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The following exchange between Ben Bernanke and Senator Kirk is a must watch for everyone who wonders how Ben Bernanke justifies the fact that America is now an open Ponzi scheme. Kirk's question "in laymen's terms this is one part of the government lending another part of the government money, which would not let to long term confidence once the American people understood the basics a little bit better" relates to the open monetization that the Fed does each and every day at least until the end of June. What Kirk did not ask is what happens when the American people realize just how truly preposterous the Ponzi is, and that all the interest "paid" by the Treasury to the Fed ends up being remitted as cash right back to the Treasury as revenue in essence incentivizing the Treasury to spend and borrow more in order to earn more! This is the most circular Weimarian nightmare scenario imaginable, and we can only hope that "the American people" understand this as soon as possible. As to Bernanke's surprise that the US had a currency without any Federal debt to back it up (yes, it is possible to live within one's means, even for a central bank) can we remind the Chairman that the gold on the Fed's balance sheet, all eight tungsten thousand tons of it, is actually Marked to Market to almost $300 billion, and can by definition be used as a pledge to any liability, such as a currency or excess reserves. But oh yes, how could we forget, using just gold as an asset would never afford us the kind of adamantium price stability that we have seen in recent times. Plus how on earth could one infinitely dilute the dollar if the Fed's balance sheet was limited by actual "assets" that do not require Hewlett Packard tech support every now and then.
Originally posted by roguetechie
There are so many petty narcissists just waiting to be told their grand theories are really the right answer and everything that came before it was trash...
Originally posted by roguetechie
I just feel the need to inject a bit of reality into threads lately.
People seem to have this insane idea that the people they see talking on tv like obama and bernarke are really in control. Not only that but they also have this STUPID misconception that people like bernarke are trying to fix things. At several points in this entire debacle there have been some golden opportunities to fix the situation without too much pain for too long. The fact that it's obvious by the way the people they put on camera talk and how utterly naive and CERTAIN they seem and how ANGRY they get if someone dares to QUESTION them.....that these people are not the actual people running the show, but in fact are narcissists who think they are too slick to be fooled by anyone else that are being played like the instruments they are in the hands of the TRUE MASTERS!
Just like people's experiences with court lately and asking about whether the court is a common law court or admiralty or contract law. And Judges and lawyers becoming enraged that a PEON with no DEGREE and hence no standing DARED to QUESTION ....
That is NOT the attitude nor the demeanor of those who are ruling by consent rather than duplicity!
If things are on the up and up No one cares if you question something because those questions do not threaten to unravel the scheme.
The only people that get angry when you ask questions are those that are SCARED of what you might find out if they answered truthfully!
Remember this always, But unleash this knowledge sparingly!
There is not many things more dangerous than someone used to having power that sees the house of cards tumbling around them.