Full Bernanke Speech: Nothing Now, But Wait For Sept 20 FOMC Meeting Which Has Been Extended To "Allow Fuller Discussion Of Tools"

Tyler Durden's picture

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Dingleberry Jones's picture

Much ado about nothing.

nope-1004's picture

In addition to refining our forward guidance, the Federal Reserve has a range of tools that could be used to provide additional monetary stimulus.

Bullshit!  The FED controls the markets, controls the HFT's, controls and manipulates metals, controls foreign banks, and controls foreign countries by invading and removing their leader under the guise of "humanitarianism" when said leader explores selling oil in another currency.

Call it what it is Benocide, you LIAR.


BaBaBouy's picture


Blah Blah Blah Blah Blah Blah Blah...

Bottom Line Bitchez... Financial GAME OVER Bernie & Fedie ???

Thomas's picture

Errata: "Full Discussion By Tools"

mkkby's picture

I've said it a dozen times on these threads... no QE ANNOUNCEMENT today.

But did it ever stop?  Doubtful.  If a large bank gets in trouble, fed will buy assets and bail them out.  If a treasury auction looks dicey, same thing.  Or if stocks get hammered too much, they'll use the HFTs to move it around.

They're just being quiet about it.  They realize they made a mistake being too open.

redpill's picture

I don't understand why this market just surged green.  Crappy data, no QE from Bernie, wtf?

Havana White's picture

Chairsatan would have listeners believe this is a frank assessment of the US economy and the challenges it must overcome to regain health.  There isn't a word in the speech, however, about the grave effects a crippled European economy will have on the US's tenuous economic climate.  Given the high probability that things will worsen in Europe -- perhaps soon, severely, and without available remedy -- this omission is bizarre.

John Bigboote's picture

Who wrote this speech? I can guarantee you it was not the Bernank. All of this shit is written by 20 something interns. The key people don't give a shit enough about you to actually spend time writing a speech for you.
This is all a bunch of absolute bullshit.
Of course the morons on CNBC will sped countless hours sifting through this crap. What an incredible waste of time.
Just get your preparations completed. That is all that matters. Look beyond the new normalcy bias. It is easy to see that it's all over and it won't be an orderly transition.

caconhma's picture

Regardless of what the scumbag will say, we know what he will do: print more money, bail out his friends, and debase US$.

The rest is just a smokescreen. Consequently, his criminal masters, friends & associates can continue their con game.

Remember, the central planning administration has neither imagination not vision. They are like old Soviet central planners who religiously followed their dogmas regardless of the reality and consequences.

deez nutz's picture

Bernanke has 2 choices: deflation or inflation.  Both lead to really bad times.  Checkmate, bitchez.

TruthInSunshine's picture

John Maynard Keynes on inflation in The Economic Consequences of the Peace (p. 235-6):

By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth. Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become ‘profiteers,’ who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”


The Bernank is a hack with his economic theories whack. How much flak will Main Street take? Patriots have a knack for calling out the Bernank hack.

Inflation, bitches! Even Keynes thought it was EVIL.

caconhma's picture

Keynes was a smart and intelligent man. Unfortunately, incompetent fools are trying to implement vision.

Bernanke and the rest of the West financial ologarchy have no idia of what they are doing.

walküre's picture

Well, he didn't say there will not be further QE in September.

Think "green shoots" and "recovery" and unicorn and skittles. Markets will drive higher now as more suckers are needed to keep the game going.

Technically Bernanke doesn't have to say anything different on September 20th or at their next meeting or EVER.

Behind the scenes he keeps buying treasuries to float the debt, flips it back and forth to himself like an HFT algo and creating nothing of value out of thin air.


Oh regional Indian's picture

Well, there is all the above, as in "what you said". In addition, he of course knows th eplaybook for how things are going to be "managed" through SEptember 20th.

So many key dates between now and them (This month end, September 6th, the Anonymous gathering on the 17th)..... much will change, per design, between now and then.

Rigged game and we have only one "tool" in our bag, non-participation.

Drop Out.



Oh, the howler in the speech, for me was the gem below:

Over the medium term, housing activity will stabilize and begin to grow again, if for no other reason than that ongoing population growth and household formation will ultimately demand it

Herman Strandschnecke's picture

'Housing activity' = Tent cities and corrugated iron shanty towns, yeah.

