Despite the spectacular failure of QE2, which lowered living standards, Ben Bernanke is set for a sequel. In his address to Congress, he said that the Federal reserve is prepared to take extra stimulus steps. Ben is preparing to enact QE3!
Federal Reserve Chairman Ben Bernanke told Congress Wednesday that a new stimulus program is in the works that will entail additional asset purchases, the clearest indication yet that the central bank is contemplating another round of monetary easing.
[….]
“Once the temporary shocks that have been holding down economic activity pass, we expect to again see the effects of policy accommodation reflected in stronger economic activity and job creation,” he said
“However, given the range of uncertainties about the strength of the recovery and prospects for inflation over the medium term, the Federal Reserve remains prepared to respond should economic developments indicate that an adjustment in the stance of monetary policy would be appropriate.”
Read the rest: Fed May Launch New Round of Stimulus
This is 3rd World style economics. The problem with the US economy is our antiquated tax and regulatory structure, plus our debt accumulation. Ben Bernanke’s monetization of the debt has been a disaster for American’s living standards. Obama’s debt accumulation and Ben Bernanke’s money printing is nothing more than economic warfare on Americans.
On a side note, Ron Paul asked Ben Bernanke whether he thought Gold was money. The Fed chairman answered no. This is one of the most ignorant answers I have ever seen. Gold has been a currency since ancient times. Ben Bernanke clearly is economically ignorant. No wonder we are in trouble economically!
