As expected, Ben Bernanke provided a rational for more quantitative easing Friday, declaring: "Inflation is running at rates that are too low relative to the levels the [FOMC] judges to be most consistent with the Federal Reserve's dual mandate" of price stability and full employment.
Predictably, Euro Pacific Capital president Peter Schiff wholeheartedly disagrees with that - and just about everything else Bernanke says.
"It's scary how clueless Bernanke is," Schiff says, noting the dollar is at or near record lows vs. several major currencies and commodities from agriculture to zinc are soaring.
"That is inflation," he says, dismissing this morning's tame CPI data as hedonically adjusted government fiction. "As money loses value prices are going to rise because you need more diminished dollars to buy goods and services."