Wadda knob

mac768's picture

they need another day in September to figure out what model of helicopter they will use to

distribute the dollar bills:

HCSKnight's picture

Uncle Ben said months ago no QE until a 25% pull back from the 1300-1325 level.  During the same time period, in speeches he punted the ball to the politicians.  On the latter... the Federal Constitutional Court of Germany will be issuing a ruling on the Constitutional legitimacy of the German Government's spending of citizens' money to bailout foreign nations.  (John Browne tags the date as 15 September, Reuters says it's the 7th) 

Doubtful the VIX will dampen or Mr. M find a direction to stumble before then.

ElvisDog's picture

Much ado about nothing.

No kidding. If he gave that speech after lunch, I would be asleep in my chair after the first five minutes. I note that he started off by giving his listeners the history of what happened in 2008 and how the Fed saved us all for the 1000th time or so. He's still blabbing about improved productivity, a metric that was "improved" by exporting all the manufacturing jobs to countries that paid their workers $2 an hour. That will certainly improve the dollars-per-good productivity metric, but how do we improve productivity going forward?

Cult_of_Reason's picture

I am perplexed as to why these clueless CNBC boneheads and bald Liesman keep repeating "no QE3".

I read between the lines of Bernanke speech as QE3 is on the way -- financial heroin pump is on.

tunckar's picture

"fomc meeting has been extended means you can't go anywhere before voting QE3, that's it, wait and see!

lolmao500's picture

Doesn't matter what Bernanke says. BAC is going down, the whole world economy is going down, BECAUSE IT'S ALL A PONZI.

centerline's picture

Yup. It all just depends on how high we fall from.

JSD's picture

which will depend of course on when 'we' fall...

wandstrasse's picture

..and for how long we will go on falling.

l.hauri's picture

it is not true... in my opinion it is really important. yacht charter mediterranean

Sancho Ponzi's picture

"allow fuller discussion of tools" 

Why are the economists talking about themselves?

SheepDog-One's picture

'Tools' my ass, the FED has ONE tool and that is 'print', and nothing else!

data_monkey's picture

Sorry, there are two tools. One is the printing, the other is the printer himself.

DosZap's picture

dat_monkey, @ 10:46,

There is NO PRINTING...........................no paper dollars are being printed.There is a shortage of them worldwide.

They are simply adding entires electronically into a computer when they create Benny Bux.

If they had been printing real paper dollars, and putting them into circulation, we would be in HYPER_INFLATION now.

Zedge Hero's picture

Tools, you know like the 16 trillion tools that he funneled to the banks around the world- those kinda of tools.

Here is a video about the recent Federal Reserve audit that the main stream media has not reported on.



malikai's picture

I'd like to offer you my congradulations Sheepdog. Your call was spot on!

fuu's picture

A bunch just changed hands.

dwdollar's picture

while True:  sell()

Archimedes's picture

I waited all week for this?

Sudden Debt's picture

What did you expect?

Obama is on vacation and without him nothing will happen. I was very predictable.


Raymond Reason's picture

So, how do we fund the deficit now?  We find ways to herd existing money to treasuries....help the Euro collapse?

treemagnet's picture

Wasn't it Einstein that said "If you can't explain it simply, you don't understand it well enough."

Endstrategy's picture

With gold selling at such a premium to world prices, in Vietnam, what is stopping someone from shipping 100 ounces over there and buying a gigantic estate and mansion?

Baptiste Say's picture

Various Money Laundering and 'Terrorism' Financing laws will stop you from carrying that much gold across the ocean.


Besides, if you were to take 100oz, sell it for a $200 margin you'd have $20,000. Not enough to buy a mansion anywhere other than say Zimbabwe, Iraq or liberated (read plundered) Libya.

markar's picture

you might want to check your math on that

LowProfile's picture


Vietnam? Yeah, that's a country I trust to insure property rights.  Especially for foreigners.  Who invaded and unsuccessfully tried to take over the country a few decades ago.  Yeah, that's the ticket! 


FurQ's picture

Whatever you do be careful of the prostitutes, some of them have suspiciously large clitorises........and big hairy balls

vast-dom's picture



....And Fuck You Bernank!


........And to the VAST MAJORITY of NO QE3 voters of yesterday: WE WERE RIGHT....now.....when is the CRASH?

SheepDog-One's picture

Right now Wille E Coyote is churning his legs furiously in mid air, next he'll snap his head towards us with a big "?" over his head...then he'll look down and see 3,000 feet of empty air.