The following video short gives a brief historical breakdown of Federal Reserve Chairman Ben Bernanke’s testimonies before Congress and suggests Bernanke perjured himself when he said that the Fed would not monetize U.S. debt.
Many put the cause of the financial crisis and subsequent monetary response squarely on the shoulders of the Fed and (most of) its governors. Karl Denninger says that a collapse is inevitable, in one form or another:
The risks have already been realized.Â Witness the price charts for Corn, Oats, Wheat, Soy, Silver, Gold, Copper and Oil.Â Pick one.Â They’re all straight up since The Fed’s threat and announcement.Â Oh, and the Dollar?Â Down 16%.
But heh, you guys thinkÂ this is allÂ ok, right?Â I don’t hear you calling for Bernanke’s head on a plate – or a pike…..
That will have to wait for the American People when they are literally starving, or, alternatively, when the multiple expansion you have driven folds back as input costÂ pressuresÂ intoÂ a 10% unemployment rateÂ cause the collapse of profit margins.
Pick one – either way this ends badly, and I’ll lay a Benjamin on the table that says you won’t take responsibility for it when the obvious, expected and inevitable occurs.
In order to save America, Denninger says, the Chairman of the Fed must be removed and QE 2.0 must be reversed before we run out of time.
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