November 24, 2007

A special HousingPANIC message for Ben Bernanke

If you f*cking dare cut rates even further, and destroy the US dollar (and savers) even more, especially after your rosy "inflation is fine, jobs are fine, the economy will be fine" report, then you should resign.

You will no longer have any credibility worldwide, and your loyalty to your banker buddies over the American people will have been glaringly exposed.


Ben Bernanke, if you cut again, and destroy the US dollar even more, you will launch a revolution. You can fool most of them most of the time, but not all of them all of the time. And you're REALLY starting to piss me off, you corrupt incompetent treasonous jackass.

Here's Schiff on what's happening, and what's to come:


Despite clear signs of surging prices in the U.S., the Fed took a major step in undermining its own credibility with its most recent forecast that inflation would remain below 2% for the next three years.

As the forecast clearly paved the way for additional Fed rate cuts, Wall Street ignored its absurdity and heralded the announcement as legitimate good news. The celebration is likely infuriating foreign governments, who must be dumbstruck that the Fed can claim contained inflation at home while the declining dollar is fueling massive inflation problems around the world.

In order to maintain their pegs to the dollar, foreign central banks have been forced to print their own currencies to buy all the dollars accumulated by their exporters. This has resulted in upward pressure on consumer prices in their respective nations, with annual increases now reaching alarming rates. Bernanke’s message of benign neglect means U.S. exported inflation will likely increase substantially in the years ahead, exacerbating the inflation problems for those nations now supporting the dollar.

In December, OPEC nations will convene to discuss continuing their dollar pegs. If they were looking for a reason to drop them, the Fed may have just provided it.

25 comments:

Anonymous said...

Hey, no problems...

Citibank's stock has only melted from $55 to $31 since last summer. There's no reason for this happening of course.

CEO got fired. They can't seem to find anyone else willing to take the job...

But everything is just fine.

Anonymous said...

"Ben Bernanke, if you cut again, and destroy the US dollar even more, you will launch a revolution. You can fool most of them most of the time, but not all of them all of the time. And you're REALLY starting to piss me off, you corrupt incompetent treasonous jackass."

Didn't you say that the last time? And the time before that? And 6 months ago? And 2 years ago?

Where's this revolution KEEFER?

LauraVella said...

I keep reading rumors the FEDS will drop rates again...

I use to think Ben & Co. would do the right thing and raise rates, but now I know better.

Malcolm said...

There was a movie on CBC a few years back called “The Candidate.” I don’t have a link, and I wish I could find it on DVD, because it was such a cutting satire on politics (Canadian and American), that it should be required viewing by the voters.

The movie is basically about a guy who’s clueless, but through luck and chance moves up the ladder to PM.

That’s part of the problem we’re having right now.

If we had someone who was clueless, but could admit it, they would seek out the opinions of those who know.

Instead, we have a group of people who thing that “standing your ground” is more important than finding the best solution.

So, we’re stuck with people who will make mistakes, then refuse to admit that they have made mistakes; then “act tough” in the hope that people won’t notice that they’ve made all of these mistakes (or tell them to their face).

A great way to run a country.

Anonymous said...

In order to maintain their pegs to the dollar, foreign central banks have been forced to print their own currencies to buy all the dollars accumulated by their exporters. This has resulted in upward pressure on consumer prices in their respective nations, with annual increases now reaching alarming rates. Bernanke’s message of benign neglect means U.S. exported inflation will likely increase substantially in the years ahead, exacerbating the inflation problems for those nations now supporting the dollar.
----------------------------------

This is key. it will be painful for us be devastating for them, just like the cold war arms race.

Anonymous said...

I really cannot believe that no one has sent a bullet their way.

Anonymous said...


This is key. it will be painful for us be devastating for them, just like the cold war arms race.


Maybe that's the point?

In the Cold War, the USSR and Eastern Bloc wasn't part of the world financial system---only the commodity trade.

Now, China is, and they're much smarter than the USSR.

They've been playing Mercantilist Predator for a long time and we've been playing My Little Frat Party.

Yes, the dollar will be devalued, oil will explode (in $) and that will be the only way to get fuel efficiency without the dysfunctional political system.

But moreover China---and especially Europe---will be put on notice that the era of taking blows and may-i-have-another-sir is over.

The way the Chinese peg, the effects spill over to Europe. Already Europe quickly went from a trade surplus with China to a massive deficit. Russia is snarling like like Russia once again.

Post Bush, that awful Anglo-American axis might not look so bad after all.

The gamble is whether this will make Europe mad at the US even more, or seriously push them to recognize the cute plush toy is a 800 pound Chinese Yeti dropping turds.

The Chinese are just being smart and looking after their own naked interests.

Soon enough, others will too.

Anonymous said...

Americans making American dollars spending American dollars have no idea what's hit them

king of the Bitter Renters said...

The reason Ben will cut and try and REINFLATE the bubble, is because that is all these chimps know how to do. Everytime there was a hiccup in the last twenty years, EASY AL cut, and somewhere in the world, another credit-based asset bubble was born. (Don't get cash and credit confused) They are blowing credit bubbles!!!!!!

Now there is 540 TRILLION dollars of deriviatives floating out there in the ether, which is 8 times the worlds GDP.

What kills banks, and empires, is a DEFLATIONARY spiral, where the underlying assets, namely the WHOLE FUCKING World, as the pigmen in the WA-WA's (Wall Street and Washington) think they own, loses their inflated value.

