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Save Yourself The $250,000: This Is What Bernanke Said Behind Closed Doors
There was a time when one couldn't get Bernanke to shut up: whether it was swearing to Congress how the Fed is not monetizing debt, explaining to Ron Paul that gold is nothing but "tradition", or otherwise issuing one after another after another debt monetizing quantitative easing program in hopes that "this time" the trickle down from the record high stock market would finally unleash central-planning utopia, Bernanke's verbal insight was in a state of constant deflation. However, ever since his departure from the marble halls of the Marriner Eccles building, suddenly Bernanke's insight has hyperinflated to the tune of some $250,000 per hour of Bernanke's time (time during which he says such profound insights as "No Rate Normalization During My Lifetime").
But why pay this ridiculous amount to hear what is nothing but more of the same? Bragging rights or a chairsatan autograph? Ok, but for everyone else who is not insane there is an option. Here, courtesy of Drobny Global, is a brief, and certainly far less cheaper than $250,000, summary of what the former Fed Chairman said said at the first Drobny/BNP Paribas IMF Forum held on October 9 in Washington D.C.
So without further ado, and without having to fork over a ridiculous quarter of a million dollars, here is what the Chairsatan really said...
Dr Ben S Bernanke kicked off the first session. We started with historical parallels to today; the Chairman is widely regarded as a scholar of the 1930s, and an expert on the liquidity trap. Surprising to some, he suggested the run on commercial paper and repo markets in 2008 is more reminiscent of the 19th century financial panics with corporate bonds, and not so comparable to the run on the banks as in 1929-32. Moreover, he pointed out, the 1929 crash was the direct result of a policy designed to prick an asset bubble. That wasn’t the case this time. And, what happened in the 1930’s, when financial panic turned to depression because of tight money and fiscal austerity policies pursued by the authorities, was not repeated this time around.
Avoiding policy mistakes is one of the well known lessons from the 1930’s. But, the former Chairman noted, there are other lessons here as well: (1) low interest rates are not sufficient to insure an easy monetary policy, other tools might be needed (eg, getting off the gold standard in 1933 or QE and forward guidance today); and (2) financial crises are very destructive to an economy so you want to preempt them and minimize their effects as much as possible.
And, there was the premature tightening of policy in 1937, which derailed the recovery from the big crash. This came up as an analogy for current times on several occasions during the proceedings. The US recovery seems to have survived through both the tax hike at the start of 2013 and the ‘taper tantrum’ later in the spring. But will the Japanese recovery be sustained through a second tax hike next year? Especially since, as Bernanke pointed out, Japanese inflation is virtually all imported; so far, home grown inflation hasn’t really emerged. And, doesn’t the policy regime in the Eurozone look a lot like the US policy regime of the early 1930s? How can QE succeed in generating a sustained rebound in the Eurozone given a gold-type currency regime and a policy of fiscal rectitude? Dr Bernanke, who suggested that QE probably succeeded but seems to work largely through signaling effects, was not at all confident that it would be effective in the Eurozone. More generally, he suggested that foreign developments could become a reason to delay US rate hikes.
And, that was generally a theme. The former Chairman seemed surprisingly dovish, and much less even handed than when he was at the FED. He has to be more circumspect in that job, it seems. Dr Bernanke talked about the benefits of slow and late tightening, and letting inflation initially overshoot. He also emphasized the importance of fiscal stimulus in ensuring that the rebound from the financial crash is sustained. He certainly couldn’t say much about that when he was at the FED!
Perhaps most intriguing was his suggestion that a 2% inflation target may be too low. Such a target, he pointed out, was premised on the notion that the zero bound would be hit maybe 5% of the time. It’s been hit much more than that. Bernanke suggested a 3% target, as he thought 4% was a bit high. What a contrast with how the BUBA seem to think about policy! More on this in a post-event comment at the end of this Review.
Wouldn’t a policy of persistently low interest rates naturally lead to asset bubbles?, Bernanke was asked. The best predictor of bubbles, he responded, is rapid credit growth. But, that isn’t the same as low nominal rates. Regulatory changes can be a driver of rapid credit growth, with the last decade in the US a good example. Low rates can contribute to bubbles, but typically there are other variables in play as well. And, right now, credit growth is not at all rapid.
