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Baldy's Bombast
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October 16, 2010
Ben Shalom Bernanke: Purveyor of equine fecal matter
You likely haven't read the text of Ben Shalom Bernanke's speech in Boston yesterday. Read it if you want to, but be prepared to be blasted with cartfuls of equine fecal matter. If you know how to decode his nonsensical bloviating, you'll realize that the American economy is doomed. Make that DOOMED. We will be screwed for a long time to come, and if you think President Oborrowa has the desire or ability to "change" or fix the problem, think again. Or maybe you think a Republican majority in Congress will provide the cure, or maybe some Tea Party imposter like Sarah Palin or Newt Gingrich will come along and rescue us. HAH! You can hold on to those fantasies for only so long before YOU are part of the problem! (Damn. There is smoke arising out of my keyboard. Must . . . calm . . . down.)
Sorry about that. Okay . . .
Bernanke and his masters are utterly destroying our standard of living. The history books have already been written, and the blame will fall on capitalism itself and the government's failure to properly regulate the so-called "free market." What a joke!
Anyway, below are quotes from Bernanke (in red), followed by my comments (in blue).
First, from Bernanke's speech to the Economic Club of New York on October 15, 2008, coincidentally two years to the day before his speech in Boston:
"[W]e will not stand down until we have achieved our goals of repairing and reforming our financial system and restoring prosperity."
This is very bad. It means they will NEVER stand down, because they will NEVER do what it takes to restore prosperity.
"[T]he root of the problem is a loss of confidence by investors and the public in the strength of key financial institutions and markets."
OH, SO IT'S OUR FAULT?! The root of the problem is a "loss of confidence" on our part?! HORSECRAP!! If we were operating under a sound money system, and for some reason investors and the public lost confidence in key financial institutions and markets, it wouldn't take long for their confidence to be restored, because markets based on sound money cannot be inflated to dangerous and dizzying heights, and they regulate and correct themselves without catastrophic crashes.
Now that you can see that they are intent on staying on their destructive path no matter what, and that they claim that WE are the root of the problem, check out excerpts of Bernanke's speech at the Federal Reserve Bank of Boston, on October 15, 2010.
"Because the short-term policy interest rate cannot be reduced below zero, the Federal Reserve and central banks in other countries have employed nonstandard policies and approaches that do not rely on reductions in the short-term interest rate. We are still learning about the efficacy and appropriate management of these alternative tools."
This sounds a lot like on-the-job training, which is fine if you're flipping burgers and frying fries, but extremely dangerous when you're talking about, um, taking a stab at controlling the world's economy.
An economic recovery began in the United States in July 2009, following a series of forceful actions by central banks and other policymakers around the world that helped stabilize the financial system and restore more-normal functioning to key financial markets.
Are you #%^&@!-ing kidding? There is no way you believe this, Ben, and neither do we.
"To evaluate (monetary) policy alternatives and explain policy choices to the public, it is essential not only to forecast the economy, but to compare that forecast to the objectives of policy."
Um, Ben. I noticed that in this sentence and in the rest of your speech, you make no mention of examining outcomes. You know, the stuff that we actually live with. Oh, no. You want the focus to be on your forecasts and objectives. I would want that too, if I were a horsecrap artist like you.
"The Federal Reserve has a statutory mandate to foster maximum employment and price stability, and explaining how we are working toward those goals plays a crucial role in our monetary policy strategy."
A statutory mandate to foster maximum employment? Does that mean we get to throw your ass in prison for failing? And as for price stability, you're doing a great job, as long as continuous increases are considered "stable."
Now, Bernanke's speech was so long and boring and full of crap that the average listener/reader can't be blamed for missing the really bad part:
"[A] means of providing additional monetary stimulus, if warranted, would be to expand the Federal Reserve's holdings of longer-term securities."
Bad, but nothing new. It just means that the Federal Reserve would create money out of thin air for the purpose of lending it to the U.S. government, putting all of us on the hook for paying back a fraudulent loan. But that's not even the bad part . . .
"One disadvantage of asset purchases (buying U.S. Treasuries) relative to conventional monetary policy (by conventional monetary policy, he means raising or lowering interest rates) is that we have much less experience in judging the economic effects of this policy instrument, which makes it challenging to determine the appropriate quantity and pace of purchases."
Nice, Ben. The world, our lives, the lives of our children are yours to experiment with. As you said, you can't reduce rates from where they have been for almost two years, so now it's time to try out a new toy you don't know how to use. Maybe you don't know what the result of using this dangerous toy/weapon will be, but I do: A catastrophic collapse of our financial system and an unprecendented decline in our standard of living. Now, I admit that's a good thing, if you like sucking on rocks in hopes of finding a trace of nutrition, but most of us consider catastrophic collapses bad things.
The most dangerous part of Bernanke's speech was in the subtext. While he didn't directly say that the Fed will flood the economy with new money they create out of thin air, that is certainly what he was driving at, and there is no doubt that's where we're headed. It's the beginning of . . .
