I think he just lit off a currency war.13:13 09Nov10 RTRS-CHINA FX REGULATOR PUBLISHES RULES TO CURB SPECULATIVE CAPITAL INFLOWSMr. President: Get that ******* out of office NOW.
13:14 09Nov10 RTRS-CHINA FX REGULATOR SAYS IT WILL STRICTLY MANAGE COMPANIES' SHORT-TERM FOREIGN DEBT QUOTAS
I, and a few others, warned you in advance - when you re-nominated this jackass and even before, based on his bald-faced lies to Congress and you, along with his near-perfect record of being dead flat wrong about damn near everything.
He now has multiple Fed Governors who disagree with him along with major nation-states on not only the advisability of QE2, but their willingness to tolerate it.
This is going to get out of control very, very quickly unless you put your boot on his neck and make this crap that is coming out of his mouth and fingers stop.
If you approved of this with the idea that it would allow you to continue to deficit spend, you need to understand that you're not in control of the decision. Our trading partners are, and they're saying "stop it right now or you're done."
Brazil - and others - will follow this lead. If China does what I think is next - the creation of a Pan-Asian exchange mechanism by which to clear trading obligations - the United States dollar hegemony is ****ed.
Yes, I know, Europe is in trouble again. I get it. I understand that Ben thinks he has margin to play with as a consequence. He's wrong, because while this may be about Europe from his point of view, it's not from the Asians nor from the Brazilians.
Bernanke has not been right about anything since 2005. That's documented.
If you keep listening to him you're running the risk of being the last President of this nation.
That's not a joke - or an exaggeration.
More Here
Karl is quite consistent in his rejection of PMs, which is strange when he writes things like...
ReplyDelete- the United States dollar hegemony is ****ed.
I think what Karl is basically saying beneath all the screaming and ranting is that dollar hegemony is ending (we know) and eventually some alternative currency will be used (of course, some other major countries are already diversifying). This will not happen over night though.
ReplyDeleteYou can blame it (QE2, etc) on Bernanke all you want, but the fact is they, at least in their own minds, have to do something to curtail the rising storm. What they are doing is prolonging the disney dream jsut a little longer. The governments are bankrupt, the american people are losing jobs, mismanagement and corruption continues to plague the country at all levels. We cant simply clean out the dirty closets anymore. This thing is coming to an end one way or another. The machine is on a collision course with hell and no one is at the wheel.
ReplyDeleteI guess Sam is right. Throw ice at cars and maybe something will change.
Euro shares are at a 2 year high!!! What's this talk all about? Are you all mad?
ReplyDeleteTimes are great and the future looks good!
4:59,
ReplyDeleteAssuming you're not 17, do you really not have anything better to do with your time than troll websites making jokes just to irritate the people on them?
4:59 and 5:08. I think 4:59 was being sarcastic!
ReplyDeleteBernanke is simply doing the lord's work.
ReplyDeleteNo such thing as a currency war. USA is trying to bring the rest of the world down with them by engaging them into a so-called currency war. Other countries will likely not devalue their currency.
ReplyDeleteIn order to achieve something one needs to remove a puppeteer, not the puppet. Isn't that clear? Bernanke is not the Boss, he is a puppet. You remove him, the boss will appoint a new puppet. BTW, the boss is not Obama in case you we thinking…………
ReplyDelete@ November 9, 2010 9:47 AM
You are wrong. Otherwise all other currencies would not reflect prices of commodities going up, but they are. It means that the local sell-outs in Europe and all over the World doing the same-printing money to keep parity with the dollar. Otherwise the American debt they own devalues against their currencies.
Bush was just an enabler. A very good one to boot.
ReplyDelete