Posted on 09/14/2012 10:08:45 AM PDT by Fred
Central bankers are “counterfeit money printers” and Federal Reserve Chairman Ben Bernanke should resign for messing up the U.S. economy so badly, Marc Faber, author of the Gloom, Doom and Boom, told CNBC on Friday.
He said Bernanke was one of the main proponents of an ultra-expansionist economic monetary policy that was to blame for the latest financial crisis.
“If I had messed up as badly as Bernanke I would for sure resign. The mandate of the Fed to boost asset prices and thereby create wealth is ludicrous — it doesn’t work that way. It’s a temporary boost followed by a crash,” Faber said.
He's lying about the Fed's mandate. Here's the Fed's mandate...
12 USC Sec. 225a "The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy's long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates."
Do we have an unemployment problem? Yes. Is the FED required to implement policies to address it? Yes.
But the FED can only do so much. Congress needs to reverse the trade policies and raise import tariffs and put a sensible energy policy in place that helps insulate us from oil price shocks.
I wonder if Marc Faber is related to the guy I remember watching on CNBC years ago named David Faber.
I say raise the taxes on just Bernanke!
QE3 this dummy is crasy in Obama’s term
Don’t worry they are working on QE4. You can just print money on your iPhone.
“If we have an economic crisis in the Western world it’s because the government makes up 50 percent or more of the economy. This is a cancer that is taking away people’s freedom.”
— Marc Fabar, Published: Friday, 14 Sep 2012, 7:04 AM ET, CNBC
Ba ba but it’s Bernanke and the “Federal Reserve” making these decisions and that should make us tingly and warm and cozy.
What should make us angry is that they are creating asset bubbles again and inflation, redistributing the wealth of the nation to Wall St, and to other countries. They badly need audited, more transparency and reigned in because it would keep the heat on them to do minimal instead of maximal manipulation and damage.
Since Wall St owns both Parties and the Fed works on their behalf, I don’t see much happening except words while a Senate vote is stymied as part of a deal with Harry Reid.
Mitt needs to deep six Bernanke immediately after the inaugeration ceremony.
Since they are buying everything one must wonder if they are buying back the IPO stock of those who bought Suckerbergs Facebook stock?
If Bernanke managed his own checkbook as he has the Fed’s, he would be bankrupt and/or in prison. He, like so many in high places, is unfit for his post.
Just proves there are puppet masters pulling obama’s strings. They want this country destroyed and they found someone to be president who agrees with them.
Gov. Palin for Fed chmn!!!!
QE3 is stimulating the stock market right now and making everything look hunky-dory, but have they thought what happens when the roller coaster starts back down the hill? This has the potential to cause a catastrophic drop in the market right before the election. What goes up must come down. Put some ice on it, Zero.
There's going to be a bad October crash. Only question is, which week will it occur? Will it be October 19th? (Just a wild guess, not a question of if, just when.) Things are going to get much worse.
If I was president I would have Bernanke strapped in leg irons and march him down the middle of Pennsylvania Avenue and off to prison.
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