The former Chairman raised another important point that regarding wages and inflation. It is widely recognized that a missing link in the recovery thus far has been muted wage inflation. But, he noted, less widely recognized is that mark ups are unusually high. That’s part of this environment where the distribution of factor incomes has moved strongly in favor of profits. With markups and profits so high, firms can absorb higher wages for a while before they have to raise prices. That is, accelerated wage inflation might result in a redistribution in favor of labor and, at least initially, may not place much upward pressure on price inflation. Most of us know the likely impact effect on rates markets when higher wage numbers are released. But, the chairman’s comments suggest that such an effect may not be sustained if price inflation does not accelerate commensurately.
And there it is. Now, was that really worth the down payment on a new house?
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If Ben Bernanke prints a quadrillion dollars in a forest, but no one sees it, did it really happen?
Feeling "traditional" lately...
If the Bear is not Catholic
And the Pope does not shit in the woods,
Then why is there no "reserve" in the Federal Reserve?
WTF does a .gov stiff understand about corporate margins and profit? This guy BLEEDS bullshit.
The former Chairman raised another important point that regarding wages and inflation. It is widely recognized that a missing link in the recovery thus far has been muted wage inflation. But, he noted, less widely recognized is that mark ups are unusually high. (PROOF PLEASE. I maintain corporate profits are high from FASB alterations, allowing big financial corps to mark to fantasy. Prove me otherwise, Bernocchio!). That’s part of this environment where the distribution of factor incomes has moved strongly in favor of profits. With markups and profits so high, firms can absorb higher wages for a while before they have to raise prices. That is, accelerated wage inflation might result in a redistribution in favor of labor and, at least initially, may not place much upward pressure on price inflation. Most of us know the likely impact effect on rates markets when higher wage numbers are released. But, the chairman’s comments suggest that such an effect may not be sustained if price inflation does not accelerate commensurately.
Nothing. .gov types are always counter productive. ALWAYS .gov cares about their own very minimal input and maximum take via benefits and secure infinite pensions.
Fed ex Chairman doesn't know anything, really. I'm a scholar of the Thirties and the Depression as much as this guy.
When he says that inflation target of 2% is too low and 4% is probably too high, so it must be 3% .. you know that he and all of these vermin are just pulling numbers out of their ass.
Central planning has absolutely nothing to do with reality. It never did and it never will.
Fuck all the central planners and statists out there. They are causing ongoing damage all across the world.
Most transparent quid pro quo ever. The attendees were beneficiaries of his policies and this is his legal but painfully obvious payback. (The Swiss secret bank account thing is no longer reliable.) Let's see how many times he gets paid to repeat this dispensation of valuable knowledge.
What I really want to know is why the name "Edward Quince"? Edward definitely sounds gentile, goym. I don't understand why he didn't use a name like "Ari Goldberg".
Maybe Francis Sawyer could have cleared this one up for me...
His name was Francis Sawyer.....
Yeah, I gots ta know:
Did those who forked over the dollars attend the event or did they send someone else there?
Did those who attended pay attention, or did they go to sleep?
Was he cheered as he went on stage?
Was he cheered as he went off stage? By a lot, or just the bare minimum to be polite?
That'll do for starters.
Sounds like you are one of those suckers that thinks the Fed Reserve is a gov agency.
Sure, they own & control the gov and most all people (not living deep in some rainforrest or a cave) but they are private. Yes, the private bank that owns all - as the banksters own everything.
Try to keep up.
http://www.zerohedge.com/news/2014-10-09/meet-worlds-first-undercover-su...
That's progress for you.
Most people understood what money is in the 19th century, gold or silver.
Today, probably, 90% of people in the US think that the "decorated paper" printed by the Federal Reserve is money.
there is a huge reserve in the federal reserve. you just didn't check the ink/toner closet. and the stockpile of extra control alt and P buttons they have for fixing worn keys on keyboards.
Ben Bernanke was asked if he woke up in a forest with vasileen all over his ass would he tell anyone.
He replied "no"
Then he was asked if he wanted to go camping.
He said yes.
Who wants to be first to give Ben a facial
I would like to punch that smug SOB right in the ck skr.
"the Chairman is widely regarded as a scholar of the 1930s, and an expert on the liquidity trap." Hahahahhahahaha I am sure the liquidity trap of the 2000s will have exactly the oppostie meaning to to the one of the prior century.
does a bear shit in the woods?
Having read this piece I now know what it was like to be a Philistine after having been slewn with the Jawbone of an ass.
I wouldn't pay 25 cents to hear that creep say anything.
