Posted on 02/01/2011 8:09:35 PM PST by dollarbull
Recently, BOE head Mervyn King came out with a very surprising warning to his compatriots, accompanied with an apology that our own Ben Bernanke will never offer, namely: "I sympathise completely with savers and those who behaved prudently now find themselves among the biggest losers from this crisis." Of course, the US central bank believes it has completed its third mandate job now that the US stock market, not to mention commodities, are starting to be reminiscent of the parabolic phase of the Harare stock market. But back in Europe, even as the EURUSD is surging (killing the dollar, and the primary driver behind US stocks) now that it is accepted that the continent will proceed with its latest full on ponzi scheme and have the EFSF acquire insolvent bonds, even as the ECB proceeds to raise rates, things are getting worse. This is precisely what King warned about in a speech that not surprisingly got absolutely no coverage in the US. Luckily, here is Simon Black's take on the very surprising speech by King which confirmed that the only beneficiaries of Bernanke's policies continue to be the top 1% that make up the financial oligarchy.... as always.
(Excerpt) Read more at zerohedge.com ...
GOT GOLD?
Don’t fool yourself. They can steal that from you too.
GOT A TRADE
DO YOU WORK WITH YOUR HANDS?
All we can do is to ask the good Lord for justice against those who have caused such pain to the honest people in this world. They have all the power - for now.
How dare you haven’t you heard obama’s favorite banker jamie demon said no more bank bashing!
http://www.reuters.com/article/2011/01/27/us-davos-jpmorgan-idUSTRE70Q5HB20110127
‘Gold is a superior hedge since it is liquid compared to bartering labor’
That’s true.
But, I will want to get paid in gold or silver, thank you.
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