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Ben Bernanke Pens First Blog Post, Defends Fed, Says He "Was Concerned About Seniors"
It would appear the $250,000/hour speaking opportunities for Ben Bernanke have ground to a halt, and as such, the former Chairsatan has decided to dispense his wisdom for free to anyone who cares, by becoming a blogger at Brookings. And, not surprisingly, in his first post, the person who less than a decade ago said the following, in exactly those words...
Well, I guess I don’t buy your premise. It’s a pretty unlikely possibility. We’ve never had a decline in house prices on a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s gonna drive the economy too far from its full employment path, though.
... is out and about defending the Fed and central banks from pushing rates so low, in Europe you are now paid to borrow money, and are charged to save.
So, to those who are too lazy to click on the following link to the Brookings blog where Bernanke is now blogger emeritus, here is the punchline.
In what can only be described as a litany of defensive insecurity, Bernanke launches a full-on assault on all those who accuse the Fed of crushing the economy, which now includes not only tin-foil fringe blogs of the Austrian economics persuasion, but such "very serious people" as Guggenheim's CIO Scott Minerd who over the weekend said "The long-term consequences of global QE are likely to permanently impair living standards for generations to come while creating a false illusion of reviving prosperity" and rhetorically asks "Why are interest rates so low? Will they remain low? What are the implications for the economy of low interest rates?"
His response to this rhetorical question, is the following: "If you asked the person in the street, “Why are interest rates so low?”, he or she would likely answer that the Fed is keeping them low. That’s true only in a very narrow sense."
Actually, it is true inn every sense. What is Bernanke's loophole? He introduces the concept of the equilibrium real interest rate. In Bernanke's words:
Except in the short run, real interest rates are determined by a wide range of economic factors, including prospects for economic growth—not by the Fed.
To understand why this is so, it helps to introduce the concept of the equilibrium real interest rate (sometimes called the Wicksellian interest rate, after the late-nineteenth- and early twentieth-century Swedish economist Knut Wicksell). The equilibrium interest rate is the real interest rate consistent with full employment of labor and capital resources, perhaps after some period of adjustment. Many factors affect the equilibrium rate, which can and does change over time. In a rapidly growing, dynamic economy, we would expect the equilibrium interest rate to be high, all else equal, reflecting the high prospective return on capital investments. In a slowly growing or recessionary economy, the equilibrium real rate is likely to be low, since investment opportunities are limited and relatively unprofitable. Government spending and taxation policies also affect the equilibrium real rate: Large deficits will tend to increase the equilibrium real rate (again, all else equal), because government borrowing diverts savings away from private investment.
He is absolutely right. What he just fails to notice is that the entire world is gripped in ZIRP, and increasingly NIRP, is that the current bubble implosion aftermath, now 7 years after the Lehman collapse, is merely the 3rd consecutive bubble burst in the past 15 years. In other words, the Fed may spout whatever mumbo jumbo it wants about why its response to the crisis was required, what it has zero defense against is why its only policy under the Greenspan "Great Moderation" paradigm has been to inflate bubbles, and replace a post-bubble vacuum with another bubble, ultimately leading to a complete and global economic halt, and a world in which central banks now have to monetize all net developed world issuance!
In essence there is no Weimar state any more - the entire world has become Weimar, and the only reason why no currency is hyperinflating in isolation is because absolutely everyone is doing the same cardinal monetary sin at the same time.
Of course, none of this will get much exposure.
What will, however, is the former Chairman's surprisingly defensive pivot in which it is almost as if he sense what is coming over the horizon when he unexpectedly says it wasn't his fault the entire nation's senior population was decimated due to his and Greenspan's ludicrous policies.
When I was chairman, more than one legislator accused me and my colleagues on the Fed’s policy-setting Federal Open Market Committee of “throwing seniors under the bus” (to use the words of one senator) by keeping interest rates low. The legislators were concerned about retirees living off their savings and able to obtain only very low rates of return on those savings.
And the punchline:
I was concerned about those seniors as well.
Perhaps he is referring to seniors such as Omaha Octagenarians who had tens of billions in investments in a financial system that would have gotten insolvent overnight if he hadn't bailed it out?
But if the goal was for retirees to enjoy sustainably higher real returns, then the Fed’s raising interest rates prematurely would have been exactly the wrong thing to do. In the weak (but recovering) economy of the past few years, all indications are that the equilibrium real interest rate has been exceptionally low, probably negative. A premature increase in interest rates engineered by the Fed would therefore have likely led after a short time to an economic slowdown and, consequently, lower returns on capital investments. The slowing economy in turn would have forced the Fed to capitulate and reduce market interest rates again. This is hardly a hypothetical scenario: In recent years, several major central banks have prematurely raised interest rates, only to be forced by a worsening economy to backpedal and retract the increases. Ultimately, the best way to improve the returns attainable by savers was to do what the Fed actually did: keep rates low (closer to the low equilibrium rate), so that the economy could recover and more quickly reach the point of producing healthier investment returns.
Well thank you for the admission that there really is no getting out of a world in which three consecutive and ever larger bubbles has burst, and now with central banks all-in to support the last one, the final outcome will be a global catastrophe with a good global war thrown in for good measure, unlike any seen before.
Yet the funniest part of Bernanke's diatribe is when he tacitly shifts away from the Fed as the culprit for all that is wrong, and implicitly blames the government.
A similarly confused criticism often heard is that the Fed is somehow distorting financial markets and investment decisions by keeping interest rates “artificially low.” Contrary to what sometimes seems to be alleged, the Fed cannot somehow withdraw and leave interest rates to be determined by “the markets.” The Fed’s actions determine the money supply and thus short-term interest rates; it has no choice but to set the short-term interest rate somewhere. So where should that be? The best strategy for the Fed I can think of is to set rates at a level consistent with the healthy operation of the economy over the medium term, that is, at the (today, low) equilibrium rate. There is absolutely nothing artificial about that! Of course, it’s legitimate to argue about where the equilibrium rate actually is at a given time, a debate that Fed policymakers engage in at their every meeting. But that doesn’t seem to be the source of the criticism.