Elsewhere:
Terrorism vs Renee's face: we live in two different media worlds
http://tinyurl.com/o466qdb
I'd pay 25c to hear him say 'Geronimoooo' at the Grand Canyon...
I'll see that & lower you by 24 cents.
I'd pay a rate of $250,000 an hour for every second he was in the air.
"I'd pay a rate of $250,000 an hour for every second he was in the air."
Preferrable with no Parachutee or other equipment that could cause a safe landing.
http://en.wikipedia.org/wiki/Euthanasia_Coaster
Or
Nothing But Trouble: "Mr. Bonestripper":
www.youtube.com/watch?v=enUo-1TjdEs
Yes Yes yes, but could we raise $250k to hire Cheny to waterboard him?
what juicy intel would get out of him for that "down payment"
On that note
the last line in the article
"And there it is. Now, was that really worth the down payment on a new house?"
Umm we left the SF bay area to avoid a market which requires $250k for a "downpayment"
Here in Rural Amwerica, $250k is a 2,000SF NEW house.
We jumped on a 1,200SF repo for under $100k.
You too can afford to be dirt poor like us, when your mortgage payment is $300.
I've gone full redneck, my truck payment is (slightly) higher than my mortgage.....
$69.44 per second till splat...
I can afford to join you!
Yup. And no credit growth either - if you ignore student loans, sub-prime auto lending, and the emerging HELOC bubble.
If ben bernanke DIDN'T print a quadrillion dollars in the forest, but tells you he did, will the market go up?http://www.alchemyfinancials.blogspot.com/2014/10/round-2.html
How many of those dollars did not end up stuffed into his pockets?
How about a zero % target and you kill yourself. win win
Is "Ben Bernanke" he's real name though?
That is the question!
Shalom is his middle name, don't wear it out!
Yeah, it's his real name. Goes back several generations. His ancestors come from Boryslav, in Western Ukraine.
True story:
1. As a teenager in the 1960s in the small town of Dillon, Bernanke used to help roll the Torah scrolls in his local synagogue. Although he keeps his beliefs private, his friend Mark Gertler, chairman of New York University's economics department, says they are "embedded in who he (Bernanke) is".
2. The Bernanke family was concerned that Ben would "lose his Jewish identity" if he went to Harvard. Fellow Dillon native Kenneth Manning, who would eventually become a professor of the history of sciences at MIT, assured the family "there are Jews in Boston", and "Jews at Harvard".
What a dildo.
But this dildo can mow the grass.
Prolly badly.
In his lifetime?
Has that Dude got AIDS or Ebola or something?
I miss Ben
/s
Nonetheless, I prefer him over Yellen.
He might be a dildo, but does not come across as dirty. She does.
Grubby ,or tacky, are better words for Mr.Yellen.
Funny, You're like a couple of prisoners, discussing prision guard tortures you the best!
<---Mr Bernanke's beard lice
<---Mr Yellen's crabs
Which one festers moar?
Sorry, I'm sure I would feel dumber for reading that so no can do. Not to mention it is a complete waste of time because anything he says is bound to be wrong - he's a Keynesian...
On another Federal Reserve Fuck ups, Michele Obama tells the mouth breathers that everyone likes them. Reminds me of a person that states, buy a new iPhone 6 or your not part of the lemming package.
How about we allow people to use whatever currency they want. I will choose one backed by gold and/or silver, vs the POS being offered by the cocksuckers at the fed.
Don't know where the author lives, but you can buy a couple of houses with that money in Texas.
Fuck apple. New BlackBerry Passport. Shove your toy up your ass
Right, low interest rates don't contribute to a price bubble but exist during a bubble 100% of the time.
When is someone going to take this jew fraud to a dark alley an pummel his ass?
The retirees dependent on income would pay to get a punch in.
Crowd sourcing?
Today's global and national trade and monetary systems - "economy" is absolutely nothing like it was in 1929. Beware those who ceaselessly justify their theory by way of analogy rather than argument.
From lack of a gold standard, to loss of manufacturing jobs, to tens of millions of illegal unskilled immigrants, and a nanny state that spends 1/2 of revenue on healthcare and pensions, and a big chunk of the other half on needless elective wars for gas pipelines and Israel, being an "expert" on 1929 actually makes one less likely to appreciate how different the system is now.
There's no such thing as a liquidity trap.