Keith, there will be no revolution. Too many syllables. We will remain pliant throughout because we Americans are controlled by our debt, like the bankers wanted. We, the People are like the stoned denizens of some tacky heroin den.

Those that have physical cash will survive. (Until those with guns take it from them.)

But I hear that heroin kills the starvation pains.

Anonymous said...

You know, I can't grasp most of economics. So before, I was like "Lol, these Americans, they're so dumb with their Housing Bubble!", but recently I've come to realize they have no intention to pay for it, and will rather hand over the bill to the rest of the World. Recently my president went to Washington and almost sucked some congressman's dicks because he admires the USA so much. To his credit, he also talked of an impending 'economic war'. I wonder how long Europeans will stand by your side if Benny continues to wage Inflation on us. I guess we'd better bet on Russia.

Anonymous said...

Maybe foreign governments need to revalue their currency instead of artificially keeping it low. China has no right to complain about inflation when they are the ones doing it to themselves by pegging the yuan to the sinking dollar. Let them dump the dollar. They'll either have to let their currency float or face massive inflation along with the US.

Everything that will happen is going to happen. It's just a matter of having the system implode or unwind slowly. I think Bernanke is doing it the right way. He didn't have much of a choice considering the mess left behind by Greengas. Why should he cause armageddon just to satisfy a few socialist kooks on this blog? The banks are suffering, the mortgage brokers will all be out of business, the flippers are flopping and the REIC has been discredited. You people won't be happy until babies start starving to death.

k.w. - southern ca. said...

The Fed will continue to drop rates, until their banker buddies and associated financial constituents are swimming free of this mess - but it will get very messy for the majority of US citizens.

I'm just curious how much longer tax payers will be able to continue footing the bill for those of us feeding off the public trough.

Frank@Scottsdale-Sucks.com said...

"Wall Street ignored its absurdity and heralded the announcement as legitimate good news."

It amazes me what a bunch of sheeple Wall Street really is.

Paul E. Math said...

I think Bernanke should forever live in infamy for his "unless you travel internationally you don't have to worry about the falling dollar". It's an outright lie that a gullible and ignorant public is all too eager to accept.

The Chairman of the FOMC is supposed to be a leader, to preset the truth in the face of confusion and ignorance. Bernanke and his predecessor Greenspan are the source of ignorance, the source of confusion.

Why do we have a Federal Reserve, again?

Anonymous said...

I really cannot believe that no one has sent a bullet their way.

Shit, this sounds like something I think. We can only hope :-)

Andrew Hac said...

This housing bubble has let the cats out of the bag:

1) The Americano nation is F*CKED as never F*CKED before.
2) 99% of Americano as as stupid as "BorkAFatty". There is no hope in rescuing the stupids and the lames.
3) Until the Americano starts a nation-wide cleaning up of the hoity-toity, the self-righteous pricks (The ones that says it is O.K for us to invade Afghanistan and Iraq but none other nations can so much as put their foots in this Americano land), the diabetic obese trailer-trash Hicks, the welfare, medicaid, housing assistance leeches, the greedy bastard all R.E related jobs, this nation is going down the sewer faster than a roller coaster.

And last but not least:
Dubya Shrub + Penis Shooter = Adolf Hitler !!!

Anonymous said...

http://www.moneyandmarkets.com/Issues.aspx?NewsletterEntryId=1214 Good article by Jack Crooks. this explains why things are the way they are. Altough what happens when the stock market is falling?

Anonymous said...

There is no question that Bernanke will cut rates further in the future.

Bernanke has written papers and books on the crash of 29 and the depression. He states that the Feds decision not to provide ample liquidity (i.e. cut rates) during the depression only prolonged the economic problems.

Why do you think Greenspan said to diversify your portfolio into non-dollar denominated assets. Greenspan and Wall Street knows that a series of rate cuts are in store for us.

Princess Mononoke said...

Yep, we can all count on another cut! It's beginning to feel like a "war" of a different kind...

Anonymous said...

And you're REALLY starting to piss me off, you corrupt incompetent treasonous jackass.


HA! You are one to talk about treason. You cut and run to England. What happens here should be of no concern to you. Enjoy your warm beer and poor dentistry old chap.

Anonymous said...

I'm sure this very same kind of drivel was being spewed in Europe 10 years ago when the Euro was shitting. And look, things turned around. And at some point the dollar will be back. All this stuff is cyclical. Only fools think it isn't.

SeattleMoose said...

The FED is the biggest coup in American history. Founded in 1913 by international bankers it is an illegal cartel accountable to no one country.

If it feels like the FED doesn't give a sh|t about the U.S. it is because....the FED is controlled by international bankers with their own agenda.

The U.S. has a parasite problem.

Anonymous said...

Andrew Hac: Are you upset because of the inflationary pressures in Asia due to China's currancy being pegged to the dollar?

Anonymous said...

Who is stupid? The rest of the world or Americans Mr. Andrew Hac? Let's look at the facts. We Americans live like Kings and Queens (Asia and Europe keeps sending money our way). We have big cars, McMansions, tv screens the size of billboards, etc... Then we have all of this stuff and then we have no intention of paying for it. Call us "stupid", "Americanos", etc... But YOU FOLKS are the one who are stupid in the end, not us.

Anonymous said...

Enjoy your warm beer and poor dentistry old chap.

November 24, 2007 11:16 PM<<<<


warm beer and poor denistry.......ha ha ha........you forgot fish and chips.......