Wednesday, November 10, 2010
Benanke! CEASE and DESIST!
By Reginald Kaigler (DEMCAD)
I'm not going to comment on the rumors of a national banking shut down, because I've already made two videos on it, but it does look as if the Federal Reserve has renewed its efforts to destroy America. In addition to the 600 billion dollars of quantitative easing (printing money out of thin air), the Fed will buy 105 billion dollars in treasury notes in December. Basically, the snake is eating its tail.
Blogger Karl Denninger is calling for Bernanke's firing. Unfortunately, the President isn't listening.
Denniger wrote, "I, and a few others, warned you in advance - when you re-nominated this jackass and even before, based on his bald-faced lies to Congress and you, along with his near-perfect record of being dead flat wrong about damn near everything.....Mr. President: Get that ******* out of office NOW."
Obama knew what he was doing when he hired this clown. Obama could have dumped this guy, but he choose to nominate a man who was a proven failure.
Don't take my word for it, read this February 14th, 2008 CNNmoney article "Paulson, Bernanke: Slow growth ahead". At this point, both Bernanke and Paulson claimed that the U.S. economy was going to avoid a recession in 2008. By April, Bernanke had to admit that a recession was possible. Keep in mind, the recession supposedly began in late 2007.
Some think about that as you read Bernanke's words from a April 7th, 2007 Reuter's story,
"Much necessary economic and financial adjustment has already taken place, and monetary and fiscal policies are in train that should support a return to growth in the second half of this year and next year."
Growth in the second half of 2008? WRONG!
He also though that the recession was over in September 2009. And judging by the NBER's definition, he was right. They define a recession as a contradiction in GDP. I'm a realist. I define a recession as a contradiction in jobs, wealth and the standard of life for the majority of the population. If this contradiction lasts more than two years, I call it a depression.
I don't care about GDP when I can't find a job! I don't care about GDP when I have a college degree, own 50,000 dollars and work for 8 dollars per hour! I don't care about GDP when I'm 50 years old and I'm unemployed and living off of my retirement.
Ben Bernanke has been wrong about almost everything. Zero percent interest rates will not save us. Printing money out of thin air will not save us. He's needs to stop before he destroys this nation.
At this point, I think the dollar's collapse is inevitable, but I will second Denniger's call for President Obama to fire Ben Bernanke.
CEASE and DESIST!
Note: You can find more social and political commentary on my youtube channel (DEMCAD).