion in a matter of one to two hours ... but still
The issue was never addressed and covered up just like everything else. All we can do is speculate who did this and for what purpose. We can wildly guess but we'll never know the full truth and that sucks.
Indeed. The assholes are NOT analyzing data, conditions, or even expectations.
They are crafting illusions.
Why would that be done unless to distract and obfuscate the true nature of the system?
One can only conclude that if the mechanics and true intent of the FED cabal/system were actually discussed openly that the public would not condone it.
Further: IF these carping craven creatures exemplify the best minds tptb allow into the cockpit a fucking horrible crash landing is absolutely inevitable.
They don't have control of their egos and cannot be honest as to their intentions and activities.
"...are inescapably legitamized only by the people's confidence in them."
Partly, yes, but more so by the enouragement of "legitamacy" encouraged by their government partners-in-crime's guns.
"We are gods. Believe or be shot."
My favorite quote on appearances:
...when a man spends his energy on appearing to have, he is all the time destroying what he has, and therein the very means of becoming what he desires to seem. If he gains his end, his success is his punishment.
Geroge MacDonald
All hat...no cattle.
"...legitamized only by the people's confidence in them."
Yes, indeed. See also, "confidence man" or its shortened version, con-man (or men, as you see it).
These con-men are dickering about adverbs and phraseology, while the ship is actually sinking. The next day, 9/18, by 11am $550 billion was withdrawn from money market accounts. Rep Kanjorski (D-Pa), goes on to claim that had this process been allowed to continue, estimates he was given claimed that $5.5 trillion would have been drawn out of the US money market system by 2pm that afternoon.
While that's a very dubious assertion (there weren't $5.5 T in MMAs--although money flowing out of the stock market and through the money market might have met the mark), the interesting point is the palpable level of fear stoked by the wordsmiths at the Fed and Hank "the shank" Paulson over the following 2 days. After all, without elevated fear levels, how can the con-men loot the Treasury on behalf of corrupt and inept banksters?
He must have watched this:
Lolly Get Your Adverbs Here
I remember Jim Rickards saying once (paraphrase) that 90% of the time central bankers are more concerned about HOW they say things than the actual policy itself.
The new Priest class...
And we are all the altar boys.
Oh brother.....
Lighten-up Francis.
All part of the plan.
A little behind schedule perhaps but still moving toward a managed reset, triggered by some as of yet unknown event which will have people clamoring for a one world system.
And then global fascism will become an overt reality instead of a covert one.
Unless of course those same people wise up to the 'ruse' and decide enough is enough.
"And then global fascism will become an overt reality instead of a covert one."
I dont know, it seems pretty in your face right now (NSA, NDAA, etc. etc.). Also, the point about enough is enough is a good one. Not sure what the tipping point/"trigger event" will be, but I suspect the goons are not as prepared as they like to think they are.
Indeed, the fear porn guys and governmetn shills are constantly flapping their gums and keyboards about the billion plus rounds of ammo bought by DHS and assorted branches of the thugocracy. And granted, that's a lot of ammo; however, a quick search also shows that the US ranks no. 1 in gun ownership per person (Wiki says there are about 89 guns per 100 people). If each gun has, say a dozen rounds stored with it, that's more than 3 billion rounds in private hands.
I can see why the thugs feel threatened enough to want to stock up. Gives new meaning to the phrase, trigger event.
If I were you, I'd shut up about that.
So if one were to say something like... "Fuck you you fucking fuck" [where's the adjective or adverb in that]?
as Jerry wrote and sang about, it's a real Ship of Fools
His name was Jim:
http://www.bing.com/videos/search?q=doors+ship+of+fools+youtube&FORM=VIRE8&adlt=strict#view=detail&mid=184BADD2A134E3356286184BADD2A134E3356286
Any of you homos touch my adverb, I'll kill ya!
dont be so gay
I see what you did there.
Debating phraseology, grammar, and spelling is what many intardnet warriors resort to when found wanting for a valid and effective course of action. It's good to know our benevolent leaders at the premeir central bank have that same plan 'B'.
I was thinking the same...
