Federal Reserve Chairman Ben Bernanke: ‘A trillion here, a trillion there…’

story from Human Events
By: David Harsanyi
6/7/2012

Bernanke: ‘A trillion here, a trillion there…’
Keep in mind that this is the Federal Reserve Chairman.

He was before the Congressional Joint Economic Committee.

The arrogance is astounding.

Who do these people think We are anyway ?

The video below is evidence that he double talking and blabbing

Bernanke is a criminal. He is extremely dangerous.

Federal Reserve Chairman Ben Bernanke told the Joint Economic Committee absolutely nothing of real value Thursday -- which was more than enough to chill the market.

Takeaway: unless economic conditions further deteriorate, no big Fed actions are forthcoming. (Or, who knows, maybe they are?) "The Federal Reserve,” Bernanke explained, “remains prepared to take action as needed to protect the U.S. financial system and the economy in the event that financial stresses escalate" -- though he later added that the European meltdown poses "significant risks" to the U.S. recovery.

Bernanke also pointed out -- probably for the benefit of all those financial journalists who think otherwise -- that “monetary policy is no panacea.”

Dangerous ... very Dangerous !! and it's no joke anymore

What's somewhat surprising, though, is that while Republicans are adamant about QE3 -- a big “no” -- Democrats seem thoroughly ambivalent on the matter. Since the "stimulus" failed to achieve its self-proclaimed goals, many on the left have been advocating for a larger injections of money into the economy. The most effective way to do this, without having to deal with that pesky mercurial democratic process, is to use the Fed.

Texas Republican Rep. Kevin Brady, for instance, said, “I wish you would take QE3 off the table. I wish you would look the markets in the eye and say that the Fed has done too much.” Sen. Jim DeMint (R-S.C.) claimed that the Fed’s stimulative efforts “are giving us a false sense of security.”

To this Bernanke joked/said “a trillion there, a trillion here” won’t solve the debt crisis.

Obama Fed Chairman on debt: "Trillion there, a trillion here... doesn't make much difference."

U.S. Senator Jim DeMint (R-SC) questions President Obama's Federal Reserve Chairman Ben Bernanke how increasing interest rates will affect U.S. debt payments. Bernanke stated that a 1% increase in interest rates would cause $100 billion per year increase in size of U.S. debt, or $1 trillion in new debt over 10 years. DeMint stated: "That's real money." Bernanke responded: "A trillion there, a trillion here... doesn't make that much difference."

They take economic prisoners by the millions and only let them go one at a time !!

That's how the Marxist / Corporatist agenda works for YOU

Bernanke responded: "A trillion there, a trillion here... doesn't make that much difference."

Says the guy who just said : : "That's real money.".

The guy is clueless

End The Fed!!!!!

I think bernanke smirked at his assertion that it is real money. Real money for you maybe, but 1's and 0's for the Fed.

I, too, get a giddy feeling when people fall into my traps.

Bernanke is disgusting. He has zero credibility with me. I read his paper

Japanese Monetary Policy: A Case of Self-Induced Paralysis?

His idea to save the Japanese from stagflation is exactly what he is doing here in the USA.

here are some tasty quotes

The important question, of course, is whether a determined Bank
of Japan would be able to depreciate the yen. I am not aware of any
previous historical episode, including the periods of very low interest
rates of the 1930s, in which a central bank has been unable to devalue
its currency. Be that as it may, there are those who claim that the
BOJ is impotent to affect the exchange rate, arguing along the
following lines: Since (it is claimed) domestic monetary expansion has
been made impossible by the liquidity trap, BOJ intervention in foreign
exchange markets would amount, for all practical purposes, to a
sterilized intervention. Empirical studies have often found that
sterilized interventions cannot create sustained appreciations or
depreciations. Therefore the BOJ cannot affect the value of the yen,
except perhaps modestly and temporarily.

Suppose that the yen depreciation strategy is tried but fails to
raise aggregate demand and prices sufficiently, perhaps because at some
point Japan’s trading partners do object to further falls in the yen.
An alternative strategy, which does not rely at all on trade diversion,
is money-financed transfers to domestic households—-the real-life
equivalent of that hoary thought experiment, the “helicopter drop” of
newly printed money. I think most economists would agree that a large
enough helicopter drop must raise the price level. Suppose it did not,
so that the price level remained unchanged. Then the real wealth of
the population would grow without bound, as they are flooded with gifts
of money from the government—-another variant of the arbitrage argument
made earlier. Surely at some point the public would attempt to convert
its increased real wealth into goods and services, spending that would
increase aggregate demand and prices. Conversion of the public’s money
wealth into other assets would also be beneficial, if it raised the
prices of other assets.

Money is in this sense
special; it is not only a zero-interest liability, it is a perpetual
liability. Money-financed transfers do have a resource cost, which is
the inflation tax.

The very sad part of this comment, is that when you're $15 trillion in debt, and counting, another $1 trillion really DOESN'T make a difference.

reply to post by xuenchen


Remember:
Ben SHALOM Bernanke.
Say it. Write it. Specify it.
Thanx.