The End.
Ben Shalom Bernanke: Purveyor of equine fecal matter
You likely haven't read the text of Ben Shalom Bernanke's speech in Boston yesterday. Read it if you want to, but be prepared to be blasted with cartfuls of equine fecal matter. If you know how to decode his nonsensical bloviating, you'll realize that the American economy is doomed. Make that DOOMED. We will be screwed for a long time to come, and if you think President Oborrowa has the desire or ability to "change" or fix the problem, think again. Or maybe you think a Republican majority in Congress will provide the cure, or maybe some Tea Party imposter like Sarah Palin or Newt Gingrich will come along and rescue us. HAH! You can hold on to those fantasies for only so long before YOU are part of the problem! (Damn. There is smoke arising out of my keyboard. Must . . . calm . . . down.)
Sorry about that. Okay . . .
Bernanke and his masters are utterly destroying our standard of living. The history books have already been written, and the blame will fall on capitalism itself and the government's failure to properly regulate the so-called "free market." What a joke!
Anyway, below are quotes from Bernanke (in red), followed by my comments (in blue).
First, from Bernanke's speech to the Economic Club of New York on October 15, 2008, coincidentally two years to the day before his speech in Boston:
"[W]e will not stand down until we have achieved our goals of repairing and reforming our financial system and restoring prosperity."
This is very bad. It means they will NEVER stand down, because they will NEVER do what it takes to restore prosperity.
"[T]he root of the problem is a loss of confidence by investors and the public in the strength of key financial institutions and markets."
OH, SO IT'S OUR FAULT?! The root of the problem is a "loss of confidence" on our part?! HORSECRAP!! If we were operating under a sound money system, and for some reason investors and the public lost confidence in key financial institutions and markets, it wouldn't take long for their confidence to be restored, because markets based on sound money cannot be inflated to dangerous and dizzying heights, and they regulate and correct themselves without catastrophic crashes.
Now that you can see that they are intent on staying on their destructive path no matter what, and that they claim that WE are the root of the problem, check out excerpts of Bernanke's speech at the Federal Reserve Bank of Boston, on October 15, 2010.
"Because the short-term policy interest rate cannot be reduced below zero, the Federal Reserve and central banks in other countries have employed nonstandard policies and approaches that do not rely on reductions in the short-term interest rate. We are still learning about the efficacy and appropriate management of these alternative tools."
This sounds a lot like on-the-job training, which is fine if you're flipping burgers and frying fries, but extremely dangerous when you're talking about, um, taking a stab at controlling the world's economy.
An economic recovery began in the United States in July 2009, following a series of forceful actions by central banks and other policymakers around the world that helped stabilize the financial system and restore more-normal functioning to key financial markets.
Are you #%^&@!-ing kidding? There is no way you believe this, Ben, and neither do we.
"To evaluate (monetary) policy alternatives and explain policy choices to the public, it is essential not only to forecast the economy, but to compare that forecast to the objectives of policy."
Um, Ben. I noticed that in this sentence and in the rest of your speech, you make no mention of examining outcomes. You know, the stuff that we actually live with. Oh, no. You want the focus to be on your forecasts and objectives. I would want that too, if I were a horsecrap artist like you.
"The Federal Reserve has a statutory mandate to foster maximum employment and price stability, and explaining how we are working toward those goals plays a crucial role in our monetary policy strategy."
A statutory mandate to foster maximum employment? Does that mean we get to throw your ass in prison for failing? And as for price stability, you're doing a great job, as long as continuous increases are considered "stable."
Now, Bernanke's speech was so long and boring and full of crap that the average listener/reader can't be blamed for missing the really bad part:
"[A] means of providing additional monetary stimulus, if warranted, would be to expand the Federal Reserve's holdings of longer-term securities."
Bad, but nothing new. It just means that the Federal Reserve would create money out of thin air for the purpose of lending it to the U.S. government, putting all of us on the hook for paying back a fraudulent loan. But that's not even the bad part . . .
"One disadvantage of asset purchases (buying U.S. Treasuries) relative to conventional monetary policy (by conventional monetary policy, he means raising or lowering interest rates) is that we have much less experience in judging the economic effects of this policy instrument, which makes it challenging to determine the appropriate quantity and pace of purchases."
Nice, Ben. The world, our lives, the lives of our children are yours to experiment with. As you said, you can't reduce rates from where they have been for almost two years, so now it's time to try out a new toy you don't know how to use. Maybe you don't know what the result of using this dangerous toy/weapon will be, but I do: A catastrophic collapse of our financial system and an unprecendented decline in our standard of living. Now, I admit that's a good thing, if you like sucking on rocks in hopes of finding a trace of nutrition, but most of us consider catastrophic collapses bad things.
The most dangerous part of Bernanke's speech was in the subtext. While he didn't directly say that the Fed will flood the economy with new money they create out of thin air, that is certainly what he was driving at, and there is no doubt that's where we're headed. It's the beginning of . . .
The End.