"How many angels can dance on the head of a pin?"
Or as the FOMC circle jerk participants often ask, 'How many angels can dance on the head of a penis?'
"Debating phraseology, grammar, and spelling is what many intardnet warriors resort to when found wanting for a valid and effective course of action"
Like determining what the meaning of "is" is?
A little stupid levity and word play on this forum is one thing.
In that fedRes forum, at that time, its just ouright scary.Truly sociopathic.
From their ivory tower ,they can't even see the woods, let alone the trees.
From their ivory tower ,they can't even see the words, let alone the trees.
You spelled "premier" incorrectly.
yes. so the next time someone corrects your grammar tell them " stop getting all lacker on me."
Benny Benny Benny, get your adverbs here!
Benny Benny Benny, got some adverbs here!
Come on down to Benny's, get the adverbs here!
You're going to need
If you write or read
Or even think about it
best quip of the week....
Reminds me of Knights Who Say Ni
http://www.youtube.com/watch?v=zIV4poUZAQo
<Sigh>
These minutes could have been written by Monty Python. Before the general collapse of society you have the collapse of our leaders. Which of course....they all came from the people. The Circle Jerk of Doom.
Kevin Warsh was tellin' porkies. They were clueless.
Google translate ;Cockney >English>American.
Pork pies = lies.
Just awesome.
Like teens getting high and debating where space ends.
We should pitch in and get them "I like to watch" T-shirts.
pods
They were high on manischewitz I'll wager.
That's anti-semantic.
Only in the eyes of the juice.
band of idiots ...
That's a superlative if I ever seen one
I cant wait to bump into some of these fucks with my motley crew when we are all running through the forest...
Band of brothers
....or in other words (Channeling Tricky Dick here)
"(sic )We are not crooks".
LOL.
or "if you like your doctor, you can keep your doctor"
Where is Spasticus Rex when you need expert commentary?
The puppets play tea party while the house burns around them.
<Would you like a biscuit with your tea dear? The weather was frightful this morning, wouldn't you say?>
Way too much power to so few buffoons!!
Dictating what qualifies as an adjective/adverb is indeed too much power.
WORD!!
"...truth is scarier than fiction." These are the clowns making big salaries and as Faber has accurately pointed out "..never held down a real job in their lifetimes."
is this for real ?
They have a training class on "Fed Speak" for their employees. "because" can be used when Fed writing, but "since" cannot, etc.
And these people are in charge of our money.
I was rather bored in listening to Bloomberg & CNBS yesterday. Hunted around and found this. Was impressed with his statement. I also learned something, why the 10 yr. treasuries are so important. Never knew this fact. (housing)
http://market-ticker.org/akcs-www?post=228667
Just sending a bit of love your way Karl. Even though we have differences on our view of precious metals, a well done interview! Thank you..
In these days when you never know whom to trust nor what is important to read, well, I try to read it all.
That’s why I didn’t blog yesterday, my blood was boiling and I know my comments would turn out to be caustic. Started off this day in good humor (Signs reply). Winks.
We are not clueless.
Want to bet?
What flavor Kool Aid is served at the meetings?
Deleted from the transcript:
Warsh: "Where's Yellen?"
Kohn: "She's out getting a wax."
Warsh: "Bikini?"
Kohn: "I suppose that, too."
Warsh: "Would you do her?"
Kohn: "Yikes! I would rather do Akerlof."
in this case, the message is the medium
I wonder if they choose their words this carefully when instructing the hookers...
Is this a reflection on their intelligence or on the intelligence of the intended recipients of this wisdom?
Ah "phraseology", the timeless economic tool.
I'll take the studying of wordsmithing for 1000 Alex...
this will end badly
See ZH's Motto!
what else do they have to do? they wait for the red phone to ring from nyc and reword old statements. other than sack and frost doing the heavy lifting that's about it.
Fukwads. (For Mr. Lacker, that's a noun, sir.)
Read further... amazing.