The state of the economy, not the Fed, is the ultimate determinant of the sustainable level of real returns. This helps explain why real interest rates are low throughout the industrialized world, not just in the United States. What features of the economic landscape are the ultimate sources of today’s low real rates? I’ll tackle that in later posts.
Let us guess: features such a Congress which is now completely and utterly incapable of passing even one law perhaps because the passage of any real reforms is vastly unpopular for any politician (just look at Greece), and after all why bother: "get to work, Mr. Chairman" has been the operative principle of the US Congress since 2009, a Congress which has had some $4 trillion in deficit funding to keep America going, monetized by Bernanke's own Fed.
But don't expect any mention of that in Bernanke's blog. And likewise, don't expect your comment to appear on the Brookings blog.
Comments are welcome, but because of the volume, we only post selected comments.
By selected they of course mean only those which praise the man who threw America's seniors under the bus, er pardon, didn't.
And certainly not any comments which remind the broader public of all previous Ben Bernanke greatest hits of whicht he following is a small sampling:
7/1/05 – Interview on CNBC
INTERVIEWER: Tell me, what is the worst-case scenario? We have so many economists coming on our air saying ‘Oh, this is a bubble, and it’s going to burst, and this is going to be a real issue for the economy.’ Some say it could even cause a recession at some point. What is the worst-case scenario if in fact we were to see prices come down substantially across the country?
BERNANKE: Well, I guess I don’t buy your premise. It’s a pretty unlikely possibility. We’ve never had a decline in house prices on a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s gonna drive the economy too far from its full employment path, though.
10/20/05 – Testimony before the Joint Economic Committee, Congress
House prices have risen by nearly 25 percent over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals.
11/15/05 – Confirmation Hearing before Senate Banking Committee
SEN. SARBANES: Warren Buffet has warned us that derivatives are time bombs, both for the parties that deal in them and the economic system. The Financial Times has said so far, there has been no explosion, but the risks of this fast growing market remain real. How do you respond to these concerns?
BERNANKE: I am more sanguine about derivatives than the position you have just suggested. I think, generally speaking, they are very valuable… With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly. The Federal Reserve’s responsibility is to make sure that the institutions it regulates have good systems and good procedures for ensuring that their derivatives portfolios are well-managed and do not create excessive risk in their institutions.
3/6/07 – At bankers’ conference in Honolulu, Hawaii… as delinquencies in the subprime mortgage sector rise
The credit risks associated with an affordable-housing portfolio need not be any greater than mortgage portfolios generally.
3/28/07 – Testimony before the Joint Economic Committee, Congress
Although the turmoil in the subprime mortgage market has created severe financial problems for many individuals and families, the implications of these developments for the housing market as a whole are less clear…At this juncture, however, the impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained.
5/17/07 – Remarks before the Federal Reserve Board of Chicago
...we believe the effect of the troubles in the subprime sector on the broader housing market will likely be limited, and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system. The vast majority of mortgages, including even subprime mortgages, continue to perform well.
8/31/07 – Remarks at the Fed Economic Symposium in Jackson Hole
It is not the responsibility of the Federal Reserve--nor would it be appropriate--to protect lenders and investors from the consequences of their financial decisions
1/10/08 – Response to a Question after Speech in Washington, D.C.
The Federal Reserve is not currently forecasting a recession.
2/27/08 – Testimony before the Senate Banking Committee
I expect there will be some failures [among smaller regional banks]… Among the largest banks, the capital ratios remain good and I don’t anticipate any serious problems of that sort among the large, internationally active banks that make up a very substantial part of our banking system.
4/2/08 – New York Times article after the collapse of Bear Stearns
“In separate comments, Mr. Bernanke went further than he had in the past, suggesting that the Fed would remain aggressive and vigilant to prevent a repetition of a collapse like that of Bear Stearns, though he said he saw no such problems on the horizon.”
6/10/08 – Remarks before a bankers’ conference in Chatham, Massachusetts
The risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.
7/16/08 – Testimony before House Financial Services Committee
[Fannie Mae and Freddie Mac are] adequately capitalized. They are in no danger of failing… [However,] the weakness in market confidence is having real effects as their stock prices fall, and it’s difficult for them to raise capital.
Full Bernanke blog post here.
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"Was Concerned About Seniors"
No, no, no.....you do it for the children!
Ben, you will rot in hell cunt face.
FUCK YOU BERNANKE!
shit covered donkey dick sucker
What a lying motherfucking piece of shit.
His concern was to protect the Banking System. That was it and at ANY COST..
The ultimate value of 'any cost' is yet to be determined. I suspect it will be exponentially higher than even Bernanke's worst critic (ZH) suspects.
F*ck the bernaske, and the horse he rode in on.
He was concerned that seniors had money which he hadn't stolen from them yet.
He was concerned about seniors costing the banksters another annual bonus.
Last last weeks resident zio-bag making the headlines was Satan Soros, last week it was Ol' Yellen, this week is Helicopter Ben....we dont need anymore of these muthafuckin Jews telling us why raping our asses was the best and only alternative.
Ben is actually being Perversely Honest!
He was concerned about the seniors and savers. Just not as much as his concerns for the Banksters.
Fucking Legacy Spinmeisterturds
AND SURE AS SHIT NOT THE SENIOR BOND HOLDERS AT GM, EITHER.
If he really cared for senior citizens he'd do something to bring down the price of cat food
"the Fed has no choice but to set rates somewhere"
BULLSHIT ... Volker did not raise rates in 1980. Volker contracted the money supply and let rates set themselves were the markets sought equilibrium ... Which ended up being 20%
He'll be advertising life insurance for AARP soon. Dole alreayd has the viagra thingy wrapped up.
He will be hawking Depends when the guillotine mob shows up.
And if the middle class were not being trashed by economic policy, the equilibrium rate would be different. For example, importing skills from overseas whenever it is more convenient than growing it here, depresses the incentive on the part of the middle class to work to gain them. People would save more, if they could keep more of their savings instead of losing them to fees and market bubbles/busts. The one percent manipulate the background rules, then cry necessity to impose more policies that favor them.
