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Bernanke gets an earful from Ron Paul: "Congress and the Fed are symbiotic because the Congress...
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Wednesday, March 2, 2011, 6:15 PM ETBernanke gets an earful from Ron Paul: "Congress and the Fed are symbiotic because the Congress spends and they know there is a moral hazard involved because they know that if interest rates go up, the Fed accommodates them. So the Fed really facilitates this spending... the Fed is involved with our deficit and encourages it as well as the Congress."
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At the same time explain why Ben is not.
What's not to understand about that?
Jerry
economic philosophy that if ever adopted would guarantee an economic depression for this country. He is one of the gravest threats to this country.
The gravest threat to this country is not Ron Paul, it's the idiots currently in office.
THE gravest threat to humanity has always come from people with God complex who are not accountable to anyone. That describes Bernanke better than Ron Paul (or any other congressperson)
I've read through your comments from the previous month (or so).
What is your career?
is what a Ron Paul austrian economic policy would bring....
Leaving the only option was Ben to take the action that he did. If the government focused on priorities JOBS. Maybe we wouldn't be in this horrible situation.
The US does not have any leaders right now and that is scary on many fronts.
Free market at work.
Lowes lays off 1200 full time workers with benefits & hires the same amount of no benefit seasonal workers.
Awesome.
The government\Fed believing it can control everything is why it controls nothing.
Via ZH and seemingly covered by no one...
www.reuters.com/articl...
The ZH post with additional articles..
www.zerohedge.com/arti...
"And confirming that the PBoC announcement is far more serious than the amount of airtime allotted to it by the mainstream media, is the just released article in Spiegel "China Attacked the Dollar" (google translated):
The Chinese central bank surprised with a spectacular announcement: The would-be superpower wants to handle their entire future foreign trade in yuan, not in dollars. Beijing shakes America's claim to represent the key currency - with serious consequences for the U.S..
The announcement was inconspicuous , but it has the potential, to permanently change the balance of power on the world currency market: China strengthens the international role of the yuan. All exporters and importers will, this year, be allowed to settle their business with their foreign partners in Yuan, the central bank said on Wednesday in Beijing."
Let them settle in Yuan, if they can fight the inflation, godspeed....
Bernanke is a professor from Princeton who subscribes to a less than rigorous
economic philosophy that if ever adopted would guarantee an economic depression for this country. He is one of the gravest threats to this country.
And I have a question for all those that fear the dreaded "deflationary spiral"... how is it that America had a ton of deflationary spirals that it always came back from more vigorous than ever before the Fed existed?
actualanarchy.blogspot...
Maybe deflationary spirals aren't that scary after all....the only one that anyone can point to as being bad is the Great Depression, but almost everyone blames the Fed for that anyway!
newsroom.ucla.edu/port...
Alphabet intervention always makes it worse.
"Consumers don't want to buy gold."
Nope - I really don't. But I have been forced to by all the FED's f'in money printing.
Ron Paul raises some interesting issues. I think that the argument that the Fed "enables" the deficit spending that Congress engages in is like the argument that I "enable" a burglar by failing to install the most expensive alarm system and thereby "tempting" him to break into and rob my house. It is an argument that has been made but I think it is a weak one - Congress is responsible for the budget and Paul seems to finally acknowledge that. While I do not agree with the argument for a return to the gold standard, I do think that the events of the last 10 or 11 years suggest that we should explore some public policy measures more carefully targeted at our problems. For example, our solution to higher oil prices seems to be to have recession so that lots of people don't have to drive to work and gasoline demand is reduced by unemployment. Similarly, easy monetary policy is a very blunt tool to use to address unemployment; a program like the Kurzarbeit used in Germany should at least be seriously explored as an alternative. We should have an intelligent debate on these issue and there well may be significant changes that should be made. But we should always keep our eye on the ball - the goal is the welfare of the American people, the strength of the real economy, and national security. We should never sacrifice these to a slavish devotion to economic dogma of any kind.
$14,000,000,000,000
A trillion is 1,000 Billion.
A billion is 1,000 million
Frothing at the mouth, yeah, you must be right.
Those numbers are in the Quadrillions.
The US has ~ $14.2 Trillion in debt (on the books), plus massive off books liabilities such as Fannie/Freddie, Social Security, etc.. This ends us up somewhere in the range of $50 Trillion total....or basically a 'triple mortgage' on our yearly GDP.