Topic: "Ben Bernanke is going to get fucked! hes going to get fucked!" - Max Keiser (Read 2872 times)

No Ben is not going to get f*cked.

1) Because he has the printing press.  And the world still trades mostly on US Dollars.  It gives Ben lots of political and economic power.  The other central bankers will coordinate with him.  To keep the game going.

2)  He is not going to Jackson Hole speech this year.  Everyone reads this as he's going to retire from the role of the central banker.  So between now and August, he is going to be fine.

3)  Can't raise the rates because as soon as he does, government fiscal problem will get ugly really fast.  Can't have that political instability.  So with the current $85B asset purchase going on regularly, and things seem to be fine, you'll be surprised this can go on for many more years than we can imaging.

The best course for Ben is keep doing what he's doing, and talk the inflation expectation down through speeches and Federal Reserve minute release.

I've seen that idea around and I find it persuasive, especially if the US$ remains the world's reserve currency. However, the new source that I've been scratching my head about claims in effect that it would have worked out like that in the past but that now with digital money rapidly replacing banknotes, the lags you cite will not happen. The claim is that the global system can now either all be propped up simultaneously (presumably by Team Bernanke using mechanisms like Fedwire) or it could all blow simultaneously (presumably by almost any "last straw" event, with "bond vigilantes" being one obvious possibility).

The notion is that the Fed now has its thumb on the whole global system and that national economies no longer matter (potentially, at least).

"This time it's different". Famous last words, but perhaps it's true. Good time to be in BTC (I hope). Dangerous time to be on the planet though. Meh - I sound like one of the "buy, buy buy" trolls. Disclaimer: this is not investment advice. I'm as puzzled as the next person.

Idea: Hyperinflation will occur in Japan and Europe before it happens here, due to the poorer states of their economies. When that happens, international demand for the USD will rise dramatically, which will actually have a deflationary effect. But it will be very mild because the Fed will simply use the opportunity to increase printing, to control the deflation. Of course this will backfire (as they will always print too much and for too long, like they have been doing now) and of course printing doesn't actually work to stimulate the economy, as we've learned from every other country that's tried it, including the U.S.

So we will get deflation and then hyperinflation. Wild times, and those who can hold on and trust the principles that have guided them thus far will come out stronger in the end.

This opinion was laid out in a Goldmoney interview that was recently posted in the "Gold collapsing. Bitcoin UP" thread in Speculation.

Brief snippet from a very long email ad I got today re Bernanke's strategy. Thoughts on credibility, anyone?

-- snip

As our Treasury source confirms: “Congress has specified that a Federal Reserve Bank must hold collateral equal in value to the Federal Reserve notes that the Bank receives. This collateral is chiefly gold certificates and United States securities. This provides backing for the note issue.”

In other words, if the banks wanted cash from the Fed, they needed to have 100% collateral on hand in gold or Treasuries. And that’s still the case – if they’re getting physical cash!

But the bankers have discovered a loophole. They bypass Congress, the Treasury, the President and the Bureau of Engraving by simply “printing” electronic money!

I believe this amounts to a monetary coup d’état. The Fed has seized almost total control of our money supply, without any checks and balances.

From here, it’s free to pump hundreds of billions of dollars per year to any sector, business, or economy it wishes. And it can pump money instantly, around the globe, thanks to a little-understood computer system called FedWire.

Using its FedWire network, the Federal Reserve can now transmit money between every major financial institution in the world. They include thousands of banks, such as First National American in East Lansing, MI (acct. #0724-1243-5), and Bank of America San Francisco (acct. #1210-0035-8).

They also include Wall Street firms such as Morgan Stanley, HSBC America, J.P. Morgan Chase, Citibank and Deutschbank. Tiny FedWire capillaries pump money into the world’s tiniest banks, too, such as the Safeway Los Angeles Federal Credit Union, and the Tempe Schools Credit Union.

Every single major financial institution on earth now transmits commerce via FedWire. Ginnie Mae... Freddie Mac... Fannie Mae... the U.S. Treasury... the Asian Development Bank... the list goes on.

FedWire also serves as the hub for the world’s electronic central-banking system today. You have the People’s Bank of China... the European Central Bank... the Bank of Japan... the Central Bank of Brazil... the Saudi Arabian Monetary Agency... the Swiss National Bank... the Bank of Central African States... all connect through this single computer network.

In the background of our financial system, FedWire now processes some 127,022,420 transactions per year. The average value of these transactions: $5.23 million.

Last year alone, FedWire facilitated more than $663.8 trillion in new commerce. And we expect that number to increase in 2013... dramatically... starting June 18.

-- end of ad snip

The advertiser thinks the Fed will confirm a big policy change at its June 18 meeting in which physical cash will be overwhelmed by digital cash (my words). I can't help but think this (if true) will be good for BTC.

I read a news story about Bernanke and how fucked things were.

http://www.theonion.com/articles/drunken-ben-bernanke-tells-everyone-at-neighborhoo,21059/

It is its role as the world reserve currency that keeps the dollar afloat. Bitcoin will not supplant the dollar as a significant reserve currency in the near term but other threats are on the horizon.

http://www.zerohedge.com/news/2013-03-31/thanks-world-reserve-currency-no-thanks-australia-and-china-enable-direct-currency-c

Wow, hilarious. Never seen max outraged like that.

Btw.
https://dl.dropboxusercontent.com/s/i6uvwsiqlivuu6k/money-isnt-real-george_clink_large.jpg

I suggest you all stop smoking weed and pick up a book. The dollar isn't going anywhere in a hurry.

Paper or plastic

i am inn

He's probably referring to commodities (ie oil, natural gas, etc).    The value of these tend to go up during hyperinflation, regardless of the currency.

What currency do you use that has chemical energy?

I'm ok holding any currency as long as the chemical energy stored in it is higher than value I aquired it at

1 BTC = $122.97, while on MtGox it's $127 ?!

But just in case....

 https://www.bitmit.net/en/item/27082-acu-camo-paracord-100-feet-100ft-550-parachute-cord

Bernanke is leading the charge off the cliff with all the sheeple following. The difference is he has a parachute and most don't.

Do you have your bitcoin parachute? Oh wait we dont need one because we aren't following them to the cliff.

lets hear what Max Keiser has to say about that
http://www.youtube.com/watch?v=5mJo23-XKT8&feature=youtu.be&t=59s
 

Protip: You don't want to be the last person holding dollars.

Everyone is just going to step in line and follow whatever Bernanke does.  They can bitch and moan about it all day, but in the end he is in control and everyone has to do what he says.  And what is this QE3/n you mention?  I thought it was QE∞?  The American economy will never be "fixed", the US Dollar will never be "fixed".  All you can do is try to live as much as you can on the BTC side to cast your vote against him.  Pay your bills, buy your food, pay your rent, do as much as possible with all the new BTC services out there.

It is an illusion of value.

Once people wake up it won't have any value.