Weekend at Bernanke’s

This week the Fed lost its appeal to protect it from having to disclose who it gave emergency loans under the pretense of saving the global financial system during the 2008 banking crisis. As he faces the fact that he is consistently wrong about the economy, lying about inflation, printing money at a pace never seen before, bailing out and subsidizing banks and Wall Street, and watching governments borrow and spend their nations into bankruptcy he will have to figure out how to not become a victim of the economic hitmen.  Might be a rough weekend at Bernanke’s.    

End of the Dollar as We Know It

This week we learn that in the month of February the Beltway Burglars ran a deficit of 225 billion dollars.  That is 2.7 trillion dollars – nearly a trillion dollars more than the current official annual budget deficit estimate.  Now DC has been saying for months that the economy is showing signs of growth.  If this is growth the US economy is destined to return to the womb.    

Crash Test Dummies

As Ben Bernanke continues to hurtle the US economy along at breakneck speed around the most dangerous track he can find, the scene appears to resemble a runaway passenger train loaded up with government, academic, and corporate intellectuals – a veritable who’s who of crash test dummies about to premiere with their greatest hit – or is that their greatest crack-up.    

Deflation… Please… Don’t… Stop!!!

Deflation has become the new dirty word in the government and financial stratosphere where our political and corporate masters dwell.  The Fed has printing money at an alarming rate to stave off deflation in the markets.  According to the Keynesians, the bankers, and the government it is the greatest disaster that can hit an economy.  But what is it?    

Bernanke’s Viagra and Premature Inflation

The economy is now several months into Bernanke‘s Viagra treatment program otherwise known as QE2.  This misguided program of artificial stimulation claims it will make things grow and the world will be a better for it, nut just like the pharmaceutical it is only a temporary solution.   There is no real growth that will be sustained, only a symptomatic rise and fall with a whole lot of money spent and no lasting growth.  Ben is praying for a return to the days of his youth.    

Miracle on Q4 Street

The US Commerce Department has just released it 2010 Q4 GDP advance report.  It indicates that GDP rose by 3.2 percent from October through December.  The data used is incomplete and subject to revision according to the release, but it looks like Santa Claus came to town.  The numbers are also victims of intentional misrepresentation bordering on outright fraud.  Since 1980 the agencies charged with reporting economic statistics have been revising those numbers to make them politically more palatable to hide the destruction of private wealth in the United States perpetrated by the Federal Reserve and the Federal government.  When you look at real numbers calculated as they were in 1980 by John Williams of Shadow Government Statistics, a very different picture emerges.    

State of the Union: Bankrupt

Tuesday night’s grand entertainment spectacular, the President’s State of the Union address, seems to have been duly reported and completely ignored.  No address by a President has ever said so little while purporting to be so substantial.  Essentially what we heard was that if we take stock of ourselves and make some hard choices to reduce the deficit we can continue to spend beyond our means and enjoy the same debt financed high life that got us into the fiscal predicament that we are now facing.  If only I had found this earlier I might have watched, although Wednesday could have been rough as a result.