Jew, after Jew, after Jew... Am I starting to see a pattern here? I really hate it when statistics are anti Semitic.
''If Jews account for just 2% of the general population, then, all things being equal, there would be a 1/50 chance of a single Jew being selected as Fed Chair. The odds of FIVE consecutive Jews would therefore be 1/50 x 1/50 x 1/50 x 1/50 x 1/50 = 1 in 312,500,000!"
Radical Marijuana
They're everywhere!!! Just like teh gheys (who are also only 2%)!!1!1!!1!!1!1
What are the odds of 5 consecutive Khazarian Fed chairs?
Read this and you will have a better understanding of who these people are:
http://www.veteranstoday.com/2015/03/08/the-hidden-history-of-the-incred...
Just proves my point (below). They're appointed by design by TPTB. Easily gives the sheeple a visible culprit. ZH snobs included.
So, you are saying Yellen won the lottery?
Throw the Bernanke Down the Well
I'd like to see this bastard's face on a wanted dead or alive poster.
@General Decline
Nope, it can't be a pattern because you are not allowed to even notice that specific 3% ethnic group in regard to any of their malevolent or predatory behaviors, as that would be "hate speech", a "thought crime", and "antisemitic". Instead, think of them as evil white men(including Yellen), or even as Eskimos. :)
Truth, It's The New "Hate Speech"
TPTB do it on purpose so that numbskulls like you will get distracted and have a ready scapegoat. Classic divide and conquer.
Take it easy...Hitlery will fix it:
Former Secretary of State Hillary Rodham Clinton told a representative of a group of prominent Jewish leaders on Sunday that she wanted to put the relationship between the United States and Israel back on “constructive footing,” the representative said.
Mrs. Clinton’s comments, made in a phone call to Malcolm Hoenlein, executive vice chairman of the Conference of Presidents of Major American Jewish Organizations, contrasted in tone from recent remarks by members of the Obama administration, who have publicly criticized Prime Minister Benjamin Netanyahu of Israel amid tensions over a nuclear deal with Iran and comments Mr. Netanyahu made in the final days of his re-election campaign this month.
“Secretary Clinton thinks we need to all work together to return the special U.S.-Israel relationship to constructive footing, to get back to basic shared concerns and interests, including a two-state solution pursued through direct negotiations between Israelis and Palestinians,” Mr. Hoenlein said in a statement issued by his organization on Sunday evening. “We must ensure that Israel never becomes a partisan issue,” he quoted her as saying. Mrs. Clinton knows Mr. Hoenlein from her time in the Senate.
I don't know how he can say this stuff with a straight face. He knows he's lying!
Because he's a psychopath? What do I win?
C´mon Ben, time to pull a Greenspan and come out with the I love gold comment and lets really spin some heads..360° like.
This is a honey pot scheme to collect death threat IP addresses. Probly no Bennie paws ever touched a keyboard.
You are misunderstanding what he said. What he meant ny "Seniors" was the Heads of the TBTF Banks who by virtue of serving on the Board of the NY Fed are indeed his Seniors, And boy does he care about them......
Shit, I thought he was all about main st, thanks 4 the tip.
Seniors?
Senior Management?
Senior Equity Positions?
Senior (Old) Money?
Yes, basically he has admitted to fucking the children...
From what I can tell that's a trait inherent in most boomers.
Wasn't it Greenspan who said the Fed would never monetize the debt? The first time I heard Bernanke give testimony at his confirmation hearings I thought' "this guy is worse than Greenspan --- we are totally fucked!"
The Bernanke
A name that will live in infamy!
Never was so much done to so many by so few.
"Contrary to what sometimes seems to be alleged, the Fed cannot somehow withdraw and leave interest rates to be determined by “the markets."
I'll remind younger readers that the infamous "Fed Funds Rate" was, once upon a time, a rate HIGHER than what banks would offer eachother for short term borrowing (inter-bank lending, the exact thing that collapsed and nearly took down the entire financial system in 2008). It was INTENDED to be the lender of last resort in such situations. Now the Fed rate is LOWER than inter-bank lending costs. And this slimy bastard wants us to buy into the false choice of "The Fed sets rates, so do you want them lower or higher?".
So, Ben, how about we set rates high enough that inter-bank lending is once again cheaper than borrowing from the Fed? You man enough for that? Didn't think so. Chichenshit.
I think you may be confusing the Discount Rate and the Fed Funds rate, but my coffee hasn't kicked in yet.
They don't give a rat's ass about the banking system, or they would let it work. They are protecting the money printing scam and all the control that comes with it, like wars for Israel and all corporations now being owned by jews via LBO loans to their own kind.
For fuck sake, Sheldon Adelson can barely speak and he owns Congress. Between AIPAC and the Fed, it's lights out for America.
What did Americans think would happen when they let the least trusted people on the planet and with dual citizenships control the money supply? We were warned by many great minds long ago.
Wrong.
The purchases of the TOXIC SUBPRIME and FORECLOSED Mortgage Backed Securities worked to remove the forclosed, non performing wothless Mortgages from the Bank's Balance Sheets while QE allowed for the direct injection of the Capital which was intended to recapitalize weak and insolvent banks.
That is the reason why foreclosed homes sat VACANT FOR YEARS...FOR MANY YEARS AT THAT..and were not liquidated. The Federal Reserve was BUYING THEM.
This has led to such an imbalance in Real Estate valuations that still will not allow for true Price Discovery in Real Estate today and has encouraged the Banks to make the very same mistakes which led to the 2008 fiasco.
But since you are into the Stormfront bullshit and have no real understanding of the financial markets here is something for you...more your speed...
Hitler on Keyboards...
Something For the Girl With Everything...by Sparks.
https://www.youtube.com/watch?v=AnM3Iq977JU
Ah, the obligatory mention of Hitler by a jew, as usual.
