Tuesday, November 15, 2005

Bernanke Says He Will Continue Disasterous Policies Until We Die


By Elaine Meinel Supkis

Today, Bernanke told the Senate he wasn't going to change anything at all, indeed, he was going to be passive even about inflation. He said he wasn't going to be "political" which means he is a naive fool and Mr. Dollar in Japan is laughing like a loon.

From the NYT:
White House chief economic adviser Ben Bernanke pledged Tuesday to run the Federal Reserve independent of political influences, a promise aimed at reassuring investors and central bankers worldwide as well as the American public. He also promised to move slowly on inflation targeting - an area where Bernanke and Alan Greenspan differ.
You can bet, everyone outside the USA is elated the disasterous status quo that is eating away the heart and soul of America is going to continue until America dies.

Great. Whoopee. What a relief.

Gads. What ails us? Do the corrupt clowns in DC, both parties, think we can do this forever? There is no pay-off, no downside? Has everyone lost their mind? Bernanke "studied" the Great Depression. Well! What did that loon learn? Eh? Since he lived his pointless life deep inside academia, he never had to worry about money, had everything on that ole silver platter, he is the perfect Ivory Tower Rupunzel. He thinks the red ink will never rise to his window. Well, it will. And then it will be too late!

His counterparts elsewhere in the world rejoice we will have another effete running our money instead of the sorts of people such as Japan has, men who work in concert with the ruling party to rule America, trapping us in traps we set for ourselves because we are greedy.

Preventing this is what the Fed is supposed to do and it is a very political job. Alas, to be popular and happy, all one has to do is go along for the ride with the rest of us! Bernanke will be riding in the back seat while irresponsible drunks drive our economic car off the cliff. He might remark on how similiar this is to his studies, oh my!

I wonder if he figured out how international currency games triggered the Great Depression when the premier currency of the world, the British pound, collapsed? Back then, America thought the dollar would be insulated. It was! It became amazingly strong, a nickle could buy a loaf of bread!

This is what "depression" means: dollars buy a lot in a depression only no one has them! Duh.

Right now, we have this Asian Ponzi scheme going with Japan that involves preventing inflation here by pouring fake money into Japan in the form of unending IOU's that get bigger and bigger each swing of this pendulum. As both countries juggle long and short term debt, each owing the other, this is what Enron did! Off shoring the losses (that is China's job for us!) and juggling the deficits in the books so they looked like positive profits, churning the money through fake companies so it looked as if it were circulating, earning profits...Enron was supposed to be the strongest of all companies! They could manipulate huge markets world-wide and even squeeze California for vast profits which dissappeared into the crazy quilt of deficit spending fake companies: this looting ended in a vast crash that nearly took down the American economy only the economic advisors for Bush, people like Greenspan and Bernanke, figured out how to hide this economic mess by aping Enron on a grand, amazing trillion dollar level for this plot has in a mere five years, loaded up more debt for America than ALL of our history from day one to 2000!

This catastrophe requires huge change and bravery and a total turn around! Not more of the same! This is insanity! It can't and it won't go on. Physically impossible. Bernanke should refuse this position if he is too chicken to tamper with the present rigging. If he wants to sail into the teeth of this developing catagory five financial hurricane, well, that is totally irresponsible and insane.

He is younger than me. He still should know better.

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