From Zero Hedge:
…As usual, Rogers saved the best for Bernanke: “Since the first day Mr Benanke went to Washington I knew he was going to be a disaster. He has never been right about anything in the 7 or 8 years he has been there. I hope he doesn’t come back with QE3 but that’s all he knows. The only thing he knows to do is to print money. He doesn’t understand finance, he doesn’t understand currencies, he doesn’t understand economics. He understands printing money. It’s the wrong thing to do but that’s what he’ll do… They’re gonna bring QE back because he will be terrified and Washington will be terrified,” he said. “There’s an election coming in November 2012. Washington’s gonna print more money.”…
As this exactly tallies with my views, it is certainly a work of genius, right?
Seriously, though, there is no indicator that Bernanke has any other trick up his sleeve. There is nothing in his past action which indicates that he will pivot away from quantitative easing and towards a different economic paradigm. Bernanke is not alone in this, but he is the man in charge of the Federal Reserve…he can print us in to oblivion, or think things through and come up with an economic model of hard work and careful savings. But, alas, we will have to go through a pretty steep recession to get rolling on that…and Bernanke is not about to risk that. It would be too dangerous to all of the Ruling Class. Not just that part in DC, but also that part in Wall Street. The “too big to fail banks” will fail – and Bernanke, a bankster’s bankster, cannot contemplate that.
As I’ve been saying for quite some time, our economy based on fiat money and usury has reached a dead end. An inevitable dead end – a dead end any theologian or philosopher worth his salt could have seen coming a mile away. And don’t get me wrong, here – I failed to see it coming, too. I had some inklings over the years that things weren’t right – and I became an advocate of gold currency about 10 or 12 years ago – but I never suspected just how entirely fraudulent our economy had become. You can’t borrow your way to wealth. You can’t print your way to wealth. You can’t live in a world of instant gratification. You can’t allow a substantial portion of your working age population to sit on its collective duff. You can’t outsource the dirty, grimy work which is the bedrock of any rational economy. We were taken in by an economic siren song – but we were willingly taken in. We were happy to be suckered. But now it is time to pay the piper – and the sooner we all recognize this fact the sooner things can be repaired…while the longer we try to put it off (by stimulus and money printing) the worse it will get.
There is no way out of this except through a period of very tough economic times. As I’ve said before, if Obama – and/or Bernanke – would just figure this out, they could be of some real service. But, for such as these, the risks are too high…they, personally, might not survive at the top of the heap, even as they set in place the policies which will lead to our resurgence. For some people who arrive at the top, the worst possible thing is to no longer be on top…and our leadership, right now, is of this sort. We can expect nothing from them…as the ship goes down, all they’ll ever do is re-arrange the deck chairs.
But, no matter: they won’t be in power, forever. The only real question is whether we, the people, will have the courage to select replacement leaders who will tell us the truth and lead us fearlessly through the disaster, even at the cost of their own power and wealth?
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