And here's a link for you, sift through the material and learn about such atrocities as 50 million Christians murdered in the very Jewish bolshevik overthrow of Russia, long before anybody knew who Hitler was. You might also learn who started the NAACP here in the US (jews) while these same jews push Israel for jews only. It's a big fat scam on the goyim, and many great men warned us ahead of time, including Henry Ford, Walt Disney, Ben Franklin, and on and on.
Go ahead and give it a read, don't be afraid of the facts. http://incogman.net/
Oh you mistake me for a Zionist?
You really think that I do not know who Henry Ford and Charles Lindbergh warned about? Henry Ford's International Jew is still available.
https://archive.org/details/TheInternationalJew_655
But you wrote utter bullshit.
Bernanke's number one goal was to save the bamks.
If you want to discuss the facts then I will be more than happy. But if you want to write bullshit and pepper it with "the jews" then it is incredible and does not add value...but detracts from the true issues.
He simply stated a fact. Bernanke, Yellin, Dimon, Blankfien, and Stanley Fischer are all Jews, among others at the Fed and TBTF banks. I don't what the fuck you are criticizing him for.
Stormfront? Hitler? Get a grip Tom.
HIS STATEMENT...
They don't give a rat's ass about the banking system, or they would let it work.
That is ALL THAT Bernanke, et al, CARES ABOUT. That is what allows for THE CONTINUATION OF THE FRAUD TO BE PERPETRATED!!!
That needs to be STOPPED!!!
We do not need to say the jews this...and the jews that.
First not all jews are zionists. Next not all zionists are jews.
We appear as a bunch of racist kooks when we do. It does not serve us well to do so. Outsiders will not take us seriously.
We need to point out the problems, identify the perpetrators (easy enough), regardless of their "professed religious beliefs" and prosecute them and execute them.
It DETRACTS from our message.
The racists are planted here to discredit those that want to end this scam by the central banks.
Some...some...
With that caveat I agree.
Right on cue. When in doubt pull the race card. And btw Tom, Thisson is a well known bankster loving apologist here at the Hedge.
What fuckan bullshit he spews.
Thanks Bay of Pigs for keeping us up to date with the disinfo shills! I wonder how many have sock accounts? Tall Tom & Thisson are most likely one of the same.
Nope. I run one account. If you'd like to meet me then you can always visit.
I live at
12223B Woodside Ave.
Lakeside, CA USA
Bring your guns and let's go hunting.
@Thisson
Alex Jones is on board. Lol! Beat it shill, nobody buys your shilling act anymore!
Tom, jew this jew that..well tom very few forums that allow even slightly negative statements about select peoples..those the law protects.
as I think most here on ZH know, we only have animosity towards those who have acted against us and by criminal means, have nullified our votes, our rights and confiscated our property and liberty.
as it happens many jews are at the front of these actions, it would be illogical to ignore facts..aka eyes wide shut.
as it happens many jews are at the front of these actions, it would be illogical to ignore facts..aka eyes wide shut.
As well as many Christians are in front of the Zionist actions.
All jews are not zionist and all zionists are not jews.
Would it be illogical to ignore the fact that there are many Christians are at the front of these actions as well?
Yes perhaps for comaprison there are many more Jewish Zionists, by percentage, than there re Christian Zionists.
But I do not read the Christians this and the Christians that. (Personally i'd take offense as I am Christian but not zionist.)
Why not just use the label Zionist or Neocon as it is more descriptive?
"Why not just use the label Zionist or Neocon as it is more descriptive?" if it were I would use it.
this is about corruption, a mafia of finance elite, who have a lot of myer lansky's working for them.
as like most of us here I only report that which I see, I do not condemn every person of any race or religion for what criminal members do, but to ignore the obvious and use your terms do little to clarify those in power positions do seem to share this trait, which I one time I would have said was due to ability and hard work, now I see it as crime and croneyism - blame every jew ? no .,.,no more then I blame every graduate of the IVY LEAGUE.
No Tall Tom "our" message is not to execute them it is yours. What I want which proved beneficial for the entire country before the American revolution was public banking and the government issuing its own currency, not a foreign power.
Whether its the Chinese or Israeli lobbyists, at the end of the day this is government corruption we're dealing with and it is wmding badly which is no surprise to many here.
Actually our banking is centered in the CITY OF LONDON.
But without rule of law, and the consequences thereof, then it does not matter if the Bank is foreign or domestic, does it?
That becomes RATHER MOOT.
So I gather that you do not ascribe to rule of law?
The bankers need to repay us.
Jew is NOT A RELIGION it's a race and only the ignorant conflate the two!!!!!!
Jews are the latest hobgoblin to keep us frightened and distracted. If 9 out of ten bankers are jewish thieves that means there are nine evil jews, not that being born a jew is being born evil. But somehow zerohedge has become ground zero for bigots who serve only to distract from the fact that the same banking system run by chinese in China, Irish in Ireland, and mongrels in America is a nest of thieves who come in every color.
And no, I'm not a jew! I'm a mongrel of Irish, English and Cherokee decent and too awake to be fooled by race baiting bigots who are too ignorant to recognize they're no differant then the KKK ranting about blacks and jews as if to be born a black or jew is to be born of a particular idiological view.
tarzan, take a breath..perhaps you missed the last 8 years? can you name the heads of the fed these past 40 yrs or so? just cause you feel people should not be attacked for race or religion (except guys like tim tebow if you know what I mean wink wink)..we are talking about crime at the highest level and we cannot ignore who holds position of power in banking, msm and such.. you are welcome to ignore it but that does not mean we should.
I agree with you, We should hold every one of these individuals responsible, Just not their entire race!
That is not true. Actually the tribe of Judah practices Judiasm. Judah is one of the TWELVE TRIBES of Israel. (Israel is the name of the patriarch, Jacob, and each one of Israel's sons became the patriarch of a tribe. And if you want to discuss the Holy Scriptures I am more than willing to do so. Judaism is both a religion and a race.
Only those ignorant of the Holy Scriptures will suggest otherwise...Do you care to debate me on the issues of the Bible?