MR. PLOSSER. Well, that seems fine. We are monitoring these things. Is this the
FOMC statement dictionary we are going to? Is this the code book? [Laughter]
CHAIRMAN BERNANKE. Any other comments? All right. Let me just ask for a straw
vote: “closely,” no “closely,” or “carefully.” Do we want “carefully”? All right. Is “carefully”
more acceptable to those who are concerned?
Masters of the Banking Cabal and Conspiracy for Global Domination (or would Dumbination be a better noun, or verb) and yet they couldn't find their asses with both hands.
WE NEED BETTER DRONES.
"We are not clueless" is right up there with "I am not a crook."
+1 "There goes my credibility"
Oh the humanity!
They were just waiting for their instuctions from wall street.
"Now the world is ending!!" [Laughter, applause]
nothing like the close in London where the only 2 forms of real money always seem to take a turn to the downside every fucking day.....
http://www.kitco.com/charts/livesilver.html
http://www.silverseek.com/
Adjective or Abverb?
Expletive.
Is "FUCK YOU!" an adverb?
no but FUCK YOU(Ly) is
Fuk Yu Li ... he's at the Peoples Bank of China, last I heard.
It's imperative
BERNANKE > no , its a subjunctive . Ok , who are we lending the 500 billion to , the the iranians , or the venezuelans ...?
LACKER > Mr Chairman , you are so smart
FISHER > I say the venezuelans , dont want to have to go to Teheran at this time of the year , too damn hot , besides the venezuelans need toilet paper .
"Fuck these irregular verbs." - Quang Phuc Dong, South Hanoi Institute of Technology
http://douglemoine.com/english-sentences-without-overt-grammatical-subje...
The only entities that "need" to the growth paradigm to live are the banks. Yes, things would be a lot more boring if people were not enslaved to debt and interest that cost them more than their labor could repay. And yes it would be a lot less interesting if the Feb and banks did not call inflation "growth" and if the banks did not steal from the future to support their money theft habit through derivatives.
Personally, I could use a lot more boring and a lot less rent seeking and future stealing elitists and bankers. But heck, if they think it is sooooo important for them to distort the entire balance of the world so that they can feel better about themselves and comfort their fear, then who am I to say that they shouldn't. I really don't care how dark they paint their souls (but I guess I should, eh?)
Am I my banker's (or even demon's) keeper?
since they couldn't fix the economy it is important to note that they were fixated on creating the perception that they could.
Perception management is all they really do. It is all they have ever done.
A banker with a PhD doesn't work, he just collects a paycheck. "What, me work?" Has a professor with a PhD ever solved a pressing problem?....You've got to be kidding...
Indeed...
There goes the credibility....
To ravage, to slaughter, to usurp under false titles, they call empire; and where they make a desert, they call it 'watching closely'.
linguistic, economic and monetary sophistry and pharisaism at its finest...
Here are five characteristics for which the Pharisees were rebuked. ... First, they may not practise what they preach. Secondly, they may be unwilling to undertake themselves what they prescribe for others. Thirdly, they may love to show off. Fourthly, they may revel in honorific titles and in being paid respect. Finally, they may misunderstand ministry - They may see it less as an opportunity for service than as a sphere of management or a chance to gain recognition {or power or wealth}.
Funny how you always revert to the same old tired memes...
I bet you would have tripped over yourself to volunteer for the Einsatzgruppen if you had had the chance to...
Funny how you always revert to the same old tired memes...
back atchya, dummy.
We can't use 'pharisaism' now? I bet you think 'niggardly' is too racist for dictionaries.
Cunt.
He makes a solitude, and calls it — peace.
https://en.wikiquote.org/wiki/Tacitus
Hey, I ain't the one looking for Jews to blame everywhere....
The hate always come through...
Look in the mirror buddy...
still talking about The Jews Flak? See, I wasn't.
I think you're projecting. Seek help.
Check the transcript, it sure wasn't me that brought up the Pharisees.....
by your twisted logic, since some Germans were Nazis, hating the Nazis {for their actions and ideologogy} is equivalent to "hating Germans."
Pharisaism of course comes from the tenets and practices of the ancient Pharisees. Jesus spent a lot of time criticizing them for, in essence, their ethical formalism and hypocrisy - form/ritual over susbtance. But by your logic, Jesus of Nazareth was just a "self hating Jew" - not a guy calling bullshit on hypocrisy and hairsplitting and, oh yeah, supremacism.
