Re: Why Bernake is smirking.

In sci.econ, phil scott
<phil@xxxxxxxxxxxxx>
wrote
on Sat, 15 Dec 2007 12:42:20 -0800 (PST)
<c9dc70f5-063b-4ef1-a53c-5a780aa7375a@xxxxxxxxxxxxxxxxxxxxxxxxxxxx>:


Bernake smirks...worth listening to despite the echo.

http://uk.youtube.com/watch?v=yAwvlDJgJbM



I noticed Bernake's facial expressions under the beard... he smiled
faintly when Dr Paul mentioned that the funny money situation had been
going on 10 years before he (bernake) got there... then later bernake
went into an undiquisable smirk as Dr. Paul began to get very explicit
about the devaluation of the dollar robbing savers blind.... Im sure
the rest of congress sees it too.

Bernake would be smirking for two reasons.... first, there is nothing
he can do given congress/ and presidential requests to float the boat
as long as possible...and two, he knew this going in. and so did
Greenspan, and those interests who profit so handsomely during wars
and financial collapse (title to stock and property reverts to the
prime banks when all others default... the story of 1929)... just
prior to 1929 the newly founded FED flooded the nation with money,
creating the bubble that ended in the crash).


If Bernake fails to flood the market with funny money, and stops doing
that as the FED did in 1928-29.. we will see the nastiest world wide
crash yet. He knows that. Beyond his direct control are the causes
of national insolvency, which are:


1. we have offshorred much of our industrial production base.

Cheaper for multinational corporations.

2. we have offshored many of our best jobs.

Cheaper.

3. we have allowed our borders to be over run with illegals who cost
hundreds of billions in services we cant afford.

Cheaper than actually fixing the problem, which is somewhere in Mexico.

4. we have 70%+ govt bloat.

Government *IS* bloat. Until someone can state exactly
why government exists (the only reasons I can think of are
a common monetary base, standards handling, and a standing
navy), perhaps we're better off without it?

Then again, without it we'd have a form of anarchy which would
probably quickly revert to a form of feudalism.

Also, a lot of county/parish/borough/precincts exist
at the local level; these among other things tax for
fire and police protection and public schools (which are
slowly withering for lack of funding here in California,
and probably in other states as well).

5. many civil servants are retiring at age 51 with $100,000 to
$150,000/hr !! (police, fire, prision guards etc)...Half of some
county budgets.

They'll need it. The estimated wages to continue a
"middle class" lifestyle have been estimated to be as high
as $200k. We should have had a hint of problems when
"supplemental social security" became the sole source
of income for a large number of elderly. (Dunno if
that was during the Carter or the Reagan Administration.
I suspect the latter, but Carter had some massive problems
of his own.)

6. we have bogus/ unfair trading laws.

Actually, our side is completely fair (we're as open as
a sieve, practically). It's the other side that causes
problems. There is the exception of food tariffs, though.

Whether a throttle (tariff) would help there, I for one don't know.
It doesn't help that trade problems are treated as "tit for tat" affairs
at the diplomatic level, looking more like geopolitik than economic
disputes.



Bernake cant do a damn thing about any of that....so he smirks.

http://fskrealityguide.blogspot.com/2007/12/real-gdp-growth-has-been-negligible.html

What can he do?



Phil Scott


--
#191, ewill3@xxxxxxxxxxxxx
"640K ought to be enough for anybody."
- allegedly said by Bill Gates, 1981, but somebody had to make this up!

--
Posted via a free Usenet account from http://www.teranews.com

.

Relevant Pages

  • Re: Why Bernake is smirking.
    ... No, Phil, he smirks at the simplistic view of the world that Dr Paul, and the morons like you who support him, have. ... "phil scott" wrote in message ... Bernake smirks...worth listening to despite the echo. ...
    (misc.taxes)
  • Re: Why Bernake is smirking.
    ... On Sat, 15 Dec 2007, phil scott wrote: ... Bernake smirks...worth listening to despite the echo. ... If Bernake fails to flood the market with funny money, and stops doing that as the FED did in 1928-29.. ... I guess it's hard not to smirk when you hear someone who is completely ignorant about what he's talking. ...
    (soc.retirement)
  • Re: Why Bernake is smirking.
    ... going on 10 years before he (bernake) got there... ... If Bernake fails to flood the market with funny money, ... � we have offshorred much of our industrial production base. ... hundreds of billions in services we cant afford. ...
    (soc.retirement)
  • Re: Ron Paul Schools Ben Bernanke Again
    ... going on 10 years before he (bernake) got there... ... creating the bubble that ended in the crash). ... If Bernake fails to flood the market with funny money, ... hundreds of billions in services we cant afford. ...
    (sci.econ)
  • Re: Why Bernake is smirking.
    ... going on 10 years before he (bernake) got there... ... If Bernake fails to flood the market with funny money, ... Why did you post it here and say it was about Bernanke? ... No many would bring such a smirk to Bernanke... ...
    (soc.retirement)