Most of the Jewish race adheres to the religious belief system. Of course there are exceptions.
It is the same whith the people of the Middle East adhering to the Muslims beliefs and many Europeans believing in Christianity (Roman Catholicism, Greek Orthodoxy, and Russian Orthodoxy).
But Zionism is a POLITICAL MOVEMENT.
The banks in America are run by Zionists. Many are Jewish by race. In fact there is a statistically disproportionate anumber of Jews than to any other race.
This has to do with the RELIGION of Medieval Europe, mainly Roman Catholicism, which forbade Christians from collecting interest, as the Papacy declared that it was usury and a sin. Thus Banking became a Jewish trade as the Catholics sought a scapegoat so that they'd not be guilty of sin. There was little freedom of choice in Medieval Europe. If your father was a baker then you'd learn the trade and become one. Thus the surname, Baker, was formed as the Bakers baked and the Farmers farmed land, and the Georges were down to earth people. These names have actual meanings.
Of course the trade castes were abandoned with the dawning of the Industrial Age but traditions are not as easily broken. The Jews remained the Bankers and the Jewelers. And even to this day there are many jews involved in banking, disproportionate to the American "Mongrel".
I personally do not care if they are jews or cyborgs. I also want to hold individuals personally accountable for their malevolent behaviors.
But you can not deny the fact that there are disproportionate numbers of Jews in Banking, the Jewelry trade, the Entertainmet trade, and the media, by race and religion.
It is that some contributors here are unjustly called anti-semite, as I have been called, and I am not.
I believe that it is a distraction from the fact that these bastards whom have stolen from us need to pay the price. That is an example of reverse discrimination and the trolls use that to achieve their goals.
And when their apologists come out and use the race baiting tactics, as calling me an anti semite, then I tend to get pissed.
And it is rather INCITEFUL in my current state of mind.
We can talk religion if you like, I've read the Bible a few times. Lets start with your comment,
"Israel is the name of the patriarch, Jacob, and each one of Israel's sons became the patriarch of a tribe"
Sounds a lot like a great definition of race to me
"Judaism is both a religion and a race"
So if I get your point, you believe all people born a jew follow the same religion or idiology?
IMO you are born into a race. Later you choose a religion or idiology to follow and the idiology morphs with experiance. Your race never changes and you can't be held responsible for what you can't effect, namely the race you were born into. A bigot would hold a jew responsible for things he hasn't caused simply for the race he was born into!
What did Paul mean when he wrote the following,
For he is not a Jew who is one outwardly, nor is circumcision that which is outward in the flesh. But he is a Jew who is one inwardly; and circumcision is that which is of the heart, by the Spirit, not by the letter; and his praise is not from men, but from God.
Is he not distinguishing between a secular jew and a follower of Judaism?
tarzan, you speak at a tangent to what most here post..the math makes it plain that too many of the same race and backround control too much of finance, msm and linked to that entertainment - it can only happen that way if others are excluded from applying - they have a closed club and you and I ain't in it ..much like hollywood is a large percent of one religion and perhaps race esp at the top. and we have not even got to the reptile elite who knows what race or religion if any they have? ;-)
I agree with you concerning the disproportionate number of Jews in positions of power and and the Evil they perpetrate. The same could be argued concerning White Caucasian men disproportionately holding executive level jobs. I just cannot follow the logic the majority here use when they accuse the entire race of being evil. these same arguments are used by bigots against Blacks for their disproportionate involvement in crime.
The math also makes it clear that a disproportionate number of Jews are world class diamond cutters. Following the logic of antisemitism would conclude that all Jews are fantastic Jewelers and are the enemy's of all Jewelers of a different race. The fact that I am a minority in this view here is an indictment on you and the rest who judge a man by his race, not me!
Tom, the "international jew" is utter bollocks. The jewish bolsheviks were among the greatest enemies of Zionism: http://library.flawlesslogic.com/ish.htm
Jonesy - About Walt Disney's warning. See this quick comedic take on Family Guy. Good for a chuckle: https://m.youtube.com/watch?v=YAcIzPmOhBQ
But seriously the WASP's in Washington seem to benefit by it so blame can be distributed. Christ's advice is best: "Never be a lender or debtor." The only valuable purpose for debt is capital expansion of business or buying a home. Everything else your going to lose in life like Blackjack at the Casino where the house always has a hand of 19.
The real shit storm in RE has yet to be discovered.
Lloyd's of London Insurance Won't Cover Wireless Radiation Hazards March 18, 2015
Thanks for the Heads Up. I will watch that.
Anymore bombshells?
Spooks are scrubbing. Another related link 404 error.
There's a house about a mile down the road converted to CRE that Century 21 located to. It's now up for sale. On the lot next to it houses in excess of $300K are being built. They will be living in a blanket of death sure to boost Obiecare profits.
I began having heart/BP issues at 3-4am every night. My heart was following an algorithm. 193-111-61. I caught it with an IPhone app as a BP cuff would only give the end result, not the real time results. From the kindness of one Dr. I knew & 3 strangers, one I met here, I was able to determine just WTF was going on. My house has been measured twice to locate the sources. Dect 6.0 cordless phones are like having a cell tower in your house. I was being nuked where I slept by the cell tower to the south & my neighbor's smart meter from the west where I literally laid my head at night. Massive magnesium deficiency. Illness from non-ionizing radiation manifest in numerous ways. Protect yourself as many just won't listen. A school chum was buried last week. Brain cancer.
antennasearch.com
read pages 7-11 for symptoms.
http://www.magdahavas.com/wordpress/wp-content/uploads/2011/06/Glaser_1972_shortened.pdf
Retired epidemiologist Sam Milham was a great help too. A very kind man. I highly recommend his quick read "Dirty Electricity" & his findings on La Quinta cancer clusters. See his CV. He too has been censored. LQ link is 3rd under papers tab.
http://www.sammilham.com/links.shtm
http://apps.fcc.gov/ecfs/document/view?id=7521067071
Oh noes - wifi is so dangerous!!11!!