Yeah let's look at the game tape - you keep bringing up "the jews" in posts where they aren't referenced, simply in order to fulfill Godwin's Law. Your homophobia isn't quite in keeping with your thought policing and sham decency, you know. Just a tip. You must really hate Harvey Fierstein, don't you, Flake? Probably afraid you'll catch "the AIDS" if you watch one of his movies, eh?
Really - you should seek help. It's one thing to make a politically incorrect comment now and then, but you seem to really have an unhealthy obsession with minority groups and appearing, in Munchausen by proxy-like fashion, like some sort of moral arbiter.
Anyones ever tell you that you might be borderline? I bet you have a schizophrenic cousin. Vivid fantasy life? Play a lot of D&D as a kid by chance? Delusions of adequacy is not in the DSM-IV but you present a strong case that it should be.
Are you afraid Harvey Fierstein is going to capture you one day, and turn you Jewish and homosexual? Why would this be so bad, Flake?
In case you haven't noticed, no one is listening to you...
Is this like when my wife rambles on for an hour and acuses me of not listening because I failed to pick out the three relevant words out of 3000?
To a casual observer it might seem that she actually had a lot to say of value.
Nah - you are safe. You didn't miss anything. If it is important she will repeat it three times anyway.
I know you guys don't always want to click on youtube links, but I promise you, this one is worth it. I'll swear on... The Precious!
https://www.youtube.com/watch?v=YIt9n-3kkIA
We need to get shim on the FOMC, immediately.
https://twitter.com/EmrgencyKittens
Is that you in the video Johnny? That's fucked up. Need to take a shower, only lasted 15-20 seconds before I began to vomit. A man retransformed into a woman is beyond words to describe. Heaves again.
Only twisted fucks like Johnny watch and post that kind of stuff...
The hate always comes through... the mask always falls away, they can't help it...
so you're a homophobe and an antisemite, Flak? Wow. I guess I don't need to ask how you feel about African Americans.
Meanwhile, had you listened, rather than judged with your hate - you might have conceded that a lot of solid economic points were made by shim.
But I guess for you, the analysis just stops at the cover of the book.
Honestly, what made you this way?
Yawn...
Life begins in the vagina, not the poop hole. Simply a biological fact.
"Life begins in the vagina"
Not a guy whose come across a cervix, I'll bet.
Now, I don't care who you are - that's punny.
If you’re metro flake male, the last time you saw a vagina is when your mother pushed you out. Do we push heterosexual publically correct expectations on you?
Why do you ask us to accept your non-traditional ways by attempting to create a future society individual with artificial anal insemination? Answer: ObamaCare to provide you all free long term treatments to cover the unconventional sexual vises in fucking your poop hole partner.
Thats a wrap up on ACA insurance coverage.
No, shit for brains, I'm into Asian chicks with big titties, but that doesn't mean I hate a fella because what does it for him is the cock. First, it's none of my business, second, so long as no one's getting hurt - it's free fun. Take the cock if that's a fun night for you, it's what it's there for.
Why don't you and Flake Mistress take your fag bashing shit on the road together. Have a nice Brokeback Mountain moment after a night of whiskey and epiphanies?
It's a cliche, but cliche's get to be cliches because homophobic cunts like you two are repressing and end up projecting your shame and hating someone because of who they like to fuck.
Fuck your bible, fuck your obvious ignorance, and fuck you, ya dumb fucker.
Hello Lamecherry. This was too easy.
Actually, I do believe that life begins in the uterus, not the vagina.
Unless, of course, one is simply a dick.
Hmmm. you have to put a dick in the vagina to send the sperm into uterus. Did you miss that day in school?
Don't bother getting caught up in this bullshit, its futile.
Mostly true, except... http://www.healthcentral.com//common/images/9/9288_10453_5.jpg
I can't tell you how many times in the last 5 months randomly the word "entopic" popped in my head for no reason. And I even forgot what it meant. Until right now.
