January 15, 2008

Ben Bernanke is an economic terrorist - US inflation soars and the dollar is destroyed and he's getting ready to make it even worse


I hate Ben Bernanke. He knowingly made inflation soar and destroyed the US dollar in order to bail out his banker buddies - and he even failed there.

Ben Bernanke should be arrested for treason against the American people. If you earn, spend or save US dollars, Ben Bernanke is your declared enemy. He is an economic terrorist and should be fought with any and all legal means available. There should be protests outside of the Fed's offices, and Bernanke should be hounded like the scoundrel he is.

It's time to fight back people. Take this battle to the streets. Vent your rage. Contact your corrupt congressmen. Demand action.

Or just say f it, admit defeat, find a job that pays Euros, and buy gold.

Wholesale Prices in 2007 Up 6.3 Percent

WASHINGTON (AP) — Wholesale inflation last year shot up by the largest amount in 26 years while retailers suffered their worst December shopping season in five years as mounting economic woes caused consumers to put away their wallets.

The Labor Department reported that wholesale inflation was up 6.3 percent for all of 2007, reflecting a huge increase for the year in various types of energy costs ranging from gasoline to home heating oil.

39 comments:

keith said...

http://en.wikipedia.org/wiki/Federal_Reserve_System

Marriner S. Eccles Federal
Reserve Board Building, 20th and C
Streets, NW., Washington, DC 20551.

Any HP'ers who live in DC who can organize a protest at the Fed HQ would be a hero. Or find out where Bernanke will be and disrupt his activities (peacefully of course)

The media would eat this sh*t up. When will Americans rise up? Or do they just take it lying down?

I'd do it but I'm 4000 miles away

He's heading to Congress on Thursday as well

http://www.federalreserve.gov/whatsnext.htm

Anonymous said...

it's either deflation like in 1929 when the $$ was linked to gold or inflation when as much money can be printed as they want. they chose the inflationary route.

Edgar said...

You can safely double whatever number they pull out of their azzes.

Anonymous said...

Ron Paul knew

earl likes 40 ouncers said...

I heard bernake likes to wear womens panties and throw money around at parties.Greenspan has taught him well.

brokersleaveyoubroke said...

If you're not mad yet, this Washington Post story will get your blood pressure up a bit. It's about how we the taxpayers are funding part of the Countrywide rescue by Bank of America.
http://tinyurl.com/yvw75n

Peter T said...

In a credit crunch, a shrinking economy, and with 10-year bonds at 3.7%, I would decrease the Fed funds rate, too, to 3.75%. Yes, prices increase, but wages do not - it is just the inevitable impoverishment of us in the US, relative to the rest of the world. The US will come back, I believe (otherwise emigration would be the right thing to do).

ZZwcck said...

Not only do they deceive investors and the general populace, but now there's not even recourse when it's fraud. Yep, FRAUD!

http://tinyurl.com/37m8o3

Why can't we all just become a bank? No rules, no laws and no regrets. -- Who says the music stopped? A whole new dance is about to begin.

Anonymous said...

http://www.indiadaily.com/editorial/18900.asp

Roccman said...

A rate cut - who cares...

Bush says OPEC should pump more oil...

Bwhahahahahhahahahahahahahhaha!!!

http://news.yahoo.com/s/ap/20080115/...a/bush_mideast


Why?

I thought we all were going to be driving electric cars...

I thought ethanol was going to save us...

I thought our tar sands and oil shale were the magic bullet...

I thought we had plenty of oil in ANWR...

I thought "renewables" ....

But but but but..."alternatives"...hydrogen...lith batteries...uh...uh.uh...but...wait OUR FOOD IS TIED TO OIL...lions...and tigers...and bears...oh my.

Toto we are not in Kansas anymore.

Guess not...looks like conservation is gonna be the preferred method of powering down...and we are not gonna like this at all.

Got bunker?

Enjoy the dieoff!!!

theloknesmonster said...

You can safely double whatever number they pull out of their azzes.

It's so disturbing that any data given by the MSM, on any subject really, needs to either be deciphered, or discounted completely.

Anonymous said...

The next cut kills the dollar and the market at the same time

me_owe_lots said...

But at least housing and wages keep up with inflation ....ohh...wait...sh*t...

Lady Di said...

It's time for Ron Paul to bitch slap this fool at the next congressional hearing.

He needs to Bring It!

Anonymous said...

