Bernanke Gone Berserk! Bank Reserves Explode!
Bernanke Gone Berserk! Bank Reserves Explode!
October 19th, 2009 • Related • Filed Under
Martin here with the most shocking new numbers I’ve seen in my lifetime.
My conclusion: Fed Chairman Bernanke has dumped so much funny money into the U.S. banking system and has done so little to manage how that money is used, the fate of our entire economy has now been cast under a dark shadow of doubt.
This is not conjecture or exaggeration.
Nor are the underlying facts subject to debate.
They are blatant, unambiguous, and fully supported by the Fed’s own data …
Fact #1. Up until the day Lehman Brothers collapsed in September of last year, it took the Fed a total 5,012 days — 13 years and 8 months — to double the cash currency and reserves in the coffers of U.S. banks.
In contrast, after the Lehman Brothers collapse, it took Bernanke’s Fed only 112 days to double the size of U.S. bank reserves. He accelerated the pace of bank reserve expansion by a factor of 45 to 1. (Click here for the proof.)
http://jutiagroup.com/2009/10/19/bernanke-gone-berserk-bank-...
This Might Work....
...if we bought cheap Chinese imports and then sold them to the Chinese. We need to start manufacturing things in the US or we have nothing to sell. The consumer/service economy is unsustainable.
These are not just bad policy decisions
When the fed doubled the money supply they took a crowbar and broke the knees of every man, woman, and child in this country. There's hardly a difference between having your legs broken so you're laid up for 6 months unable to work and having the money supply doubled. At least with the crowbar you can see what hit you. The fed steals the money in secret (by printing it without the reserves to back it up) and then claims it's the savior of civilization. What have they saved? The institutions which created the bankruptcy and which will now continue to leach off the labor of everyone in perpetuity. We live in a crazy world. What part of "honest money" do people not understand?
Bernanke wants us to "save more" and he wants China to spend....
more. What advice.
Bernanke Says U.S., Asia Should Reduce Distortions (Update2)
By Craig Torres and Vivien Lou Chen
Oct. 19 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke called on the U.S. to save more by cutting the federal deficit and said Asian nations should promote domestic consumption to avert a return of trade distortions that preceded the financial crisis.
“The United States must increase its national saving rate,” Bernanke said today at a San Francisco Fed conference on Asia and the global financial crisis. “The most effective way to accomplish this goal is by establishing a sustainable fiscal trajectory, anchored by a clear commitment to substantially reduce federal deficits over time.”
Group of 20 leaders pledged last month to cooperate in shifting the global economy to “sustainable and balanced growth” and, with the help of the International Monetary Fund, to monitor each country’s patterns of demand and supply, credit, debt and increases in reserves. Bernanke called for policies to rebalance growth with higher private and government saving in the U.S. and less reliance in Asia on exports.
“It’s important, and I think policy makers recognize we need, to develop a fiscal exit strategy which will involve a trajectory toward sustainability,” Bernanke said in response to an audience question at the Santa Barbara, California, conference. “That’s critically important in order to maintain confidence in our economy and confidence in our currency.”
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a0EHM...
EEeoowwwwsseerr!
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