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Dollar Tanks, Bernanke’s Speech, New Gold Records and 100k Foreclosures in 30 Days

Posted on Oct 14, 2010 in Economic News, Federal Reserve & Bankers

Kevin Hayden

Dollar tanks, stocks drop as Bernanke speech looms

European and U.S. stock markets mostly fell Thursday as investors awaited a speech from the Federal Reserve chairman that is expected to give more clarity on what the central bank is planning to do to prop up the ailing U.S. economy.

However, the prospect of more dollars floating around the system continued to pile the pressure on the currency itself.


Gold Hits New Record as the Dollar Continues to Weaken

Spot gold rose to a fresh all-time high on Thursday, riding on the back of a weaker dollar, as investors expect more monetary easing from the Federal Reserve to jump start the economy.

* Spot gold XAU= rose to a fresh all-time high at
$1,376.95 an ounce, and eased to $1,375.65 by 0035 GMT
* U.S. gold futures for December delivery GCZ0 also hit a
new record high at $1,377.9.
* The dollar fell to its lowest against a basket of
currencies in nine months on Thursday, supporting the rally in
commodities prices.
* Spot gold XAU= is expected to rally towards $1,404 per
ounce as it has climbed above a consolidation range between
$1,324.85 and $1,364, said Wang Tao, a Reuters market

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The Dollar Collapse, Fed Runs Out of Debt to Purchase and Rampant Insider Selling Continues

Posted on Oct 11, 2010 in Economic News, Federal Reserve & Bankers

Kevin Hayden


Dollar Trades Near 8-Month Low on Prospects of More Fed Easing

 The dollar was near a 15-year low against the yen on speculation the Federal Reserve will debase the currency by signaling increased quantitative easing to reduce unemployment.  Fed Chairman Ben S. Bernanke said on Oct. 4 that the central bank’s first round of large-scale asset purchases aided the economy and that further quantitative easing, or QE, is likely to help more.

Hayden’s Note:

Quantitative Easing is simply another term – one that is more politically correct and easy to hear – for “printing more money.” 

Quantitative easing = making quantities of money more accessible, ergo turning the printing presses on high speed in order to buy up more US debt.  The Federal Reserve is now the world’s 2nd largest holder of US debt, beating Japan and only a few billion dollars behind China.  That is a scary, scary thought.


Fed Frontrunning Update: The 5-7 Year Space Gives Best Returns As The Fed Prepares To Run Out Of Treasurys To Buy

It is time to once again consider the options for the only trade that make sense: frontrunning the Fed....

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Hyperinflation, Part II: What It Will Look Like

Posted on Aug 31, 2010 in Economic News, Featured Articles

Source: Zero Hedge

by Gonzalo Lira

I usually don’t do follow-up pieces to any of my posts. But my recent longish piece, describing how hyperinflation might happen in the United States, clearly struck a nerve.

It was a long, boring, snowy piece of macro-economic policy speculation, discussing Treasury yields, Federal Reserve Board monetary reaction, and the difference between inflation and hyperinflation—but considering the traffic it generated, I might as well been discussing relative breast size in the porn industry. With pictures.

Essentially, I argued that Treasury bonds are the New and Improved Toxic Assets. I argued that, if there was a run on Treasuries, the Federal Reserve—in its anti-deflationary zeal, and its efforts to prop up bond market prices—would over-react, and set off a run on commodities. This, I argued, would trigger hyperinflation.
The disproportionate attention my post garnered is indicative of people’s current fears. As I’ve said before, people aren’t blind or stupid, even if they often act that way. People are worried—they’re worried about the current state of affairs: Massive quantitative easing, toxic assets replaced by the full faith and credit of the U.S....

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The Conspiracy of Economics

Posted on Aug 24, 2010 in Economic News

Source: Personal Liberty Digest via Truth Offering

The Conspiracy of Economics

Ever wonder why year-after-year, decade-after-decade, politicians and economists alike are always “surprised” by the effects of their policies? When they create some new policy, we’re assured it will take care of whatever problem ails us…yet a few years or more down the road, we wind up at an even worse place than where we started!

It’s as if they have no idea what they’re doing!

Or, they know exactly what they’re doing:

“If they are constantly surprised by the results of their policies, could it be that they don’t really know what they’re doing? Or is it that they know and are lying while they line their pockets and the pockets of those who pull their strings?”
Bob Livingston

The second guess sounds right to me. These are, after all, some of the brightest minds in the world! Ben Bernanke, for example, is supposedly a genius. He was acknowledged to be a child prodigy during his grade school years; he scored a near-perfect 1590 out of 1600 on his SATs; he went to Harvard, earning his BA in Economics in 1975, only to earn his PhD from MIT four short years later; Dr....

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The Con of the Decade, Part II

Posted on Jul 20, 2010 in Featured Articles, Federal Reserve & Bankers

Source: Of Two Minds

The con of the decade (Part II) involves sheltering the Power Elites’ income while raising taxes on the debt-serfs to pay the interest owed the Power Elites.