Trust the MSM to report that inflation is down, when, in fact, wholesale inflation is at the highest level for 26 years.

http://afp.google.com/article/ALeqM5jeQnrZh7zG0I2DW01K6d6buWdHiQ

Anonymous said...

I am emigrating, got a job in Europe, start in April.

brokersleaveyoubroke said...

In this downturn I think the inflation dynamic is going to be different then anything we've ever seen. There is no wage inflation because labor costs can be kept down by sending more jobs to China and India. Consumer prices can't increase much if consumers don't have the money to pay those prices. If you can't pass along wholesale price increases to the consumer then you go out of business. It seems like we're headed for inflation, stagflation and deflation all at once.
The world has changed since Ben went to school and I don't think he has the courage to change along with it. He's clearly shown that he doesn't have the courage to go against Wall street or the government.

Tangelo Mozilo said...

I'd better get the rest of my cash into SLV before the next rate cut.

Guess what my in-laws got me for Christmas . . . an air popper and a $hit load of popcorn!

Weeee!

DaveO said...

"It was the biggest annual price gain since a 6.3 percent rise in 1981, a year when the Federal Reserve was aggressively raising interest rates in a successful effort to combat a decade-long bout of stagflation, rising inflation in conjunction with weak economic growth."

I really miss Paul Volcker. Perhaps Bernanke could learn a few things from that era.

Anonymous said...

rate cuts of 50bp this time and a few more 25bp cuts are already priced in. the only way the dollar will tank more is if he cuts more then is expected

Anonymous said...

Stop it. It's not Ben's fault. He just got here. The problems are the huge buildup from:

1) Alan Greenpspan and ideologically deregulating banks

2) US Congress & Administrations for not pushing fuel efficiency onto Detroit whether they liked it or not

3) Dick Cheney for getting in an unwinnable land war in Asia. War is inflationary. Always has been, always will be.


Energy is what matters. We need massive nuclear & wind build, and electric-powered transit ASAP. Built in the USA, not China.

Anonymous said...

I work just outside of DC and would be happy to protest except I can’t afford to miss a day at work. I need to pay for:

The 50% increase in my Baltimore Gas and Electric bill

The 26% increase in my Maryland property assessment

The 12% increase in my medical insurance

The 10% increase in food prices at Giant

The 10% increase in gasoline at Shell

The 9.5 % pending WSSC water and sewer increase

The 9 % increase in property insurance from Allstate

The 1.5 Billion tax increase in Maryland that took effect January 1

Can we get Jesse Jackson to protest? After all Bernanke is a cracker.

thisthatother47 said...

The 4th to last paragraph of that article says it all.

Same situation brewing - but opposite actions being taken by the fed. It even says it was "successful"...

Merciless Ming said...

Economist Marc Faber in an audio interview at financialsense.com referred to "Sir" Alan Greenspan and Ben Bernake as "liars" and stated that if a court for honest money existed, they should both be "tried and hanged" for their crimes. The streaming audio interview can be heard at:
http://www.financialsense.com/fsn/main.html
The interview is in the second hour of the program at this excellent web site.

bank dick said...

"rate cuts of 50bp this time and a few more 25bp cuts are already priced in. the only way the dollar will tank more is if he cuts more then is expected"

You wish. Revelations of losses at the banks and hedge funds have just started. When the dust settles those Ben Franklins will be worth 25% to 40% less and oil will be over $130/bbl. The only "good" news is those smarmy Europeans will be suffering even more.

The Fed will need to cut rates below 2% by Summer to avert a total collapse.

DaveO said...

The 4th to last paragraph of that article says it all.

Same situation brewing - but opposite actions being taken by the fed. It even says it was "successful"...


Exactly. The federal reserve's priority is inflation over economic growth. We had a weak economy roughly during 1978-1982, but Volcker did the right thing by combating inflation. The result was very positive for the long run. Why doesn't Bernanke get it? His short-term solutions will just delay and increase the magnitude of the evenual rate increases. Why can't he see the big picture?

DaveO said...

When the dust settles those Ben Franklins will be worth 25% to 40% less and oil will be over $130/bbl. The only "good" news is those smarmy Europeans will be suffering even more.

The Fed will need to cut rates below 2% by Summer to avert a total collapse.


What are you talking about? He needs to RAISE rates, not cut them, in order to increase the valuation of the dollar and stop inflation.

Anonymous said...