"Bernanke suggested a 3% target, as he thought 4% was a bit high"
Did someone ask this guy if he's refering to the real inflation rate or the official cooked one.
It would be real hard to get the cooked one to 4%. The government won't let that happen.
Especially if you consider food, fuel, booze, entertainment and cigs as that would put inflation in the teens.
Yellen will ask $250.000.000,- an hour.
You can get a lot of nice looking hookers for that money. Why choose her? Whatever floats your boat.
I have a dwarf fetish.
That's going to speak volumes about the USD value...
This brings to mind the big lesson of Jim Rickards, that many "new to the Austrian school" should keep in mind, which is that while the Fed models are all wrong, the people at the Fed earnestly believe them.
Bernanke's comments about 1929 being caused by a central bank trying to prick an asset bubble and that the depression was extended by a "premature" rate hike, are not just his own rhetoric. No one at the Fed will make the "mistake" of taking the punch bowl away, ever again.
Ever.
Bernanke's comments about 1929 being caused by a central bank trying to prick an asset bubble.
The Fed created the asset bubble in the current stuation. It's probably why Bernanke left. He didn't want to have to deal with the moster of a mess he created. Just a larger bubble this time.
Bernanke's comments about 1929 being caused by a central bank trying to prick an asset bubble.
The Fed created the asset bubble in the current stuation. It's probably why Bernanke left. He didn't want to have to deal with the moster of a mess he created. Just a larger bubble this time.
no its a bunch of pricks running policies to create asset bubbles
blah blah Bernanke
blah blah inflation
blah blah deflation
blah blah bubble
blah blah print moar
So have any of you tried a Russian bride?
"And there it is. Now, was that really worth the down payment on a new house?"
Before Bernanke and his father Greenspam, that would BUY a new house.
"the US recovery seems to have survived through both the tax hike at the start of 2013 and the ‘taper tantrum’ later in the spring."
sustained by income brought forward ... in some cases YEARS early
last year i did quite a bit of research on topic ... best guess was around $300 billion (won't know for several years till IRS gives breakdown) ... no doubt much reinvested ... but how much spent into economy??
Is there some reason this con artist is not in prison?
The butchers of Washington don't want him there.
) Construction’s skilled worker shortage intensifies: 83% of firms tell AGC they can’t find enough craft workers
The problem of not being able to find enough skilled craft workers is reaching nearly universal levels in the U.S. construction industry, according to a new survey. In response, the Associated General Contractors of America today released a workforce development plan aimed at repairing what it calls a “decimated” pipeline of qualified workers to the industry.
Of more than 1,000 construction firms across the U.S. surveyed by the Associated General Contractors of America, 83 percent say they are struggling to find enough craft workers, including carpenters, equipment operators and laborers. That number is up from 74 percent one year ago.
Carpenters top the list of craft positions hardest to fill with 66 percent of firms reporting difficulty. Roofers are next at 64 percent, followed by equipment operators at 59 percent, plumbers at 54 percent and electricians at 52 percent.
But the difficulties don’t stop at the jobsite. Of the firms surveyed, 61 percent say they’re having trouble filling professional positions including project supervisors, estimators and engineers. That figure is up from 53 percent one year ago.
Construction’s skilled worker shortage intensifies: 83% of firms tell AGC they can’t find enough craft workers | Equipment World | Construction Equipment, News and Information | Heavy Construction Equipment
Crock of shit article
What point is there to a secondary education when there are no engineering, supervisor or estimator jobs?
What point is there to student loans if fewer and fewer take them because there are no jobs?
Now you know who sponsored the article, who wrote it and why.
I have noticed that online Universities are offering student aid. I wonderi how many "students" are taking classes just to access the funds to enhance their lifestyles.
The prevailing assumption for all these articles like this seems to be "finding skilled resources at some extremely low rate".
Well that is the rub, you want a good employee, raise the rate.
This is not too hard to understand. These friggin employers are supposed to know enough about the law of suppy and demand to figure out pricing their product, why do they suddenly become mentally retarded when it somes to supply and demand for wages?
They are probably just trolling to get some money off the government tit..
+1. You won't get an artisan finish unless you pay the craftsmen what they'll work for. I'm capable of much more than I produce at work, (not crafting) but I do something that pays more than being a craftsman. My employer rates me highly, and I can craft on my own time...
How many construction guys pulled the plug after 2009 or so? I rolled out my pension from the trade union in 2011 finally. I simply didn't trust the leaders anymore. That's how I found my way here, seeking knowledge, but I was well on my way to to disillusionment ten years before that.
