Thursday, February 3, 2011

BURNanke...the arrogant fool, the liar and the theif...

Today during Bernanke's speech at the National Press Club, he was asked specifically about Egypt and Tunisia relating to commodity prices and his policies. Mr Bernanke was quick to illustrate that there were on-going stresses in the region. He was quick to indicate that Emerging Market Growth was the main influence on supply and demand which has resulted in more strength in the global economy and higher prices for commodities.

He was quick to point out that in Egypt prices for food really did not go up significantly when priced in Egyptian Pounds. ACCORDING TO THIS ARROGANT PONCE..."PRICES HAVE GONE DOWN or STAYED FLAT when priced in egyptian currency relative to their US denominated prices because:
 " the dollar has weakened their currency (The Egyptian Pound) has gone up" - Burnanke
Therefore the real prices they are paying for commodities are not in fact reflected in the dollar prices of the commodities. Right? So, Mr. Burnanke, its okay that only American's pay through the nose for commodities if you can come up with a way to pretent that the Egyptians are getting a discount to obfuscate the failure of your policies? 

click on image below for the video
appears as a flash swf file

I almost fell out of my chair when he said this. The only problem for Mr Bernanke with this line of BS is that it is outright deceptive and at best a remarkable mistake in fact knowledge by Mr. Bernanke. In other words BURNAKE FULL ON LIED.

In addition to that TWO unrelated sovereign governments have collapsed in a matter of weeks (a few more are brewing) have collapsed just by happenstance. Distortions of monetary decisions and tools that have been used to implement government policy had nothing to do with it.

The reality is Egyptian currency has in fact been pegged to the US dollar for quite a few years now. The average Egyptian earns $4,000 per year and is now paying $3,800 of that for food and additionally is being attacked with Tear Gas and Weapons made in the same place as the commodity inflation and currency he uses to pay for his on his vital supplies - THE US. 

We are indeed manufacturing something in the US. We are manufacturing reasons for people to hate, despise and distrust us. And it all emanates from the lies that the Fed and regulators have allowed to grow out of control on the banking system balance sheets and in the policies they pursue.
© 2009 m3, ltd. All rights reserved.