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Futures, Precious Metals Soar As Bernanke Says More "Accommodative" Policies Needed, Hints At "The New QE"
Curious why futures and PMs both soared out of the gate at 8am? Look no further than the Chairman of the Federal CTRL-Preserve who is speaking at the National Association for Business Economics and just made a very strong hint that the New QE (or is that the NEWER QE) is coming. And there are those mocking Bill Gross for saying the April FOMC would lead to the next QE announcement (something we expounded on extensively yesterday). And here is the most idiotic statement uttered by the Fed: "If this hypothesis is wrong and structural factors are in fact explaining much of the increase in long-term unemployment, then the scope for countercyclical policies to address this problem will be more limited. Even if that proves to be the case, however, we should not conclude that nothing can be done." Recall what JPM said about central planning breaking the virtuous cycle just two days ago. The Fed has just admitted it... but it does not mean that the Fed will be forced to print print print infinitely more. After all, it's all there is.
ES
and Siver
The conclusion form Bernanke's speech (link):
To sum up: A wide range of indicators suggests that the job market has been improving, which is a welcome development indeed. Still, conditions remain far from normal, as shown, for example, by the high level of long-term unemployment and the fact that jobs and hours worked remain well below pre-crisis peaks, even without adjusting for growth in the labor force. Moreover, we cannot yet be sure that the recent pace of improvement in the labor market will be sustained. Notably, an examination of recent deviations from Okun's law suggests that the recent decline in the unemployment rate may reflect, at least in part, a reversal of the unusually large layoffs that occurred during late 2008 and over 2009. To the extent that this reversal has been completed, further significant improvements in the unemployment rate will likely require a more-rapid expansion of production and demand from consumers and businesses, a process that can be supported by continued accommodative policies.
I also discussed long-term unemployment today, arguing that cyclical rather than structural factors are likely the primary source of its substantial increase during the recession. If this assessment is correct, then accommodative policies to support the economic recovery will help address this problem as well. We must watch long-term unemployment especially carefully, however. Even if the primary cause of high long-term unemployment is insufficient aggregate demand, if progress in reducing unemployment is too slow, the long-term unemployed will see their skills and labor force attachment atrophy further, possibly converting a cyclical problem into a structural one.
If this hypothesis is wrong and structural factors are in fact explaining much of the increase in long-term unemployment, then the scope for countercyclical policies to address this problem will be more limited. Even if that proves to be the case, however, we should not conclude that nothing can be done. If structural factors are the predominant explanation for the increase in long-term unemployment, it will become even more important to take the steps needed to ensure that workers are able to obtain the skills needed to meet the demands of our rapidly changing economy.
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Not sure if QE's gonna work, it's been such a spectacular failure the last three - four times. Gosh I just don't know.
http://www.quickmeme.com/meme/3oh4by/
Print you Mother F*&^ers, until the printing press breaks.
Monetary masturbation. Could this be the last load?
I mean really.....who could have seen this coming?
Oh wait......got that wrong.....who couldn't have seen this coming?
Yeah.....that's better.
THe EURUSD was just rolling over the right shoulder of such a pretty head and shoulders pattern. That pattern is now dead, but with the DOW hanging at the bottom of the trend line he had to do something. Now Obama's synthetic re-election rally has legs again. As you say no one could see it coming.
Bernanke is starting to hint at some serious liquidity support. The 10-year is holding resistance at 2.40 very nicely and stocks are rallying superbly, all of which bodes well for the Obama/Biden 2012 campaign.
I love liberty and free speech. It offers every man the opportunity to open his mouth and bray like an ass.
I sure hope so MDB, my commodities portfolio would love it, not to mention making my physical shine brighter then ever. But come on, you can do better than that.
I see Captain Fucknuts has made his appearance. Always long the dollar.
BORING
pfft. I'll believe it when I smell the printer ink.
Stocks aren't rallying, they're attempting to make up prior losses. Boring. BOH-ring
Owe-Bama probably doesn't stand a chance if Ron Paul delegates are not arrested in the process of voting.
This is not soaring. Come on. It's another headline driven rise. Which will have it's own headline driven fall. Such is how it is.
When 10 dollar moves in Silver become the norm, then we know it's end-game time.
ori
where-do-we-fit/
I think the Bernank has been talking to my wife. When she wants me to do something which she knows I would rather not, she puts on something a little slinky, shaves her legs and hints at how good it is gonna be when night time gets here.