I could roll another ten years or more, die with my boots on even, but i keep getting thrown under the bus in favor of the illegals. Not that I disrespect them so much - how can I hate a guy that works as hard as I do? I'd be doing the same thing if I was in their shoes, looking for those greener pastures.
But, if they had never arrived to take my job, I'd still be that happy anomaly of a single-worker household paycheck coming home week after week, never laid off, not worrying about the bills and insurance and turning more grey every day, if they weren't allowed to break the law in the first place.
Some days TPTB really piss me off. I've gotten involved in causes on account of it, but it doesn't ever like seem enough. Some day I might really go over the edge, but I can't talk about that. Besides, the story gets old after awhile.
In '09 I wrecked my knee playing ju jitsu. Some cadaver tissue replacement and i'm almost good as new. in 2010 i suffered acute renal failure and almost died. Patched that up, too. Lived on EBT and M.A. for awhile, side jobs under the table to pay the rent (already lost the house), but that work dried up 'cause everybody was broke. Had to go to school just to live off school loans, but watching those kids throw their money down the toilet was too much. It was just as well since I didn't get on well with some of the staff - they don't care much for independent thinkers. Had a 3.5 GPA going, but what for? I had that pull of the work ethic eating at my guts.
In 2011 I drew down from the IRA (still owe the tax and penalty), bought an RV and went to the Bakken to check out the construction market. The Mexicans and Hondurans had that locked up, too! Fuck me ... It was an eye opener to co-mingle with America's great unwashed, everybody from across the country, and across the oceans, coming for that last piece of American Pie.
I ended up on a pipeline crew with a con man from Texas. He got fired and i was the last man standing. Made lots of friends with the Latinos, drank too much with the rednecks. Frankie still stuck me with an $800 dollar handout to bring some boys up from New Mexico. I told him if he fucked me I'd take his dog. I eventually didn't 'cause i respected the dog. Call it an investment.
Went to South Dakota from another contact made to run a job on the Res in Sisseton. A 23 mil $ job and the sub-contractor i was working for just *had* to fuck the system and sub out labor to the illegals on his million $ bid - until he got caught, but nothing came of it. They were cutting out the natives, who I happened to be in charge of, so I made sure they got the work.
Finally came home to rejoin the union, to get re-vested, and take advantage of the apartment boom. Some of Mpls. looks like Soviet Russia now, but in pastel colors. My co-workers, bless their entrepreneurial hearts, have been mostly brown. And, just as I predicted, the boomlet has just about run out. I might not start another pension after all.
Man, I got some stories I could tell, I've seen both sets of books, but nobody wants to listen.
good story. keep em comin
What at liar, what is he smoking? CPI has basically been 1.5 - 4% for the last 30 years. In 50 years, the only time we didn't have inflation was for about 5 minutes around the Lehman collapse. What is this nonsense that we keep hitting the zero bound? There hasn't been a year with 0% inflation or deflation in the U.S.
Someone should ask for a refund on the $250k.
"It is widely recognized that a missing link in the recovery thus far has been muted wage inflation. But, he noted, less widely recognized is that mark ups are unusually high. That’s part of this environment where the distribution of factor incomes has moved strongly in favor of profits. With markups and profits so high, firms can absorb higher wages for a while before they have to raise prices"
"markkups" sustained by credit growth ... don't have a clue where he got "credit growth not all that rapid" ... only 9 on the 10 scale??
Food stuff has like 10+% inflation every year . . . compounding depending on what food items you look at (could even be 20%+ for specific items).
Not too many people really care if a 60" flat screen costs 700$ instead of 1100$.
Inflation should be calculated and based off the things people actually need to survive not garbage consumer electronics and shit no one needs or really wants at the end of the day.
O/C you will have what looks like deflation, when all you look at when you calculate things is cheap crap made in china by slaves and robots and sold here for 600% returns.
The iphone costs what? 70~100$ to produce each? then they turn around and sell that Foxcon garbage for like 700$ and people put it in their pockets and it bends in half like as if it was a flip phone. . . <.< thats how stupid the American consumer has become . . .
Its like we have President Camacho running this shit.
http://th01.deviantart.net/fs70/PRE/i/2011/097/1/f/president_camacho_by_...
With markups and profits so high, firms can absorb higher wages for a while before they have to raise prices.
