The following is a translation of the opening remarks Ben Bernanke made to the Congress on monetary policy.
Ben: The recovery of the U.S. economy continues, but the pace of expansion has been uneven and modest by historical standards.
Translation: We deliberately tanked the economy by passing NAFTA and sending 50,000 manufacturing plants overseas, by repealing Glass Steagall in 1999 so depositors would be put at risk, selling trillions of dollars in fraudulent mortgage backed securities and allowing hundreds of trillions of dollars in Credit Default Swaps to create Unpayable Debts to reduce you to permanent Debt Slavery. The world belongs to us. You are not even allowed to have money unless and until someone somewhere goes into debt to us.
Ben: After minimal gains in the first half of last year, real gross domestic product (GDP) increased at a 2-1/4 percent annual rate in the second half.
Translation: The real inflation rate is 11.6% so the economy is currently contracting at 5% and will soon contract at 10 and then 15%.
Ben: We have seen some positive developments in the labor market. Private payroll employment has increased by 165,000 jobs per month on average since the middle of last year. The unemployment rate remains elevated, long-term unemployment is still near record levels, and the number of persons working part time for economic reasons is very high.
Translation: The unemployment rate is getting serious. DHS has been correctly looking forward to protecting the 1/10th of 1% from the 99.9% by announcing a plan to scoop up people evicted from their homes and apartments to incarcerate them in FEMA concentration camps. Wall Street has placed a burden of 30 to 40% on production costs to cover their thefts so America is not now and will never be competitive.
Ben: A number of constructive policy actions have been taken of late in Europe, including the European Central Bank’s program to extend three-year collateralized loans to European financial institutions. Most recently, European policymakers agreed on a new package of measures for Greece.
Translation: From 2008 to 2010 the FED created 16.1 trillion dollars and gave 6.3 trillion to the European banks to buy back fraudulent mortgage backed securities from the Europeans to keep Wall Street bankers out of jail. We have recently created trillions more dollars to bail out European banks with currency swaps. We have used that money to finance the Treasury deficit from offshore. All of this is inflationary and intentionally so. My friends and I are transferring every dollar, pound and euro from you to us. I have spoken of America falling off a financial cliff in January of 2013 due to higher taxes and mandatory Austerity budget cuts. Inflation will be approaching a hyperinflationary 25% in early 2013 which will be the greatest threat to our personal safety.
Ben: Thank you. I would be pleased to take your questions.
Translation: I know you are so tame that you will not ask me about the millions of illegal aliens and 8 million H1-B visas granted to foreign workers at a time when the unemployment rate of 22.6% has actually gone over 30%. Graduating high school, trade school and college students plus returning Iraq and Afghanistan war veterans were never in the civilian labor force and therefore are not counted as unemployed. Your aversion to telling the truth is just about all that will get this country past the November elections. We will have to drop the hammer on the Americans and just about everyone else in the world soon after the elections. I’d like to see the look on the faces on those cops beating up the Occupy protestors when they realize we stole their pensions too.
I want to conclude this question period by giving Ron Paul the finger. I knew he would ask me about silver so I had the boys sell short 229 million dollars in paper silver and bring the price down exactly 10%. Ron Paul very politely accused me of being a thief and a liar. He then showed an ounce of silver to me, the chief Vampire of the banking world. Of course that 229 million dollars was just wasted because we are in a strong bull market. But we can paper over the losses. Who cares if we get to hyperinflation one day sooner as long as it does not happen until after November. The US dollar is a reserve currency so I define hyperinflation for it as beginning at 25%.
Notes: The first article below explains how the bankers will cut your wages in half in 15 months.
Translating Zero Hedge: Your Wages Will Be Cut In Half
The next article explains how the bankers use Austerity as well as inflation to transfer wealth from you to them.
The Mathematics Of Austerity: Proving Austerity Never Was Even Intended To Work
Nine Myths And Misconceptions About Money That Can Literally Kill You
There Never Was An American Empire Only A Machine That Consumed Us All Part II