The Con of the Decade (Part II) meshes neatly with the first Con of the Decade.  In the first part, I described how the financial Plutocracy can transfer ownership of the Federal government’s income stream via using the taxpayer’s money to buy the debt that the taxpayers borrowed to bail out the Plutocracy.

In order for the con to work, however, the Power Elites and their politico toadies in Congress, the Treasury and the Fed must convince the peasantry that low tax rates on unearned income are not just “free market capitalism at its best” but that they are also “what the country needs to get moving again.”

The first step of the con was successfully fobbed off on the peasantry in 2001: lower the taxes paid by the most productive peasants marginally while massively lowering the effective taxes paid by the financial Plutocracy.

One Year Later, No Sign of Improvement in America’s Income Inequality Problem

Income inequality has grown massively since 2000.


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The Con of the Decade, Part I Thumbnail

The Con of the Decade, Part I

Posted on Jul 12, 2010 in Featured Articles, Federal Reserve & Bankers

Source: Of Two Minds

The con of the decade (Part I) involves the transfer of private debt to the public (the marks), who then pay interest forever to the con artists.

I’ve laid out the Con of the Decade (Part I) in outline form:

1. Enable trillions of dollars in mortgages guaranteed to default by packaging unlimited quantities of them into mortgage-backed securities (MBS), creating unlimited demand for fraudulently originated loans.

2. Sell these MBS as “safe” to credulous investors, institutions, town councils in Norway, etc., i.e. “the bezzle” on a global scale.

3. Make huge “side bets” against these doomed mortgages so when they default then the short-side bets generate billions in profits.

4. Leverage each $1 of actual capital into $100 of high-risk bets.

5. Hide the utterly fraudulent bets offshore and/or off-balance sheet (not that the regulators you had muzzled would have noticed anyway).

6. When the longside bets go bad, transfer hundreds of billions of dollars in Federal guarantees, bailouts and backstops into the private hands which made the risky bets, either via direct payments or via proxies like AIG....

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UN Report Suggests Scrapping Dollar – Lengthy Editorial by Hayden Included

Posted on Jun 30, 2010 in Featured Articles, Federal Reserve & Bankers

Source: Reuters

Commentary: Kevin Hayden

A new United Nations report released on Tuesday calls for abandoning the U.S. dollar as the main global reserve currency, saying it has been unable to safeguard value.

But several European officials attending a high-level meeting of the U.N. Economic and Social Council countered by saying that the market, not politicians, would determine what currencies countries would keep on hand for reserves.

“The dollar has proved not to be a stable store of value, which is a requisite for a stable reserve currency,” the U.N. World Economic and Social Survey 2010 said.

Hayden’s Note:

The US Dollar is not a stable store of value because it is not based on any tangible item.  It is a fiat currency; that is, it holds value simply by fiat – by decree or lawful order.  Nixon took us completely off the gold standard, which unhinged the US Dollar from anything valuable other than the “full faith and good credit of the United States.”  Do you believe that the United States could actually make good on it’s “promissory notes” (Federal Reserve notes or dollars) if everyone were to “cash them in?”  What about in 10 years? ...

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House Democrats Drop Ron Paul’s Audit of the Federal Reserve

Posted on Jun 16, 2010 in Political Issues

Source: Southern Colorado Patriots Club

Yes, you read that right.  Ron Paul’s push to audit the Federal Reserve Bank and see who received how much money in the last few years has been drastically reduced.  Amidst the many costly bailouts, recipients have included banks, large companies, and even foreign countries.  And now it appears that much of what has happened will remain behind closed doors.

So much for transparency.  So much for accountability.  Remember those bright promises made a couple years ago, opening up a new era of hope and change?  In fact, you can still read those promises made by our President on the official government web site.  I’ll quote some of it:

My Administration is committed to creating an unprecedented level of openness in Government.  We will work together to ensure the public trust and establish a system of transparency, public participation, and collaboration. Openness will strengthen our democracy and promote efficiency and effectiveness in Government.

Government should be transparent. Transparency promotes accountability and provides information for citizens about what their Government is doing.  Information maintained by the Federal Government is a national asset. 


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Bernanke Warns Soaring US Debt Needs to be Addressed Soon

Posted on Apr 07, 2010 in Economic News

Source: Wall Street Journal

Hayden’s Note:

….Well, no $#!&, Bernanke.  Are you just NOW figuring out that the United States should be worried about it’s soaring debt?  Do you not realize that you and your banker buddies are a major cause of that? 

It’s amazing to me that some people actually buy into this sick, twisted propaganda!

Federal Reserve Chairman Ben Bernanke said Wednesday that huge U.S. budget deficits threaten the nation’s long-term economic health and should be addressed soon.

Obama administration officials have argued that the economy, while improving, is still too weak to bear all the new taxes and spending cuts that would come with an aggressive deficit-reduction campaign. In remarks to the Dallas Chamber of Commerce Wednesday, Mr. Bernanke agreed, but said merely articulating a plan for reducing the deficit in the long run would help the economy now.

“The economist John Maynard Keynes said that in the long run, we are all dead. If he were around today he might say that, in the long run, we are all on Social Security and Medicare,” Mr. Bernanke said....