Or firms can just keep the profits in their pockets, while laughing at academic economists as they pretend as though interest rate policy controls anything.
I miss Ben personally
i guess total credit growth past 5 quarters (thru Q2) of TWO TRILLION DOLLARS does not equal rapid credit growth ... damn sure more than GDP growth
http://research.stlouisfed.org/fred2/series/TCMDO
From your multiple comments, can I surmise that the lies have agitated you a bit? The dude cannot speak the truth. I liked the "we hit the zero bound on inflation too much, so we need to kick it up". Uh, not actually true. Annual inflation has been positive at least 98-99% of the last 50 years. We aren't Japan, there is no deflation.
Oh boy! Look at prices dropping! Uh, sorry, chart upside down, never mind.
http://research.stlouisfed.org/fred2/series/CPIAUCSL
BTW, any day now they disable the FRED site because it is killing them. It's like having your own kid telling the truth as you lie.
Bernanke reminds me of one of those "efficient market" profs i had ... wouldn't last a week in the real world
No deflation yet ... QE/ZIRP has been disinflationary ... ultimately deflationary when asset bubbles burst (we're at onset)
in other words, inflation has been fueled by cheap credit ... when it goes away (when the delinquencies/defaults pile up) ... and it will ... prices are coming down
i don't expect monkey hammered prices ... but i'm guessing CPI ... -1% to 0% ... during the oncoming recession
Fuck you Bernanke.
Fuck in this particular context is all CAPS
Preferably...
FUCK YOU BERNANKE!!!!!!
He is just a Jew serving his Israel banking cartel. 18T and counting and the cartel wants more debt everyday so ALL your future offspring will be a debt surf to Israel's shadow cartel that owns DC.. Not to hard to figure out.
his take on interest rates is boilerplate, their plan is to track interest rates at a constant rate BELOW inflation. that will maintain the stealth bailin, and keep money moving into stocks. ben doesnt like TIPs which are the only game in town for those of us who can't buy fancy derivatives (he could have talked about the distortions in the market place, and an uneven playing field, he could have even mentions HFTs, which are sucking money from individual investors, since the big firms run their own, i assume. ben doesnt give a crap about a fair market, a free economy, or anything about the mass audience , unless his home refi flops he doesnt care what your problems are. for a quarter of million we deserve something better, for ten cents we deserve something better
Dovish Federal Reserve idiots, why is Debbie Puddle Dog not supportive of Obama? Guess you thought we were going to jump on the European Union failure
If the EU wants to keep their free shit monetary model, they can keep it.
We will not tolerate funding your non productive wet dream.
Many people have died on ill-fated foreign policies. Fate is getting closer to you. You have a lot of blood on your hands, American's are rather pissed off.
And in Bolivia every worker gets a Christmas bonus equal to double their salary and paid for by the government.
Laugh all you want, but I bet every entity that paid the $250k has benefitted enormously from it, as it's nothing but club dues.
To say it is wasted is an insult to TPTB and sophists everywhere. (I'll point out that they aren't hanging from the lamp-posts, but getting rich on your dime)
Besides, critiquing Bernanke is akin to picking on a retarded kid.
"...the Chairman is widely regarded as a scholar of the 1930s..."
He is not too smart, setting up another Great Depression.
"And, what happened in the 1930’s, when financial panic turned to depression because of tight money and fiscal austerity policies pursued by the authorities, was not repeated this time around."
We have been in a depression since 2008. It just isn't a Great Depression- yet.
Neo-alchemy. Throughout history some of those guys have managed to get paid quite well.
this is exactly why the economy is so fouled up. the payment fo rthe speech is appreciation of his policies post fed. it would have been tacky to bribe him while in office so the top drawer of his desk at the fed was filled with promises to pay. he is simply collecting.
"He also emphasized the importance of fiscal stimulus in ensuring that the rebound from the financial crash is sustained."
Setting up the next financial crash.
Ah, but the trickle down is optional, the trickle up is not.
4% to high but 3% OK ? So if my 100$ stash turns into 97$ that's OK, but 96$ that's too extreme ? Got it.
So he know's then that he's head of the guillotine list because making statements about lifetime when it could quite possibly be very short, is as stupid as his monetary debasement policies. this could easily happen if those digits ever turn to printed cash but hey who am I to question a professor with excessive fees and good FOMC references...
And his advice is :
"sell US$
Buy Gold
Fellas"
GoodFellas