Bernanke's Job Creation "Success" In Its Full Glory http://www.zerohedge.com/article/bernankes-job-creation-success-its-full-glory
Posted on 02/09/2011 10:48:28 AM PST by FromLori
Reporting from Washington — Federal Reserve Chairman Ben S. Bernanke, facing tough questions from Republican lawmakers over inflation and the Fed's policies, on Wednesday defended the central bank's efforts to stimulate the economy by pumping more money into the financial system.
At a hearing before the House Budget Committee, Bernanke said he wasn't concerned about the current level or expectations of inflation in the U.S., despite sharply higher oil and food prices that have pinched emerging economies and contributed to the wave of protests in the Middle East.
Bernanke denied that the Fed's loose monetary policies were responsible for rising global inflation. And he expressed confidence that the central bank's actions to spur growth in the U.S. — most recently by purchasing billions of dollars of U.S. Treasury bonds — were temporary measures that the Fed had the ability to halt or reverse before inflation spiked.
"In a recovery period, you have to pick the right moment to begin … taking away the punch bowl," Bernanke said, referring to the famous central bank line about raising interest rates when the economy gathers steam. "We are committed to making sure that we do it at the right time."
Even so, there has been increasing concern voiced recently, including from some Fed policymakers, about the risks of the central bank's latest program to buy $600 billion of Treasury bonds through June, especially given indications that the U.S. economic growth is accelerating. And as in some corners of the financial world, some lawmakers Wednesday responded to Bernanke's assurances with skepticism.
"My fear is, you're going to catch it before the cow is out of the barn, you're going to see inflation before it is already launched," said Rep. Paul D. Ryan (R-Wis.), the new chairman of the House Budget Committee.
(Excerpt) Read more at latimes.com ...
Bernanke's Job Creation "Success" In Its Full Glory http://www.zerohedge.com/article/bernankes-job-creation-success-its-full-glory
“What? Me worry?” Alfred E. Bernanke
He’s not worried because he’s heavily invested in gold.
Bernacke: Another one of Bush 43’s finer moments/s
Double digit inflation has been his goal for over two-years. Devaluing the dollar is the only way that our betters can see to carry our enormous debt.
Every wonder what living in the third world was like? You won't have to wonder much longer.
Peasants, on the other hand - well, they can make stone soup or boil leather straps if they get hungry because of inflation...
When you have 7+ figures in the bank, a 10-20% increase in your food and energy costs are no biggie... of course HE’S not worried.
Food prices are skyrocketing, as are energy costs and its all due to the devaluation of the dollar because of the fed just PRINTING money, and Congress letting them.
BURN THE FED TO THE GROUND! They have been stealing the wealth of Americans for nearly 100 years now, enough is enough.
Yeah, and carter and his advisors weren’t worried about it either but it was a crapfest for the rest of us who had to live normal lives in the midst of inflation.
That kind of attitude is what gave Germany wheelbarrows of 50 Billionen Marks currency to buy a loaf of bread in the 20s.
Just keep printing that money (oops, excuse me, I meant quantitative easing).
He has a nice beard.
gee, maybe Geithner isn’t the most clueless one after all...
Inflation? What is this inflation of which you speak?
“gee, maybe Geithner isn’t the most clueless one after all...”
No he’s clueless too or evil...
Geithner: Global Inflation ‘Not High on List of Concerns’
http://blogs.wsj.com/davos/2011/01/28/geithner-global-inflation-not-high-on-list-of-concerns/
US will not make drastic budget cuts, Geithner tells Davos
Why should he, he is using it to mask deflation.
For more, see this What Obama Does Not Know.
Good article thanks. I sometimes wonder though if obama is as described in that article or if this isn’t by design. Consider the CIA, the UN the World Food Bank all warned him about the middle east and food inflation. Soros had Elbaradei all set to go to Egypt and their organization the International Crisis Group immediately condemned Mubarek. You know that old saying control the food, control the people well there is more then one way to do that.
The Feds QE2 program is allowing the primary dealers to speculate so why should they lend they are making far more money that way. Obviously Ben’s concern lies with propping them up with no consideration of how his policies are affecting the rest of us.
They do not teach Austrian finances most likely by design and when was the last time you saw anything brought up about President Harding on the Depression?
Warren Harding and the Forgotten Depression of 1920
http://www.lewrockwell.com/woods/woods125.html
Of course he’s not worried. He’s rich.
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