Well when the largest name in insurance is now writing waivers then perhaps their actuaries have figured out that there is a high sigma to the correlation between wifi and cancers.
But that may not make sense to the innumerate.
Perhaps there is a reason why that Lloyds of London hires statisticians to work as actuaries. Is that a probability?
Lloyds of London has made some bad bets before, against their actuaries advice. For instance Christa McAulliffe's Life Insurance Company canceled her policy when she was to fly on the Space Shuttle Challenger because of their actuaries advice.
Llyods of London ignored the data and issued her a policy gratis.
It cost them a Million Dollars when the Challenger blew apart in the skies over the Atlantic Ocean some 72 Seconds after lift off from Cape Canaveral's Pad 39B.
Had they listened to their actuaries it would not have cost them a dime.
Perhaps you do yourself a service to know what statisticians to listen to instead of rejecting all statistics.
I will take a Government's statisticians with a grain of salt as I know that the data is massaged. However I will listen to Lloyds of London as they are a profit motive driven private corporation. If they fuck up it costs them.
@Thisson,
I really try to refrain from ad hom since that is the sole contribution of many here. It would appear that just like "Barnaby" with his hi-tech Goog glass, the damage has been done.
You are a fucking idiot.
Appeal to reason...
So, you really think that moral hazard does not exist?
Good luck with that. those banks should have all gone bankrupt asshat.
No shit. I know that. But Bernanke fucking bailed them.
I did not nor do I support that. BUT THAT DOES NOT CHANGE THE FACTS, DOES IT?
But I surely know what the fuck happened and why the asshole did what he did.
REPORT DOES NOT MEAN SUPPORT.
The houses don't even really matter.
All they did was serve as the vehicle for the phoney default insurance. A lot of RE inventory that sits for years is because the titles are clouded so badly they are legal time bombs that even Linda Green wouldn't sign off on.
Selling this stuff opens it back up for lawsuits that would be so preposterously stuffed with fraud it would embarass even a kangaroo. It's like an insurance company that knows it's going to get bailed out, so it sells 30 fire insurance policies on the inflated value for 1 house to their lien holder buddies. Then the bankers just burn it down, collect the money, "GAAP" it down in the "loss" column (hello bailout), then blame it on someone else being "wreclkless and irresponsible".
Like everything these days it doesn't make sense but the banker men make more money, a lot more, by loans that don't get paid back. Top it off by selling bundles of the above scenario *again* into a REMIC/MBS *multiple times* for more fraud AND tax evasion. After that it goes straight to the GSE's at par courtesy of the taxpayer. It's simply stunning.
It is really hard to collect mortgage payments from properties that do not have a clear title.
Perhaps the Fed also purchased the toxic MBS to COVER UP the fraud as well. But non perfoming loans on the bank's balance sheets are not assets but liabilities, aren't they?
That is what that $40 Billion per month purchases of all of that toxic debt was about...clearing the lenders of toxic assets....er..liabilities.
Now you can argue against this if you want but that was Bernanke's intent. But I will agree that the amount of fraud perpetrated in the last seven years has been stunning...and covered up.
It certainly was not to help the seniors.
LOL! None of them were worried about seniors. That includes Bernanke, Timmy, Paulson, Blankfein, Greenberg.
The banks liability of not getting paid by the original borrower gets made up a million times over by the fake bailed out insurance. The AIG thing was so bad they even pulled out the national security card!
SEC mulled national security status for AIG detailshttp://www.reuters.com/article/2010/01/24/us-aig-coverup-exclusive-idUST...
These guys are incredible with the blame game. Here's Hank the Shank:
http://www.treasury.gov/press-center/press-releases/Pages/hp856.aspx
Really? A former Goldman Sachs CEO for eight years has a sudden animosity towards speculation? The Goldman Sachs firm is practically synonymous with the word speculation. The audacity is breathtaking
This whole thing has turned the courts and land records into judicial pandemonium.
It is fucking hypocrisy and fraud on the highest order.
I wonder if we will ever have a functional Title Insurance system again. How this developed into the quagmire that it has reeks of such a profound depth of fraud and corruption that it boggles the mind.
Who owns what? What mortgages were...ENTANGLED...(yes...Entanglement...that is the way to conceptualize this)...with others and how many manifeatations of entanglements are there?
Why did the regulators allow the bundling of the MBS in the first place?
How in the hell can we ever get the world to trust our paper, and have confidence in the veracity of our issuance of paper, again?
The entire system was set up on trust and confidence. And there is just no way out as this has been destroyed.
It seems as if now the end game is being played out to see who can screw who better and faster before thewhole game collapses in a heap.
And I know that my rant here is just scratching the surface.
We are so fucked.
These assholes who did this to us must pay...with their lives.
It is just a zombie economy at this point. We are truly dead...walking dead.
Don't look now but Tyler has a new article on top about this exact subject.
I swear to God that he reads my mind.
I do not know how...
Chunga - You nailed it all. My Grandmother that lived through the boom of the 1920's and bust of the 1930's told me this:
"Never trust a banker, they love foreclosures." As that generation passed away it was time to pull the grand scam again.
cost shmost...
what I WANNA KNOW is what pays more
a Brookings gig or
a zh gig lol
Ben sits safe and snug in his Elite Lifeboat. He cares NOT what you think.
Why US Cities Fell & New York Thrives http://wp.me/p2kmGE-jm
the hate i feel for this man could heat an entire city.
Yes. I agree. If I only had a Nuke...
Every ten years or so hang a couple of them and the rest will fall in line.
But will that heat an entire city?
The hell bound boy will give up this notion of blogging to the people when he discovers his rederic is bounced by the simple logic of the Muppets. He's still looking for his blogs' first comment because nobody has commented on how great he is. My first 4 comments didn't pass muster....
He begins his blog with,
"The ability to shape market expectations of future policy through public
statements is one of the most powerful tools the Fed has"
Isn't this a symptom of the breakdown of true price discovery in the stock markets?
