At the semi-annual Monetary Policy Report hearing in Congress yesterday, Chairman of The Federal Reserve Ben Bernanke smiles like a kid that has just been caught with his hand in the cookie jar when Senator Mark Kirk gives him a history lesson on currencies and federal debt, either that or he is grinning because he thinks the notion of a country without a federal deficit and debt is just hilarious. You decide.
Hat tip Market Ticker
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LMAO!!!
Helicopter Ben got Schooled!!Â
Bernanke came off as jittery and nervous during the hearing… I couldn’t help but to noticed he stammer’d a lot.Â
I wonder where BB hides his gold?
Comments…..Arrogant, pompous ass!
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I guess I missed the part where he got schooled.
I’d trust him more if he shining a J. Matthey Kilo Bar in his hand, a head full of hair plugs & a half empty Jameson fifth next to his shot glass while leaning back in his chair.
At least he conceded he was not necessary with a very direct yes answer to a reasonable question.
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I’d trust him more if he shining a J. Matthey Kilo Bar in his hand, a head full of hair plugs & a half empty fifth of Jameson next to his shot glass.
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He’s smiling because him and all his ultra rich buddies who’ve been getting all these tax breaks for all these decades now have taken their loot and set up bug out locations all over the world (like the Bush’s just did in central America) and they are fixing to take the money and run, baby!
All us suckers who got paid less so that they could be paid more, and then gave them tax incentives to move our jobs to shithole countries are about to be “left to it”. Â We need to take a much harder line with people like this assbag Bernanke and the business owners he represents. Â They need to pay their fair share. Â Most of them pay no taxes at all, or as Leona Helmsley said, “taxes are for the little people”.
Ben’s little trips to Congress are simply part of the show. Ben gets to act contrite, when it isn’t bothering him any more than a gnat, and CONgress gets to act like they are doing something, when they are not.
Meanwhile back at American Idol……………..
Wow, gold just hit 1440 & silver 35.  We’re in the money!
Silver Eagles selling on Ebay all day long for 43.00+ each. Tons of action on them. Everyone is onto it…….Â
Dont judge me on this,everthing will be fine because QE3 is on its way!
sanityjones said, “I guess I missed the part where he got schooled.”
Here, let me fill you in:
The two men were talking about banking and currencies in, “laymen’s terms” while going over, “the basics”:
The Ben Bernank – while acting as if he knows wHAt he is talking about, yet not quite achieving it – says, “… Um…Monetary policy in most normal times, as the CRS says, involves buying and selling Treasury securities. We couldn’t have a currency outstanding if we didn’t have… uh… securities… uh… to back them up.”
Trying to correct the error The Ben Bernank has just made, Senator Mark Kirk responds, “A Although I would say, We had a currency for many parts of our history without any Federal debt.”
The Ben Bernank, who is supposed to be a know-it-all, especially about economic history, appears to prove he is Not an expert know-it-all when he replies, “Uhh, when was that?”
[Insert viewer’s laughter here.]
Senator Mark Kirk provides the schooling lesson with the answer, “Under the Jackson Administration.”
The Ben Bernank responds almost as if this is new information, “So this was before the Civil War? This was, ta… uh… this was during the period of… where where individual banks issue currency. We didn’t have a national currency.”
Senator Mark Kirk, “I, I just might say that It’s possible for a country to have a currency without a trillion dollar debt.”
The Ben Bernak ends it by answering, “Yes.”
The Ben Bernank’s final answer contradicts his earlier statement that, “We couldn’t have a currency outstanding if we didn’t have… uh… securities… uh… to back them up.”
Securities, a.k.a. debt.
The above process is called, “Schooling”, hope that helped.
You can bet you ass that the Clintons, Bushes, Cheneys, Obamas, Reagans, Bernankes, Geithners, Greenspans, Napolitanos, etc, all have private aircraft fueled and standing by on tarmacs all over the nation so that right before the house of cards they built caves in, they can bug out to a life of luxury while us little chilluns have to eat the big shit sandwich they left us.
they’re suckers if they’re paying more than 39.50 for eagles at the moment
There won’t be any bread for the sandwhich JV.