Coincidence ... it's a funny thing.
irrelevant.
The video wasn't an invitation for you to mess with a poop hole.
The video was, flatly, a decent audio commentary of economic truth, and something visually that burned my eyes with searing pain, but hey, I'm used to putting videos on audio only & reading the hedge, so that seemed to solve the problem.
It's not like Mister Yellen is any better looking.
How is the Fed any different than any other government agency? Hayek's observation that governments only make decisions on political considerations, and political considerations includes whether to use "the" or "and" in a PR statement.
Come'on, anything else is wishful thinking.
Bob... had bitchtits.
You never know when testicular cancer will strike.
Hold on, I need to find my power animal. And punch him in the fuckin' face. If you can't trust your power-animal to poke your eyes out in advance, who can ya trusts, I asks?
Released five plus years later.
Nice fucking job.
FUCK YOU BEN!!!!!! ROT IN HELL!!!!!
What credibility?
Released to us that is. "They" had the details for 5 years to profit on. By the way, you can see why they never have their meetings on Saturday!
Marketwatch made a word cloud from the transcripts. The words "Think" and "Inflation" stand out. https://scontent-b-lga.xx.fbcdn.net/hphotos-ash3/t1/1661295_101520190898...
The word "going" is pretty prominent too.
SO, this Sums up Fed Speak in a few paragraphs. Utter complete BULLSHIT spewing from their mouth that has no relevence to solving the problem of the Market Collapse. Indeed there goes ALL their credibility.
why wud they solve something they created and they benefit from? Rome is burning but THEY set the fire because they have all the marshmellows.
"Rome is burning but THEY set the fire because they have all the marshmellows."
Somehow this statement, absurd on it's face; almost perfectly sums up the whole abominable episode.
Hangin's too good for them.
The theme for these minutes was [laughter].
I guess it's better than the 2007 minutes, which took Dylan Ratigan forever in terms of persistence and constant prodding to aquire.
Of course, 90% of them were redacted. And all we found out was that as the financial system was imploding, Ben Bernanke ordered the Chicken Cobb Salad for lunch
dammit people Bernacke was right ....it IS an adverb!!!
....and people say such unkind things about this man of high garaamerical skills....sad...ly
Ice Cube put it best: Everything's Corrupt (and everything's fucked up)
http://www.youtube.com/watch?v=f3YDxuIs-qk
I have it on some really good intel from "sources" who have channeled some of the benevolent dimensional beings who are hierarchically in positions of power with some of the stellar Galactic Councils, who have indicated via vetted and sincere third dimensional humans, that in fact, when you take into consideration the intents as well as the trajectories of all of the available timelines, and you juxtapose that against the cosmic energetic signature of the incoming frequency waveforms which are now coalescing with the current resonance inherent in 3rd dimensional physical realities, divide that by the golden mean ratio and the Precession of the Equinoxes and align that with the Galactic Core in the binary star system of the Central Sun, and extrapolate through your higher self consciousness the frequency and resonance and the tone and timbre you are receiving from your heart center and your soulstream spiritual empathic etheric nature, you may be able to triangulate the information here at Zerohedge and generate a hypothesis, which is inherently able to contain any obfuscations and adverse anomalies from arising, which may attempt to distract you from the core context of this material, and provide verification relative to the veracity and validity of the hypothetical scenario which is being postulated, as the most probable and highest and best outcome available to the collective consciousness which is permeating the divine matrix, rendering such signals to be transmitted and transmuted in the subjective subconscious, thus imbedding such signals into the ego consciousness and triggering the super conscious mind and that which comes from the core essence of your being and all that is one, for necessary context to awaken and arouse the curiosity of those who would otherwise find this information inhospitable, or non palatable.
^ Needs to work for the FED.
Ya know, to elevate the trans-dimensional conversation.
Alan Greespan on acid?
oh my goshings, the 'entire' galaxy is blobbing up!
We are not having 'enough' roadsides for this shit.
Anyone find this quite funny?
Yes, I know the end of the world is nigh, and I"m a little behind on my canned goods, gold, and ammo hoarding, but I lol'd.
*shrug*