The notion that the value of the stock market can change on a badly written headline is chilling, more so a deceitfully written headline. The implications of moving the markets with headlines, algorithms reading those headlines, and HFT traders skimming from these moves with automated systems are a recipe for disaster and logic Ben would rather not see in the comments under his first post!
The only seniors he was worried about were senior executives running the banks and Wall St. Fuck you, Ben!
LOL
Don't hold back Banzai7. Go ahead and tell Bernanke how you really feel. :-)
While this should essentially be the top comment, and if they allowed open comments -- it would be the most upvoted comment on here -- it will never see the light of day, and some kool-aide drinking intern will most likely delete it.
Bernanke'S Blog vs Tyler's ZH .
greenspan, bernake, yellen years of fed leadership, have led to this world wide mess..can there be no admission of failure by these three? who can point to them and say" You are the cause !You failed your duty."
they have all escaped any ANY consequence of this failure in trust, no they in fact are more wealthy for it.
this is why the common man is violent, because of fucks like these, who think they are safe from and above the common man.
Another charter member of the fudgepacker's pathological liars club.
Perhaps we could relocate out there and this could later on help join both the blogs, couldn't it?.. Benny could then regularly contribute to friday humor and muppet genocide sections here.
Anyway, I find a bit dangerous to him to start writing his own blog. Just recall what happened when Alan started freely expressing his ideas. We might soon find out that gold is not just a tradition, or something. Free speech is a bitch, especially, when one retires.
Yup.
I don't think that comment is going to reach the threshold of inclusion mark.
There is one -1
It seems Ben has an account on ZH
William, I'm taking it your comment didn't pass muster either, After my first 4 were bounced, I commented what a nice guy Ben is. It too was deleted, LMAO
He is misquoted - what he really said is
"I was concerned about Senior... Partners at Goldman Sachs"
Duplicitous double speak lying chrome dome jerome bearded turd
a dead pool:
ZH perhaps could develope a list of names those who most benefit from corruption..both in USA and country by country..another blog could then use this list to execute a dead pool.
let me be first to add to usa list a few names:
Ben Bernake
Alan Greenspan
buffet and munger
head of GE and those pricks in senate such as feinstein,boxer, throw in ex congressman b frank
head of google, facebook, most movie and tv ceo's
and what would you get?? alot of dead jews.
Let me add some others.
Benjamin Netanyahu...the bastard that wants us all dead.
Sheldon Adelson...the money man
John McCain, Lindsay Graham and the Newt.
Henry Kissinger
Zbignew Brezinski
Paul Wolfowitz
John Bolton
Richard Perle
This list will end up very, very large.
You would end up with a lot of dead Zionists.
I proclaim.... his disdain for "the markets" is indicative of the technocrat enthusists that are told by their collegues that they are the smartest people in the world; this superpower comes with responsibility. They are duty-bound to save us from ourselves. Sure, he could've just been enriching himself and his friends, but I believe he ACTUALLY believes his own B.S. Is that more dangerous--a lunatic or a thief?
Oh, he without a doubt believes his own BS. All of the best evil-do(good)ers do.
When one lives in the world of abstract aggregates, the individuals who pay the price are but mere collateral damage in the Grand Design.
Remember, thanks to the sheeple, dear leaders "HAVE TO DO SOMETHING!!!!"
You go George:
George Soros has long called for the West to pump billions into Ukraine. Now he says he's ready to walk the talk.The veteran hedge fund investor told an Austrian newspaper he was prepared to invest $1 billion in the collapsing war-ravaged economy under certain circumstances.
"
But if the goal was for retirees to enjoy sustainably higher real returns, then the Fed’s raising interest rates prematurely would have been exactly the wrong thing to do. In the weak (but recovering) economy of the past few years, all indications are that the equilibrium real interest rate has been exceptionally low, probably negative. A premature increase in interest rates engineered by the Fed would therefore have likely led after a short time to an economic slowdown and, consequently, lower returns on capital investments. The slowing economy in turn would have forced the Fed to capitulate and reduce market interest rates again. This is hardly a hypothetical scenario: In recent years, several major central banks have prematurely raised interest rates, only to be forced by a worsening economy to backpedal and retract the increases. Ultimately, the best way to improve the returns attainable by savers was to do what the Fed actually did: keep rates low (closer to the low equilibrium rate), so that the economy could recover and more quickly reach the point of producing healthier investment returns. "
Sticksave from Bernanke!
Bernanke just gave Yellen and the FOMC their cover.
Bernanke has now explicitly said that rates should not be raised as it will damage the asset recovery that the Boomers require to retire on. This is about prices not rates. The FED is no longer tasked with setting rates it is tasked with propping asset prices. Rates are irrelevent if prices collapse and wipe out the wealth of Boomers. This whole drama isn't about rates of return any more: this is about preserving nominal principal valuations...
This little 'blog' from Bernanke is henceforth going to be cited as a crucial argument against raising rates and/or will be cited to discredit those who do for any drop in asset prices no matter the underlying reason.
I just went to the site and at this time there are no comments on the article. Zero. I wonder why?
Fuck you Bernanke! (Wow, it's been awhile for that one)
Too much text to read on a common lying jew.
Bernanke, a blogger at the Brookings Institute?
Color me shocked ;-)
My comment there is being moderated, no other comments were posted.
You yeggs should have better luck talking personally to Ben.
That sounds like fun.
//////
Lets see if mine goes through..."So Ben, when you panicked and drove interest to almost zero, you were doing it for the seniors who savings were in the banks?"
That should put them on lockdown.
Banzai nails it, Bubble Ben will only reply to the sycophantic Krugmanesque types, not the ordinary blogger class his shit-show infects daily.
I mean, it is Brookings afterall (collective nod)...a very high brow, seriously socially engineered progressive bunch of group-think brainiacs over there.
Look Ben, peons!...lol.
Yeah,really,who saw that coming.I'll be Heritage and Cato are devastated.
When one can lie, all problems can be fixed and ignorance or worse can be covered up.
Are you going to believe what I do or what I say?
