The Lies a Fed Chairman Tells

[ame="http://www.youtube.com/watch?v=eyPexrBrRtE"]YouTube - ‪The Lies a Fed Chairman Tells‬‏[/ame]

 

My question is; is Bernanke ignorant or lying? Or maybe both?

 

I think the correct question is:

"was BenBy lying then, or is he lying now, or both?"

 

I do not know.

I am not sure which is more concerning:

a Fed Chairman who is ignorant about the economy?

Or a Fed Chairman who is a liar?

My gut feeling is he is truly ignorant about the economy.
Oh sure, he knows every terminology there is. But I truly believe he does not understand how America's economy in the 21'st century operates.

 

The problem isn't so much that he is ignorant. He believes the economy is a logarithm in a sense. Instead of a complex, dynamic organism. So he relies almost 100% on modeling to arrive at conclusions.

This can lead to disastrous effects.

And his job requires him to lie. His first mission is to maintain confidence in the economy. Since a large part of our economy is a social fiction, pyramid like scheme or confidence racket you must insure that people do not lose faith. Because faith is all that keeps money valuable and the economy breathing.

 

I agree with all that.

He did say this at his recent press conference:

'We don’t have a precise read on why this slower pace of growth is persisting.'

In other words - he does not know why the economy still stinks despite his massive money printing.
GREAT! The guy with the most economic power in the world admits that he does not even know what he is doing.

 

but what is he doing? His job is to set interest rate targets for US bonds as an indirect means of impacting money supply, or more specifically new debt creation. He is supposed to try to keep employment near "full" but "full employment" is being recalibrated to mean about 6% unemployment. And he is supposed to control inflation/deflation by manipulating interest rates.

And of course he is supposed to look out for the member Fed banks. And maintain public and congressional confidence in the economy.

And he has been given numerous additional responsibilities concerning making sure that our largest banks remain solvent.

He isn't tasked with averting ordinary recessions, stabilizing GDP, or addressing imbalances in the RE markets. He isn't an economy czar.

He is the president of a private banking cartel. And he doesn't work for J Q Citizen.

Geithner does however. And he has a larger responsibility toward managing our actual national economy.

 

Maybe.

But he has far less power.

 

I hear you.

 

He was instrumental running the wise watchdog of the FDIC out on a rail who was warning congress about the behavior of wall street. he is a sociopath liar.
read this about bernakes freinds http://www.rollingstone.com/politics/news/is-the-sec-covering-up-wall-street-crimes-20110817