Ben Benanke is full of lies. How does the Federal reserve have 600 billion bucks? yeah they happen to just have 600billion sitting there to lend out? I would imagine they would have already lent it out if they had that to make interest? Also yes they didn't print money for QE2, they just created it on the computer (its the same as printing money). Slam
just watching the quivering in his lips tells me this guy is one terrified chap.......he doesnt know whether he's arthur or martha...!!!!!....hahaha....he must be hsitting bricks!!!!......and then to be pouring more gasoline on the fire.......WOW......i love this man!!!!......i love silver!!!!....(ps...dont get me the wrong way!!??)
Being a poker player myself, I can tell from this his lips, his nervous as hell. He can't even lie properly on TV, can't even say the things with confidence. But the sheeple are stupid enough to believe him. Slam
hahahahaha....yeah...thats wierd.....what is it about his beard????? i also noticed it.......immaculately trimmed.....gee.....really weird....????? almost......like barbie "KEN"
Softening up the population. Notice the tenor and tone of the advertisements. I think his nervousness is just 60 minutes event for a bureaucrat. If you want to see him nervous google him saying to congress that he won't disclose who got the TARP money.
Something Ben said stood out to me, guess it's because of my background. People who do not like long posts, do not read the following but only look at the conclusion. For whoever is interested in how I got to the conclusion, I welcome you all to read and if possible give me some feedback on what you all think about it. The following two claims are from Bernanke's interview. Claim one "One myth that is out there is that what we are printing money. We are not printing money. The amount of currency in circulation is not changing. The money supply is not changing in any significant way." Claim two "What we are doing is lowering interest rates by buying treasury securities, and by lowering interest rates, we hope to stimulate the economy to grow faster." Interview with Ben Bernanke on 60 minutes CBS from 6:35 till 6:52. Source: http://www.economicpolicyjournal.com/2010/12/video-ben-bernankes-60-minute-interview.html With an authority making such claims, it usually pays off to look at some aspects. Of course looking at what he says and to how he brings it to the table. So what he says is quite clear, or is it? Loads of jargon the average person won't understand, even with my education (government focused BA) it took some time to fully grasp what he is saying. Things to keep in mind are that Bernanke has an interest in the claims that he made on the show. Another aspect of importance is that what he says in accordance to what other scientific sources claim. So let's start with claim one, he starts off with a strawman argument. The idea of a strawman argument is to put forth an argument no-one claims or that can be defended. It is quite obvious since no-one is there to pick up the ball and that he makes just one claim with three arguments to disprove it. These three arguments all have nearly the same message. Nearly, because the first two arguments are very strict and do not allow any room for change, but his third argument has a condition in it, that condition is significance. Why this sudden change in the third argument after two strong statements? Now for claim two, is what he says in accordance to what other scientific sources claim. The jargon in this claim makes it so that I need to grab a textbook. Core definitions of economy by N. Gregory Mankiw 3rd edition 2008 (Dutch version). Mister Mankiw is a professor of economics at Harvard University. He talks about three different instruments the Fed has, these are: open market policy; reserve requirements and discount percentage. Open market policy means that the Fed buys bonds (read: treasury securities) from the public, by doing this the money supply gets increased. By selling bonds to the public, the money supply gets decreased. So I believe, because of what I read, that what the Fed is doing in buying up bonds via open market policy and thus increasing the money supply. He basically disproves his own third argument from claim one. According to a Powerpoint presentation in pdf I found from Kent State University is that these transactions are merely paper transactions, not the printing of physical money (source: http://www.personal.kent.edu/~cupto...Instruments of the Federal Reserve System.pdf ). This leads to my conclusion, a weak first claim but the first 2 arguments are valid. The third however is complete nonsense, he disproves it himself by saying it 5 seconds later in jargon. I do hope that we all get out of this problematic situation, I sure as hell don't say that I have the solution, but some insurance (ie: Au and/or Ag) can't be wrong.
Great comment "Q: Is there anything you wish you could've done different over the last 2 years? Bernanke: I wish I had been omniscient and seen the crisis coming. I didn't. I didn't know that Ron Paul had the nickname of 'omniscient'." LOL
Oh what a nice guy ... That would have brainwashed 85% of the American population into thinking yeah it is not so bad, he knows what he is doing give him a break. Q - How do you print money and not increase the currency ? That one confused the hell out of me. I like the point about confidence in investing. He knows the public is against Wall Street so he wants to give Tax breaks to encourage this. You think they would have learned but obviously not. I think I may go and see what Silver is available
Thats right. Federal Reserve DON'T HAVE reserve. Why would they "need" reserve when they can conjure money out of thin air. They're literary money factory, they just churn out money when they need it. It's amazing how anybody would believe anything Bernanke said!?