Low interest rates might be OK if there was not an infinite money supply given to insiders. There are two ways to have enough in retirement.
1. Earn more from your savings than inflation takes away.
2. Have enough money to last when there is no way to earn money from saving and depend on inflation not stealing buying power.
The banks violated the covenant made to provide number one and then did not provide number two, instead deciding to inflate away granny's life savings.
The Fed made all saving valueless to the banks by providing infinite free money out of thin air to them. In an era where the banks should have become dependent on wage earners and retirees, the Fed decided to violate the covenant instead.
You misspelled coven.
All statists desire order, control, structure, like the orderly transfer of wealth from those who have honestly earned it to those who have not.
Seeing as how "the covenant" has been broken by the statist side, why not introduce a little (what they would consider) chaos into the system and lets see what happens ;-)
Problem is, their "orderly transfer" is unsustainable, so they themselves introduce massive amounts of chaos into the system in an effort to further dislodge wealth while obscuring the true ramifications of their machinations.
..In the weak (but recovering) economy of the past few years, all indications are that the equilibrium real interest rate has been exceptionally low, probably negative." - Bernanke.
The beauty of being a noe-Keynesian is that you can start a bubble, watch as massive mal-investment occurs, observe the system attempt to purge itself of excess, then declare that negative rates are in fact equilibrium rates because there is now an output gap!
Yes, there was an output gap because of all the mal-investment!
In a free market, the owners and creditors pay for mal-investment. In Bernanke's world, seniors and savers pay for it.
The scary part is that I think he really believes all of his bullshit.
Well said!
Fuck you Bernake and Mr Yellen !!!!
"but my first loyalty lies with bankers and other oligarchs"
All worried about the non productive seniors.
Ben what about the productive population? You know those that go to work 40+ hours a week? What about us.
Shitface.
my only question to him is : where do you live and when does your security change shifts??
He has Secret Service protection. Heads up.
tall tom, good, a few hookers sent their way, some good booze, taken care of.
One can kidnap the SS agents' kids. The ransom is Bernanke's head on a platter.
But the timing will have to be correct with the nation in ruins first.
Loyalty which is paid for is not loyalty whatsoever.
Yes it will be a bloody revolution.
Bernanke threw everyone under the bus except his bosses, the shareholders of the Federal Reserve Corporation.
No surprise there.
Shareholders? You mean the Fed isn't a government entity, working for the common good of the American people? OMFG. Tell me, tell me please, that there is still an Easter Bunny and Santa Claus. Please.....
It's interesting that as a private corporation, the FED doesn't have to disclose who their [mostly foreign national] shareholders are.
Requests for this information have been denied on the grounds of national security.
Go figure.
or
Checkmate. Donkeys.
If Michael Moore had any balls, he'd do a doc on this. Show up at the various Fed offices seeking info.
All his special interests require the Fed to survive, so that'll never happen. It would be funny to watch him try to squeeze through that heavy iron door at 33 liberty, though.
Ben: You worhtless PoS. You did more to harm seniors than the ancient practice of tossing them off the cliff. You helped shrink the value of their pensions with enabling inflation that was then lied about by TPTB. You made interest rates negative so that any income from savings vanished.
If they weren't starving on a cat food diet, these seniors you helped would likely be seeking you out to help you in the same fashion.
What I would say to him is Pull the other one please.
retarding the interest rate that seniors can earn while manipulating the "official" inflation number to limit their SS adjustments is like throttling seniors with your fists.
He was concerned about himself?
I believe that.
what was so bad about insolvent banks going bankrupt and re organized with failed leadership being removed that you had to rescue them and punish savers?
many years after WWII, I now wonder if perhaps Herr Hitler might have been a little right about a race..and that is not for want of not being lied to from the likes of our fed chairmen..for a man to be this above it all and self deluded (in a long line of fellow tribe members in his same job)..he was so willing to take the money and send the common man to his fate while saving his tribe on wall street..no Herr Hitler was wrong in how he controlled them, he should have sent them to palestine to feed on each other.
Churchill himself said in the mid-thirties that Hitler had 'signed his own death warrant' by taking on the international financiers.
Dear Ben Bernanke, reading the comments I can only say you made a lot of good friends - well done! Let us wait for the moment when the American people find a peaceful and democratic way to dismantle and get rid of the FED. The brickstones of the building should be sold as souvenir and the revenues of that should go to a fund that serves the retired.
The only old people Bernanke has ever known are rich old people, the kind who have so much cash sloshing around that they put a lot in stocks even though they're old. Fuck him, he doesn't give a shit about regular old people.
I disagree that he is right (second paragraph).
In a wealthy society with lots of savings, there would be a downward pressure on interest rates (people can forego more of present consumption)
In a poor society, there would be upward pressure on interest rates (as you would want a higher return should you pass on the opportunity to consume in the now, as opposed to later).
Talking about a free market here ofc...
What has created these bubbles is the Central Banks "faking" existing wealth by lowering the interest rate by too much.
Except in the short run, real interest rates are determined by a wide range of economic factors, including prospects for economic growth—not by the Fed.
To understand why this is so, it helps to introduce the concept of the equilibrium real interest rate (sometimes called the Wicksellian interest rate, after the late-nineteenth- and early twentieth-century Swedish economist Knut Wicksell). The equilibrium interest rate is the real interest rate consistent with full employment of labor and capital resources, perhaps after some period of adjustment. Many factors affect the equilibrium rate, which can and does change over time. In a rapidly growing, dynamic economy, we would expect the equilibrium interest rate to be high, all else equal, reflecting the high prospective return on capital investments. In a slowly growing or recessionary economy, the equilibrium real rate is likely to be low, since investment opportunities are limited and relatively unprofitable. Government spending and taxation policies also affect the equilibrium real rate: Large deficits will tend to increase the equilibrium real rate (again, all else equal), because government borrowing diverts savings away from private investment.
Bernanke's QE has spread to a global pandemic
Harvard University should be burnt down out of respect for the billions of lives they have destroyed
1 million Bernanke's pounding on a keyboard still would NOT Type the truth