(snippet) When Bernanke made it clear he would institute QE2 in early October the 10 Year Treasury was at 2.4%. Today, it is 3.0%. Mortgage rates are tied to the 10 year Treasury. They are rising, not falling. Bernanke is lying. His sole purpose for QE2 is to make the stock market go higher, enriching his Wall Street masters.
His 2nd BIG LIE is that there is no inflation. In his little world of models there is no inflation. In the real world, where we live there is plenty of inflation. I guess his limo driver doesn’t tell him that gas now costs $3.25 a gallon. Let’s assess his no inflation lie:
Oil is at $89 a barrel, up 21% in the last year.
Gold is trading at $1,413, up 23% in the last year.
Silver is trading at $30, up 66% in the last year.
Copper is trading at 4 per pound, up 26% in the last year.
Corn is trading at 573 a bushel, up 49% in the last year.
Soybeans are trading at 1,300 a bushel, up 23% in the last year.
Wheat is trading at 779 a bushel, up 41% in the last year.
Pork is trading at 104 a pound, up 23% in the last year.
Beef is trading at 106 a pound, up 28% in the last year.
Cotton is trading at 130 per pound, up 78% in the last year.
Sugar is trading at 29 per pound, up 32% in the last year.
Coffee is trading at 205 per pound, up 40% in the last year.
If you think these figures couldn’t possibly be correct, go to this link and verify for yourself.
Evidently, Mr. Bernanke thinks that the sheeple will just believe him because he is the Federal Reserve Chairman. The truth is that only two things are deflating: middle class wages and home prices. Bernanke certainly has chutzpah when blatantly lying to the American public about inflation. I’m sure none of you drive cars, heat your homes, eat food, or wear clothes.