Then like one of Pavlov's stupid mutts, I jump through the hoop eager for my reward.
The problem is there are many nights when I go to the bedroom expecting to find a Victoria's Secret advertisement stretched out on the bed, but there is only a snoring slob in sweat pants and facial cream.
UUGGGHHHH... I wonder if Ben will at least give us a reach around?
Ok... who has the balls to down vote this? Had to be a woman.
You lucky slob. Imagine waking up to Ben? Then you know you have problems.
Lolz! Hasn't Ben been giving us a reach around for a few years now already?
Fuck you Bernanke!
I hear you ORI........I'm just getting a head start is all.
@ORI - This is not soaring. Come on. It's another headline driven rise. Which will have it's own headline driven fall. Such is how it is.
Couldn't have said it better myself. When will folks quit linking the price of PM's to headlines of the hour? Prices do not rise and fall because of the news, but because of manipulation. The news is simply their cover. Sharp spikes rarely see corresponding equally sharp dips in the dollar.
As Holmes would say, "The game is afoot". And it has been for a long time.
Werdz from The Bernank are like Viagra for Au & Ag -- thanks Bernank!
Then you realize that if you just wait a bit, there's another load available.
Dual mandates of the Fed (re-defined):
A) Print
B) Print at mega-fucking hyperwarp speed
I don't think the Fed will stop until they've "gone to plaid."
"To boldly print like no man has printed before!"
Stycho, thanks for the Russell link in a previous post, awesome stuff. I've been onto Viktor Schauberger for years, so it felt like another piece of a long worked on puzzle.
ori
Does this serving tray have brakes?
print so all the imbeciles will think they are getting rich.
The markets are already top heavy. And do we really need $5 gas going into summer?
$5 gas will break the economy, $6 gas will save it.
I am not sure I understand this logic, but I desperately want to hear more.
lol @ "desperately"
They are intentionally destroying currencies worldwide...the CB's that is.
They keep printing because they can....and they can keep printing a lot longer than suspected. It's all Bullshit!
Japan's been doing it for twenty+ years.
Benny's just getting started.
I think the old saying goes "4 times a charm" although I could be mistaken
Does QE work? sure it does, props up the data in nominal terms, and it buys the PTB a little more time. Are you asking if it actually contributes to an economy?
Not sure if QE's gonna work, it's been such a spectacular failure the last three - four times. Gosh I just don't know.
Dump it in American consumers mailboxes, and watch the spike in ALL area's,instead of the damned banks that sit on it and collect a quarter basis point for NADA.
How is THAT helping anyone.
Institute a WPA like program with it, hire folks to rebuild infrastuctures, and fix the damn roads.Would employ hundreds of thousands at a decent wage.
Fuck you Bernanke.
Are curse words really the best we can do?
I'm for the occasional explative but this is getting stupid...and I dont come to ZH for stupid...I go to MSNBC.
I wouldn't mind if curse words were really "words of curse," like South Park once explained. Who wouldn't mind cursing the Bernanke with boils on his face, or festering hemorrhoids?
I'll be glad to let him have my hemorrhoids. After all he originally gave them to me when he wiped away most of my wealth right about the time my kids were wanting to go to college.
Asshole!
I go to MSNBC.
That would explain the bitchy comment.
Did you have a constructive comment you were looking to add?
Well here's one. Im not sure why all the goldbugs are so keen to see excessive and extra printing merely to bump up the price of their assets priced in the currency they apparently so strongly detest. In actual fact why so many bought physical was to shield themselves from needing to worry about fiat, and calling for and being excited about printing that will inflate, price out and force many already on the edge further and deeper into poverty extends far beyond idiocy that the fed would be proud of, and right into sociopathy.
Why is everyone so fucking pleased about printing? How are you going to buy your food, heating and gasoline? Sell them a krugerrand?
Not pleased about it......just doing something about it.
News flash sparky......they're gonna do it whether you like it or not.
My comment wasnt directed at you getzee, more to the lunatic fringe that sadly make up more and more of the readership of ZH lately, and anyone calling for printing until the press melts or whatever is sadly deluded. Should that be the case and the dollar inflates at anything like a hyper-rate, it doesnt matter how much phys we have, itll be worth less by the time we get home after trading it in for something needed to actually transact than will buy a loaf. If inflation ever really kicks off at an accelerated rate I just dont think enough people are worried enough about the consequences and merely calling for printing and inflation to pump up their asset price is just plain stupid.
I see what you did there......carry on amigo.
