Bernanke wants the US to be fiscally responsible?
Politics, Bailout News, The Economy June 3rd, 2009
Oh really? Give me a break.
According to the Wall Street Journal:
WASHINGTON — Federal Reserve Chairman Ben Bernanke Wednesday urged lawmakers to commit to reducing the nearly $2 trillion budget deficit, warning that the government can’t borrow “indefinitely” to meet the growing demand on its resources.
“Unless we demonstrate a strong commitment to fiscal sustainability in the longer run, we will have neither financial stability nor healthy economic growth,” Mr. Bernanke said in prepared testimony to the House Budget Committee. (Read the full remarks.)
He also told lawmakers that the Fed won’t accommodate wider budget deficits by simply printing money, saying the central bank “will not monetize” the federal debt.
June 4th, 2009 at 11:36 am
Fiscal balance? You must be kidding. Has had an epiphany or something? It’s like he’s changed his tune. Surely he knows that this would be the result of all that money they’ve been printing at record speed and all that borrowing from themselves they’ve been doing. It’s not rocket science. Baby boomers and medical costs are just a smoke screen.
Take a look at the gold graph on the widget http://www.learcapital.com/exactprice and it’s obvious for a while now that investors have recognized that FED’s practices are leading to killing the dollar and major inflation. Gold is on the rise. People turn to it to protect their money with paper money is in crisis.