On February 29th Ben Bernanke testified before the Monetary Policy Committee of the Congress to defend the Federal Reserve’s mandate to maintain employment for Americans. Most young people in their 20s and early 30s were probably not even aware that the Federal Reserve had a mandate to create jobs.
Ben Bernanke’s Third lie on the 29th was a sin of omission. He refused to say why he does not want a recovery and would in fact reverse his rapid monetary and credit expansion if he saw one. The Federal Reserve in 2005 knew that money supply would begin to soar so Alan Greenspan decided to cease publishing M3 Money Supply figures as of 2006.
In normal times we would expect such a rapid increase in the money supply we have had to create jobs and to raise wages as well as rising prices, but Americans and Europeans are experiencing both higher unemployment and lower wages.
From 2008 to 2100 Ben Bernanke created 16.1 trillion dollars. He has created trillions of dollars since but refuses to say just how many trillions. Little of this money has trickled down to young men and women who have not yet found their first full time jobs paying living wages. That is because Ben’s primary concern is to keep the Rothschild network of banks open until all wealth is taken from us and given to them. My regular readers know that Bernanke created 6.3 trillion dollars to keep the New York bankers out of jail. The Too Big To Jail banks had sold more than 6 trillion dollars to the European banks. Ben bought them back at least in part. Ben and his brothers at the Bank of England and the European Central bank by design have kept all of the money they created from the hands of small businesses and the unemployed. In the financial papers it is said the bankers did not monetize the debt which is to say they are hoarding all new credits for Bailouts and bankers’ bonuses. Or everything for them and nothing for you except maybe a poke in your eye with a stick.
Ben’s Second Lie was therefore the money supply numbers he quotes or rather makes up. We had 10 trillion dollars in M3 money supply in 2006. Ben created 16.1 trillion dollars from from 2008 to 2010. He then created 7.7 trillion dollars which he loaned to the banks at 0.01% so they could buy Treasury bills. And of late Ben has created trillions of dollars which he swapped with the Europeans to bail out their banks. The Greeks saw none of that money. It all went to bankers. Again there was an intentional program to keep money away from the poor and the middle class in Europe. In fact tax increases and Austerity cuts have reduced money in their hands. Why so?
Ben’s First Lie was that the the inflation rate 3.5%. He knows the real inflation rate is 11.6%. He wants to keep that figure low for as long as possible. Ben also lied about the unemployment rate which he says is 8.5% and not the real rate of 22.6%. He knows the economy is contracting sharply. He just does not want you, the kept politicians and the chattering classes on TV to say the words Contraction Economy out loud. Because, if we did, then he would have to actually do something to improve our miserable circumstances. And he knows he can’t because it is already Game Over for the dollar.
You can find the real rates of inflation and unemployment at http://www.ShadowStats.com . Ben looks at these figures to determine the best date to collapse the world economy and steal every last penny. Presumably, the dollars, pounds and euros will have already been stolen before the banks are reduced to stealing our last pennies. The banks want those last few pennies so we will have no food to eat and will be easily led into the permanent Debt Slavery the bankers have prepared for us.
As it has already been said, “the dollar died but is kept alive in an Intensive Care Unit in Washington D.C.”
I think the Central banks can keep the dollar alive until after the 2012 elections. Ben Bernanke knows there can never be a recovery because, if money and credit were allowed to freely circulate, the resulting inflation and then hyperinflation would destroy the economic lies he has been telling. Young people will never have jobs and homes and families. This is the price they must pay for the privilege of giving all of our wealth to the New York and London bankers.
Lest you walk away depressed. I should repeat my oft said belief that we are in a death match struggle with the bankers and that we will win.
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