You really do not believe this can be fixed do you?
I believe that it can be fixed, I have ZERO faith in the political will required to actually do it. The only guy that has that will is sadly never going to get the nod from the GOP. Shambolic doesnt even begin to cover it.
Ahwooga<
Back in the 1920s they “the Fed” printed up more paper than gold and by 1933 the price had to be revalued. In the following years the price settled down to $42,22 an oz. Than in 1970 paper was printed way beyond the amount of gold held by the US and forced us off the international gold standard and the price of gold popped to $800 and settled down to around $400. The first gold revaluation in 1933 was around 70% at first but the piece of gold settled to above $40 and gold increased in value by 100%. In the 70/80s gold went from around $40 to $400 Is that 1000% I think so. So nothing is new under the sun, and we find ourselves in the over printed position again. the difference now is that we have a paper buffer in the form of paper contracts between the dollar and gold. But it’s the same old same old. So when I hear that the fed is printing more it means we are closer to a revaluation again. This time the sky’s the limit or the end game and I see a revaluation in the very near future. QE yea!!!!!
Many of us in the lunatic fringe want the FED to print precisely because we know that increased printing will add more instability to this system. Instability will cause wild gyrations and hopefully an all out collapse.
Those of us who have undertaken the journey to discover how horrid and devious this sytem is realize the only solution is to destroy it.
We do not cheer the destruction, but merely call for it.
pods
If you think these comments (of ovious derision) are emmited because of us deriving some warped pleasure at seeing this farce about us, then you are sadly mistaken in your perception. We're FUCKING ANGRY!
Poor Angry. What did he do?
@Ahwooga
Move along, dude
Nothing to talk about here
Mostly brain dead
Not the 'same old place'
Mutations everywhere
we're adapting as a species
Thanks for the post om
look at his green and your red.... says it all.
@ JPM Hater001 Are curse words really the best we can do?
Lots of ZH readers love good old George Washington. Here's a quote from him.
"The foolish and wicked practice of profane cursing and swearing is a vice so mean and low that every person of sense and character detests and despises it"
That's George the 'Christian" slave owner, political elitist and administrating butcher of native Americans by the truck load, right?
Your revisionism of history is only exceeded by your selectivity of what you choose to believe.
I share the same sentiment. But he has notindicated printing..just accomodative policies...itcould just be zero percent interest rates to 2065, or operation twist again where mid dated notes are now targeted. I am wondering if printing money could actually be an election issue thanks to Ron Paul
The whole point of this speech was to tip the Fed's hand and bolster expectations. QE3 announcement at the April FOMC meeting = sure thing. Postion yourself accordingly.
Hmm...a sure thing in the markets...
Till infinity! And beyond!
HAHAHHAAHAHAHAHAA
HA! Tosser.....
Print you fuckers, print, thats all you can do now. He is BSing the reason. He has to buy US debt and keep rates at zero. Thats the only reason he is printing.
They need the sheeple to take aapl off banks equity holdings list :()))
Not suckered in sheeple have to come in or else...:()))
Good for my phyzzzzz :()))
Fucktards......
He will NOT CTRL P until he HAS to - all he does is keep jawboning and the market goes up. WHEN the market goes down he will be FORCED to, but he won't do it until then.
DavidC
He'll CTRL P when somebody is in danger of not getting a bonus... There fixed it...
ZIRP is QE by any other name. The printing never stopped, it's just that those who are in on this circle jerk keeps decreasing. Those who are close to the free money tap are doing just fine.
Are you referring to the "publicly acknowledged" printing?
What a f#cked up market where 3 words from 1 guy can make all the difference!
http://www.bullionbaron.com/
The inevitability of those three words are all you need to focus on. They were coming at some point. A lot of things can "probably" happen in the future. You can make odds on a perfect cube of gold appearing from out of nowhere in quantum physics. But, the things mathematically most likely to happen, almost always do happen. There will be no perfect cube of gold materializing to pay off banker debts.
This isn't a market, it's a three-ring circus
And how exactly does more QE create jobs or growth? We've had four years of almost non-stop money printing and we are about to roll over...
How is it different this time?
It's always different this time.
"Examination of recent deviations from Okun's law suggests..."
it was really just more of guideline than anything else.
Bankers probably didn't like that the day before metals OPEX.
so now with the ECB passing the ball back to the fed to proceed with the print fest it's a little frightening how quickly Berstanky wants to commence with printing while the energy markets are set to explode higher. You would think they would try to wait a few months and knock things back but I guess their level of panic is so strong that fuck it! Keep printing bitchez
The fate of the World is tied to Ben's menstrual cycle.
