Ben He said the usual stuff, that inflation wasn’t his fault (and what inflation anyway?), that the economy was strong but would require more free money until the Fed sees a turn around in employment. We need, Bernanke said, to get back 8.5 Million jobs that were lost in 2008 and 2009 and he notes that, although it may seem that private-sector employment showed gains in 2010. However, these gains were barely sufficient to accommodate the inflow of recent graduates and other new entrants to the labor force and, therefore, not enough to significantly reduce the overall unemployment rate. As he is saying this the day before the Non-Farm Payroll report, we can assume he’s had a peak and that U.S. unemployment is flat or down.
Doctor Bernanke says that, having exhausted the possibility of lowering rates, Quantitative Easing is their tool of choice to achieve more employment and they will keep giving FREE MONEY to the Investment Banks and speculators and the people and Corporations in the top 1% that have access to it UNTIL that money trickles down and creates jobs.
Yes, think about it. We can summarize Bernanke’s statement to be: “I will continue to give you FREE MONEY, as long as you DO NOT hire any American Workers. Just to be clear (and he was), I am telling you (nudge, nudge, wink, wink) that hiring American workers will make me stop giving you FREE MONEY. In fact, if you hire too many workers or, even worse, give the workers you currently have pay raises – I shall not only stop giving you FREE MONEY but I shall also raise the interest rates on the money you borrow.” This speech was so outrageous, it called for expert analysis – from the same people who explained to us “How the US Government Manipulates Inflation Data,” the same data that The Bernank bases his premise on:
Ron Paul had directly asked Bernanke to define inflation in the July of 2009, after Bernanke had said that, “obviously” the Fed would have to raise interest rates to combat inflation. Having previous dealt with Bill Clinton saying “well it depends on what the meaning of the word is is,” Ron Paul was not going to let Bernanke slide on that one and said: “You are in the midst of…
