Archive for the ‘Federal Reserve – Ben Bernake’ Category
QE3: Ben Bernanke tells Congress he’s going to devalue the dollar some more by printing a lot more money
Get set for Carter-style inflation
Hey, isn’t Bernanke flipping us the bird in this photo?
CNBC: Federal Reserve Chairman Ben Bernanke told Congress Wednesday that a new stimulus program
is in the works that will entail additional asset purchases, the clearest indication yet that the central bank is contemplating another round of monetary easing.
Bernanke said in prepared remarks that the economy is growing more slowly than expected, and should that continue the central bank stands at the ready with more accommodative measures.
“Once the temporary shocks that have been holding down economic activity pass, we expect to again see the effects of policy accommodation reflected in stronger economic activity and job creation,” he said
“However, given the range of uncertainties about the strength of the recovery and prospects for inflation over the medium term, the Federal Reserve remains prepared to respond should economic developments indicate that an adjustment in the stance of monetary policy would be appropriate.”
Gold surges to record highs on news Bernanke plans to print more money
REUTERS: Gold futures rose to a record settlement above $1,585 on Wednesday, as the possibility of
more Federal Reserve stimulus coupled with Europe’s deepening debt crisis fueled bullion’s longest winning streak in five years.
Spot gold [XAU= 1579.11 13.86 (+0.89%) ] last rose 1.2 percent to $1,584.39 an ounce.
U.S. gold futures [GCCV1 1585.40 23.10 (+1.48%) ] for August delivery rose $23.30 to settle at $1,585.50 an ounce .
Bullion prices added to early gains after Federal Reserve Chairman Ben Bernanke said the central bank is ready to ease monetary policy further if the economy weakens and inflation moves lower. Silver rallied nearly 6 percent, moving in tandem with commodities, U.S. stock markets and risk assets.
Is Bernanke a lunatic, or just completely incompetent?
THE ECONOMIC COLLAPSE: Did you see Ben Bernanke’s testimony before the House Budget
Committee on Wednesday?
It was quite a show. Bernanke seems to believe that if he just keeps on repeating the same mantras over and over that somehow they will become true.
Bernanke insists that the economy is getting much better, that quantitative easing will lower long-term interest rates, that all of this money printing by the Federal Reserve is not causing inflation and that the Fed knows exactly what needs to be done to dramatically reduce unemployment inside the United States.
So is anyone out there still actually buying what Bernanke is selling? Sure, a handful of people in the mainstream media still have complete faith in Bernanke. But for the rest of us, it is becoming increasingly clear that there is something really “off” about Bernanke. So just what is going on with him? Is he lying to all of us on purpose? Could he be insane? Is he just completely and totally incompetent?
Video That Explains What Ben Bernanke and President Obama Are Doing To You in Layman’s Terms
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Bernanke’s Secret Exposed: Foreign banks got most of the secret cheap money from the Fed
BLOOMBERG: U.S. Federal Reserve Chairman Ben S. Bernanke’s two-year fight to shield crisis-squeezed banks from the stigma of revealing their public loans protected a lender to local governments in Belgium, a Japanese fishing-cooperative financier and a company part-owned by the Central Bank of Libya.
Dexia SA (DEXB), based in Brussels and Paris, borrowed as much as $33.5 billion through its New York branch from the Fed’s “discount window” lending program, according to Fed documents released yesterday in response to a Freedom of Information Act request. Dublin-based Depfa Bank Plc, taken over in 2007 by a German real-estate lender later seized by the German government, drew $24.5 billion.
The biggest borrowers from the 97-year-old discount window as the program reached its crisis-era peak were foreign banks, accounting for at least 70 percent of the $110.7 billion borrowed during the week in October 2008 when use of the program surged to a record. The disclosures may stoke a reexamination of the risks posed to U.S. taxpayers by the central bank’s role in global financial markets.
“The caricature of the Fed is that it was shoveling money to big New York banks and a bunch of foreigners, and that is not conducive to its long-run reputation,” said Vincent Reinhart, the Fed’s director of monetary affairs from 2001 to 2007.
Libya Banks Got 73 Loans Totaling $35 Billion from Bernanke’s Secret Cheap Money Stash
BLOOMBERG: Arab Banking Corp., the lender part- owned by the Central Bank of Libya, used a New York branch to get 73 loans from the U.S. Federal Reserve in the 18 months after Lehman Brothers Holdings Inc. collapsed.
The bank, then 29 percent-owned by the Libyan state, had aggregate borrowings in that period of $35 billion — while the largest single loan amount outstanding was $1.2 billion in July 2009, according to Fed data released yesterday. In October 2008, when lending to financial institutions by the central bank’s so- called discount window peaked at $111 billion, Arab Banking took repeated loans totaling more than $2 billion.
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