Ok, now that was funny. Sad and true, but funny.
Ben's remenstrations?
This guy fits the profile exactly. Bernanke is a complete psychopath. Get him out of office, now!
it's too late I'm afraid.
His replacement will be a carbon copy.
Timmah will be da man.
HE will fix things, sho nuff.
Ben is not a psycopath, he is a stooge. There are plenty of money printing economists on deck. Some of them may even have ties to the squid. If you think the next appointee is gonna be better you drink too much. The "office" needs to be eliminated.
The Fed is leveraged up over 50 to 1 - if rates rise it's fucked. Bernanke is DESPERATE to keep the stock market up because he knows if it goes (and it will, sooner or later) the fed is toast.
DavidC
David I don't disagree with you I just thought the prevailing thought on here was the fed NEEDS the market to slam down to give them cover to do QE...I guess that is false eh?
fonzannoon,
I think you're right and, to me, this is the paradoxical position Bernanke is in. Rates rise, stocks fall, the Fed is toast. Stocks fall in order to provide cover for QE3, rates will rise and the Fed is toast. He's painted himself into a corner.
DavidC
Someone on here said the Fed knows ahead of time that the data to come out is weak so by coming out today saying this he ends up looking smart. Therefore people grant his forecasting ability and intelligence the go ahead to do more QE since he is all knowing....other than that you have to be right.
Yes, essentially the Fed (and to a lesser extent, the U.S. government) can front-run itself. Look what these talking heads do, ignore what they say.
While I love your assertions. What you fail to mention is that according to the Federal Reserve Act, the U.S. taxpayer is responsible for the leverage at the Fed. "The Fed" is a private bank that is actually backstopped by the U.S. "tenant".
So ask yourself, why isn't the Fed subject to a full audit like any other private bank? Why aren't the U.S. taxpayers demanding this via their representation? Simple, there is no longer any representation for the U.S. taxpayer. The empire is naked, For Fed(banks) by the Fed(banks).
In 200 years, America comes full circle (taxation without representation), hedge accordingly.
Buy some SLV weekly futures at the open. This has the makings of an epic day.
Alex,
I will take a gallon of gas for 17.00
17.00 what?
17.00 dollars of freshly printed bills. We are all going to be rich i tell ya.
Since a gallon of gas costs a dime (silver) historically you are predicting silver at $170 dollars. Sounds about right.
the stock market is supported by both qe and economic data? wrong!
http://www.cnhedge.com/
http://www.jinrongbaike.com/
Comparison with Armstrong USA default predictions :
Gold is a good investment NOT because of all the fiat nonsense, but because inflation has passed it by and there will be a huge burst of price movement. That will come when the Sovereign Debt Crisis hits the USA and that does not seem likely until 2015.75.
My chart shows that the USA will partially default (crash in debt amount) when the debt reaches about 21 trillion which should happen in the end of 2015-beginning of 2016, given its superexponential growth.
http://www.tfmetalsreport.com/comment/78029#comment-78029
From my charts, the Gold prices will start to anticipate this default much earlier, seriously already in the end of 2014. After default, Gold shoots up 5500 USD/oz to 11500 USD/oz in 1 year, and then sometime in 2017 the Gold bubble ends. Why I do not know, as chart are in USD as they are today. Might also a point of change of regime I have no idea about.
However, the first doubling of gold in value according to my charts from around 2000 USD to 4000 USD in a form of panic buying will happen immediately after 2012 elections and by the middle of 2013, which may mean that QE3 or some significant fiscal stimulus will be delayed until elections and than IF Obama wins second term , it will be unleashed after this delay, so in bigger scale than anticipated. Or may be whoever wins, since its FED who decides on printing.
http://www.tfmetalsreport.com/comment/83978#comment-83978
Real U.S. debt is closer to 50 trillion already.
What's the math for your charts? I'm showing the math for my charts to help enhance the credibility of the model so that if I make a mistake others can point it out. That way we're not working only from opinions but connecting data to math & perhaps can all figure it out to ensure we're not just making shit up.
Just curious but what is the basis for your conclusions or projections?
Another round of central bank theft from savers.
It's ongoing.
The moves on the S&P Futures and Gold were setting up yesterday night before the open today. The technicals always give the tip off to which way the market is heading.
http://www.youtube.com/watch?v=Dlzbvbox0t0
http://www.youtube.com/watch?v=fTewGaW6nqI
We are long over due for some hardcore gold porn.