What are you talking about? He needs to RAISE rates, not cut them, in order to increase the valuation of the dollar and stop inflation.


Raising rates would cause a depression. It could happen anyways, but there's no way in hell the will raise rates.

Anonymous said...

What are you HP nutjobs crying about now? Our inflation rate is much lower than Venezuela and Zimbabwe.

Anonymous said...

there krudlow is on cnbc hyping up the markets and his goldilocks routine. gee, how much is this idiot paid to lie like that?

Anonymous said...

But buh buh...Bernanke testified to Ron Paul that a weak dollar doesn't create inflation.

Anonymous said...

People need to realize that inflation is the same as taxes. govt is taking your money.

It's obvious Ben doesn't care about controlling inflation. Hey if Ben causes hyperinflation, everybody will spend more. We wont hold onto dollars that will be worth less next week.

Anonymous said...

Bernanke is trying to inflate his way out of the housing mess. Remember the 70s. A house worth $7000 in 1970 was worth $40000 by 1980.
Creating high inflation, Ben can stabilize home prices, raise nominal incomes, preventing people from walking away from their currently overpriced homes.

Anonymous said...

brokersleaveyoubroke said...
In this downturn I think the inflation dynamic is going to be different then anything we've ever seen. There is no wage inflation because labor costs can be kept down by sending more jobs to China and India. Consumer prices can't increase much if consumers don't have the money to pay those prices. If you can't pass along wholesale price increases to the consumer then you go out of business. It seems like we're headed for inflation, stagflation and deflation all at once.
The world has changed since Ben went to school and I don't think he has the courage to change along with it. He's clearly shown that he doesn't have the courage to go against Wall street or the government.

January 15, 2008 6:24 PM

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Stuff people HAVE to buy will get more expensive. Stuff people do NOT have to buy may stay the same or even drop in price somewhat. So we'll have expensive food and energy and (relatively) cheap electronic trinkets...

SeattleMoose said...

Helicopter, like Chimp, is just a puppet. He obeys. That is his job. He has been told to inflate and that is what he is/will do.

The entire western financial system is rigged, gamed, and run by a criminal cartel.

Other than that....everything is fine.

Gale in GA said...

_________
What are you talking about? He needs to RAISE rates, not cut them, in order to increase the valuation of the dollar and stop inflation.
__________

What makes you think Bernanke cares about prices or the USD? He's head of the banking system. He will take care of his flock first. Rates are going lower, much lower. Mortgage rates will be at record lows soon and Congress will pass lots of dumb legislation to try and sweep this mess under the rug.

Taxpayers are screwed and savers are screwed, get used to it.

Anonymous said...

When the dust settles those Ben Franklins will be worth 25% to 40% less

God I hope so! My husband and I have $84,000 in fixed-rate student loans and almost no savings (he just graduated from his Masters program and I am graduating this May). Although I know it's the wrong thing to do economically and morally, a little helicopter action from Ben would deflate our debt...

give_it_up said...

Any HP'ers who live in DC who can organize a protest at the Fed HQ would be a hero. Or find out where Bernanke will be and disrupt his activities (peacefully of course)

I live right outside DC. I went to the anti-Amnesty march in June 2007. This was my first act of marching/protesting. About 30 people showed up. I won't bother to waste my time again. (BTW - Lou Dobbs did not even mention the rally for the week prior to the event. Faux news had the event organizer FEATURED on Bulls and Bears the very morning of the event and again did not mention the event.)

The truth is folks: There is no hope for America. America will fade and wither - sorry if you decided to have kids!

It seems most of America is perpetually asleep or just real dumb! I blame this on our colleges and universities. They were (origionally) supposed to train people to think critically and act morally.

Every college graduate I know believes whatever crap "the experts" feed them. (How's that globalization thing working out?) People have become dumb, ineffectual, do-nothing, self-aggrandizing sheep since college became "required" for every American.

Anonymous said...

Anonymous said...
When the dust settles those Ben Franklins will be worth 25% to 40% less

God I hope so! My husband and I have $84,000 in fixed-rate student loans and almost no savings (he just graduated from his Masters program and I am graduating this May). Although I know it's the wrong thing to do economically and morally, a little helicopter action from Ben would deflate our debt...

January 16, 2008 7:36 AM

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Don't count on much of that inflation making its way into wages, not as long as jobs continue to be offshored to China, India, etc...

This time there is no silver lining (except for those who have amassed gold and silver at previously available low prices).