Posted on 02/26/2013 11:02:35 AM PST by ExxonPatrolUs
Federal Reserve Chairman Ben Bernanke strongly defended the central bank's easy monetary policy before a Senate committee on Tuesday and said there's little risk of a spike in inflation in the near term.
In criticizing the central bank's easy monetary policy, Sen. Bob Corker, a Republican from Tennessee, called Bernanke the biggest dove since World War II.
Bernanke was quick to push back. "You called me a dove, well maybe in some respects I am, but on the other hand my inflation record is the best of any Federal Reserve chairman in the postwar period –or at least one of the best," he said, citing the 2 percent average inflation rate.
He also told Congress that the Fed is not engaged in a global currency war and said that expansionary monetary policy is not a "beggar thy neighbor" policy.
Bernanke noted that inflation, one of the risks most often cited by critics of the central bank's so-called quantitative easing, remains projected to stay at or below the Fed's 2 percent target for the foreseeable future.
(Excerpt) Read more at m.cnbc.com ...
Interesting. Yet the $100 bill acts as the new $20 everywhere I go.
Apparently someone else grocery shops and refuels the vehicles for Bernanke.
As a retiree, who now does the family food shopping, I can tell Ben that he’s full of shinola.
Basic stuff like food and gasoline are way up. Meats and milk, all the boxed and canned stuff too. Motor oil that was 2 bucks a quart in 2009 is now $4 or more.
Yes the fedgov can cook the books on “consumer price index” but anybody who is paying attention knows that’s as bogus as the “unemployment rate”.
Fortunately for Bernake, the federal government strips away fuel and food from the inflation calculation. The reason is that few Americans use much fuel and most don’t eat very much food. If Americans had to eat, and products and people had to move about the continent, I could understand accounting for escalating food and fuel prices.
Of course all of the bobble-head Congress scum fell in place & agreed.
You can’t readily compare the inflation rates of today vs the past because they did some real MAGIC and dropped food & gas price from the calculations....
And we mustn’t forget to thank Big Ben for those outstanding savings account and CD interest rates.
In other news, a half-gallon of ice-cream is now 1.5 quarts.
Isn’t it “curious” that you don’t see constant media “exposes” on things like you mentioned anymore?
Sort of like those other missing phrases:
“Recovery for Wall $treet but not Main Street”
“McJobs”
“Jobless recovery”
“Homeless problem”
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