Morgan Stanly report saying next week jobs below 200K maybe 150-200.. he knows data will come in weak.. so he will feel vindicated.. Gov'ts got to stop spending balance the budget before the fed can stop buying or rates will spike higher..
Don't worry. Shalom can control inflation in 1.21 Jigawatts.
....we're gonna see some serious shit
I'm not dead, I feel fine :)
I forget who but somebody called a top and that shortly there would be no bids for gold (or something to that effect) This was just yesterday here on ZH.
Goodbye gold, you had a good run though..
About that top-calling...
http://flic.kr/p/bqr5ZG
only I can do that much top-calling!
Printing under the disguise of helping the unemployed. Unbelievable gall.
One has to wonder why we arrest conterfeiters???? Could they ever damage a currency more than the FED does??
I don't think they can keep up.
The difference is when the feds print, they funnel the money straight to the CB members. If unaffiliated counterfeiters gave the money immediately to the Fed (instead of putting it into public circulation), they would not be considered a threat. I think.
There was and is no doubt about QE to infinity. They are now trapped with no good outcome. Print or die. They will print but they will try to maintain enough confidence to avoid hyperinflation. A very fine line they are walking indeed.
anyone ever notice that he says this shit when the marets should be turning over. the second thins is all it means is the averaage american will just be getting poorere and poorer. he's a fucking sociopth
What is amazing is that this interjection of his beliefs comes every time the Market dips ever so slightly.
i would respect Bernaanke , if he just said FUCK ALL YOU MORONS
Inflate or Die!
One day closer to global hyperinflationary depression~
I can't watch anymore. Do these people honestly believe they can hold the market together without a correction for 13 months strait? Do they really think General Mills reporting an 11% increase in commodity costs is a fluke no one notices at the grocery store?
Every week more outflows even as the market is higher. They have destroyed confidence - no new money will go to work because they know it throwing it down a hole.
This is THE OFFICIAL CONFIRMATION that Cocainated Easing has done a lot of harm and it will never happen unless S&P goes down to 900 and oil down to $50.
He is just talking the market up. The senators of both sides will ask for his head on a gold platter if he prints more debt.
Really, the gold bull market isn't over? But they told me on CNBC that it crossed the 200 dma??
Is the "market" merely a head fake to the real issue of the petro dollar? Over and over again the fundamentals say this should have crashed just to have it propped up again. What do I know...just a newbie. ;-)
Amazing how Hot Air can keep the Market up.
Like a Ballon thrown into the air and to keep it up you blow hot air at it. At some point you would think you would run out of hot air.
Hot air is not keeping the market up.
It's the primary dealers that are stuck with BAC shares and shares from each other. Those holdings are leveraged and as with MF Global any reduction in stock price would result in a margin calls, hence MFGlobalization.
They are getting more and more leveraged hoping that the suckers will arrive to unload those stocks onto. Same as MF Global.
No hope. Another Primary dealer will have a margin call soon and will be MFglobalized. That's what Benny is trying to avoid. They are using him to lure suckers.
Why print when the promise works just as well. How many more times are people going to buy into the lost city of Printlantis??....
printlantis!! #winning
HEY BENNY BUDDY!!!!
PLAY IT AGAIN!!!
AND THAT'S WHY WE CALL EM PRECIOUS BEN!
"If this hypothesis is wrong"
So in other words the FED doesn't have a fucking clue. Just print $ and hope for the best that doesn't change into something even worse.
I'm also curious if they'll let the market tank first. Everyone says "oh it's too political" or "they need to wait", etc. Why? Everyone already hates them. Why let let trillions go down the toilet when we can plow more in and get this overpriced garbage even more overpriced. One thing's for sure......shit is spewing out ever possible pore.
I don't buy into the hypothesis of letting the market tank for more QE. Hell, they can't even handle a -100 drop on the DOW over 2 days. Here we are with futures at a near full recovery. I'm not saying it won't happen, no one knows but they sure like pretty green lights that's for damn sure.
There's always plan B you know...
but we're still working on it...
by "we" I mean: me and this other guy you haven't heard of.
Listening to that criminal's "academic look" at unemployment was gut wrenching. That son of a bitch knows nothing of real life.
Meanwhile, Ron Paul was on Bloomberg explaining why Ben is a criminal. A stooge for the priveledged.