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Bankers Have Engineered the Economic Collapse

Posted on Mar 03, 2010 in Constitutional & Liberty Issues, Economic News, Federal Reserve & Bankers

“Secret Banking Cabal Emerges From AIG Shadows” – Bloomberg

Posted on Jan 30, 2010 in Economic News

Source: Bloomberg

The idea of secret banking cabals that control the country and global economy are a given among conspiracy theorists who stockpile ammo, bottled water and peanut butter. After this week’s congressional hearing into the bailout of American International Group Inc., you have to wonder if those folks are crazy after all.

Wednesday’s hearing described a secretive group deploying billions of dollars to favored banks, operating with little oversight by the public or elected officials.

We’re talking about the Federal Reserve Bank of New York, whose role as the most influential part of the federal-reserve system — apart from the matter of AIG’s bailout — deserves further congressional scrutiny.

The New York Fed is in the hot seat for its decision in November 2008 to buy out, for about $30 billion, insurance contracts AIG sold on toxic debt securities to banks, including Goldman Sachs Group Inc., Merrill Lynch & Co., Societe Generale and Deutsche Bank AG, among others. That decision, critics say, amounted to a back-door bailout for the banks, which received 100 cents on the dollar for contracts that would have been worth far less had AIG been allowed to fail....

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Fed Reserve Makes Record Profit – $52.1 Billion

Posted on Jan 12, 2010 in Federal Reserve & Bankers

Source: BBC

The Federal Reserve made a profit of $52.1bn (£32.2bn) in 2009, a rise of 47% over the previous year. 

The sum allowed the central bank to pay a record $46.1bn to the US Treasury last year.

That was the largest amount ever paid by the central bank since its creation in 1914.

The record figure was largely thanks to its attempts to support the financial system throughout the ongoing financial crisis.

Read entire article...

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Federal Reserve Seeks to Protect U.S. Bailout Secrets

Posted on Jan 11, 2010 in Economic News, Federal Reserve & Bankers

Source: Bloomberg

The Federal Reserve asked a U.S. appeals court to block a ruling that for the first time would force the central bank to reveal secret identities of financial firms that might have collapsed without the largest government bailout in U.S. history.

The U.S. Court of Appeals in Manhattan will decide whether the Fed must release records of the unprecedented $2 trillion U.S. loan program launched after the 2008 collapse of Lehman Brothers Holdings Inc. In August, a federal judge ordered that the information be released, responding to a request by Bloomberg LP, the parent of Bloomberg News.

“This case is about the identity of the borrower,” said Matthew Collette, a lawyer for the government, in oral arguments today. “This is the equivalent of saying ‘I want all the loan applications that were submitted.’”

Bloomberg argues that the public has the right to know basic information about the “unprecedented and highly controversial use” of public money. Banks and the Fed warn that bailed-out lenders may be hurt if the documents are made public, causing a run or a sell-off by investors....

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Senate Banking Committee Backs Bernanke for 2nd Term, 16-7 Vote

Posted on Dec 17, 2009 in Featured Articles

Source: Wall street Journal

The Senate Banking Committee backed Federal Reserve Chairman Ben Bernanke Thursday for a second term, sending his nomination to the full Senate for what is expected to be a fiery debate next month.

The panel backed Mr. Bernanke for another four-year term by a 16-7 vote. But even some of Mr. Bernanke’s backers underscored their support for a plan pending in the Senate that would overhaul the Fed’s role in financial regulation, which Mr. Bernanke sees as a threat to his — and the central bank’s — authority.

“With my support comes my insistence that we carefully examine the role of an institution that runs the risk of becoming too complicated to succeed,” said Sen. Chris Dodd (D., Conn.), the committee chairman, who backed Mr. Bernanke’s confirmation but favors shifting bank oversight from the Fed to a new agency.

The majority of Republicans on the panel voted against Mr. Bernanke, as did one Democrat, Sen. Jeff Merkley of Oregon. “We talk a good game when it comes to accountability, but we rarely match our own rhetoric with action,” said the committee’s top Republican, Richard Shelby of Alabama, explaining his “no” vote....

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Bernanke Named TIME’s Person of the Year

Posted on Dec 16, 2009 in Economic News

Source: CNN Money

[Hayden’s Note: I’ve been noticing the overwhelming number of articles praising Bernanke or the Federal Reserve lately.  It’s in the newspapers, on TV, in magazines, and even full page editorials. ‘They’ are on the offensive, trying to preserve the hoax known as the Federal Reserve, one of the largest Central Banks in the world.  Bernanke is described as a quiet, shy person in this article.  They say he is not a mesmerizing speaker – I beg to differ.  He is an exceptional speaker.  He is a master manipulator.  He maintains his poise and stature even under the tough scrutiny of Ron Paul and Financial Committees.  He is looked upon as the savior of the economy by many.  I, however, consider him to be one of the most evil men in existence.  He does not want the Fed audited because it would expose the scam being perpetrated.  Sure, it might hurt the economy.  It might raise interest rates… hell, depending on what it uncovers, it might bring about massive social unrest, riots, the downfall of America.  But to me, it is all worth it. ...

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