"And the decline in housing prices and sub prime loans will be contained and is temporary. Growth in housing will resume".
The problems are structural. The government is too big.
Yes it's structural. CEO's are greedy SOBs...... too much is not enough.
At the time when a high official at the ECB talks in Tokyo about how the most important factor for the ECB is to REVERSE last year's measures at the earliest possible opportunity, the cross-Atlantic goes even further in this blown-up hot air hot potato bs jawboning up markets - for whom?
If a second term of presidency is for legacy, after a first one is just to be re-elected (wow, on what?) then I'm curious if not anxious what this tandem of Bill & Bama will do...
Maybe they heard about the Chinese villagers demanding gold and silver, with every resident receiving 100g of each.
And look at what will happen with HARP 2.0. This is massive market manipulation.
<a href="http://confoundedinterest.files.wordpress.com/2012/03/wbm032612.gif"><img src="http://confoundedinterest.files.wordpress.com/2012/03/wbm032612.gif" alt="" title="wbm032612" width="645" height="461" class="aligncenter size-full wp-image-12908" /></a>
forgive the new fish zerohedger that i am but cant we boys just form a slight leveraged syndicate and bid up supply constrained silver? and thus destroying the JPmorgue and afew others..
i got a little phyzzz but i want more so i can abondon shit sinking UK ship and move to sweden to be with my girl..
i think im dreaming arnt i. yes. proabably.
forgive the new fish zerohedger that i am but cant we boys just form a slight leveraged syndicate and bid up supply constrained silver? and thus destroying the JPmorgue and afew others..
i got a little phyzzz but i want more so i can abondon shit sinking UK ship and move to sweden to be with my girl..
i think im dreaming arnt i. yes. proabably.
they control the 'market' and the 'regulators'. regulators investigate wrong-doing -- but never reach conclusion in spite of vast & obvious evidence.
they can ( have, are ) dump huge quantities of false silver (PostIt notes that say "I am silver") on the 'market'.
if even this strategy fails to constrain price, they will ( have ) blown up parts of the market, ruined players betting on price-rise, and stolen their money and metal.
powerful players ( china ) permit this to continue -- so long as they can continue to acquire metal in exchange for 'money'.
they do everything possible to prevent actual metal from being taken from the system. when actual metal *must* be delivered, they steal it from other sources, such as a large ETF that is thought to be metal-backed.
the game will end when they can no longer deliver metal -- but then there may be no orderly market for some time. years? or there could be one established in china.
don't hit the 'save' button twice, even if it seems like nothing happened the first time.
So to sum up, if this is a cyclical problem, we will print. If this instead turns out to be a structural problem, then instead of printing, we will print....
...Is that $50 silver I smell just around the corner???
My estimation is that you may need to wait until 2012 July given the gold price should be $1813 or so for silver to hit $50. My reasoning & math in this image:
http://flic.kr/p/btihms just for you
1.00339 factor of silver (0.339% increase) for every $1 up in gold
*update now in July*
2012 06 18 277week roc 02 goldpricemodel 2011 Jan to 2012 Dec 28
2012 06 24 scatterplot gold vs silver 10yr 03 | goldpricemodel
still not had a chance to brew up the 52-week model but it will be based on extending this pattern 2012 apr 17 gold ROC trends | 52week ROC gold to 2400/oz
Only in a centrally planned economy could you legitimatly see the headline: Markets Soar On News Job Market May Suck.
"If this hypothesis is wrong and structural factors are in fact explaining much of the increase in long-term unemployment, then the scope for countercyclical policies to address this problem will be more limited. Even if that proves to be the case, however, we should not conclude that nothing can be done."
Translation:
"Even if its obvious we need to use the bone saw (which we're fresh out of at this point!), the HAMMER it is!"
Thank you Dr. Strangelove.
Bernanke is helping us the only way he can, but even the clearest directions are useless if you fail to properly decode them.
Here is my translation of the first few paragraphs:
Dont worry tomorrow another $100 plunge. Oh did I say this in the gold bug place?
Don't care. Gold is done telling you guys since $1900
no, gold is just recharging. You'll see gold over 2000 by August, no question.
http://flic.kr/p/bpJpXX
http://flic.kr/p/aVrgr4
http://flic.kr/p/aVrgu6
just the math, not any kind of opinion.
for gold to be done you need to increase interest rates more than 10% up (1000 basis points) and print NO money by any means whatsoever. If you can do that then gold's DONE.
Fuck you Bernanke.....
You lie,your lips moved.