Oh Lord please forgive me for wanting to kick his teeth in and bloody him up good
Just Me, they used walmart bread………….made from monsanto wheat………..grown in china…………..stocked on the shelves by illegal aliens………..paid for by taxpayers.
Jonny V: They are not going to take Nappy with them! Would you? 🙂
Sorry Clark, I guess I’m just used to people crawling away sobbing after they’ve been schooled properly. Ben knows his history quite well and he laughs because he (the bankers) hold all of the cards and there is not one damned thing you or I can/will do about it besides piss and moan. Our current monetary system relies upon large amounts of debt for it to function. No debt = no money….LOL all the way to the bank for Ben and his buddies………..not so much for you.
That’s what rebellions are made of. Sooner or later we will get to take that smirk off his arrogant face.
Yeah DK, Nappy is a pretty hard look, ain’t she? Â Maybe they’ll take Condi Rice instead……
Comments…..
“The Jackson Administration? When, Senator, was Jesse president?”
Comments…..Johnny V Â your such a cynical dreamer, lighten up!!! every thing will be ok!! Â my mom said so…whats condi rice? something new, from uncle ben. i think, i will buy some silver, so i can trade it for a s#%t samich, when the time comes.just kidding!!!!! gotta go idols on..wtf
I don’t buy it. If you are Bernanke, you have a portrait of Andy Jackson painted on the inside of your toilet. No way he didn’t know.
BB is a dink
He’s smiling because he knows that the money is already GONE, and it ain’t coming back. The history lesson is of absolutely no importance whatsoever.
Bernanke is smirking because the idiot Congress man thinks “one part of the Government is lending to another part of the government”. I guess this brainiac posing as a Congressman doesn’t realize that the FEDERAL RESERVE SYSTEM IS NOT FEDERAL!
It ain’t part of the gooberment you dumbshit! Its a crimminal cabal of PRIVATE gangster bankster creating and spending OUR money as THEY want!
KILL THE FED!!!!
Kaynine, I’m a cynical realist, not a dreamer. Â I want the system to collapse so I can commence with all my guns. Â Condi Rice is not from Uncle Ben. Â Uncle Tom or Uncle Cracker maybe…….I think she’s related to Anita Hill………..
Funny stuff eh Durango? The blind leading the effing blind………………..
Sanity: The more things change the more they remain the same …… 🙂
The whole thing is a lot like professional wrestling. The idiots yell and scream and pretend to hate the other guy while in public. Then, after the cameras are turned off …… they all go out and have a nice  dinner together and enjoy a great laugh ….. all at our expense.
The really dumb ones are the American Public who have allowed this to go on for as long as it has. As long as it was only the other guy’s job that was being shipped overseas, rather than our job …… well hell, that was all A-OK. Wasn’t it???
I am really upset this AM. There is a good chance that the NFL Players Association is going to go out on strike!. The poor babys don’t make enough money. This means that I won’t be able to plop my big fat ass on the couch, drink a case of beer and munch 3 big bags of chips while I watch the game on Sunday anymore. I wonder if there are any reruns of old roller-derby shows somewhere on my 1,000 chanels? God, I sure hope so!
amerika is 64 trillion in real debt!!! the pentagon stole 3.6 trilion from you on 9/11… the usa amerika is already bankrupt… she went belly up in 2008 folks… right now she’s surviving on printer press life support and she will die as soon as they print off all the money they can – completly destroying the value of the dollar!
china and russia are already dumping dollars, have been for a while now… they know the score!
get out of the dollar into commodities now while its cheap… guns ammo gas gold silver foods water etc etc
it’s only a matter of time now… only a matter of time… it’ll happen when it happens… remember CANADIAN TROOPS AND MEXICAN TROOPS ARE NOW LEGALLY ALLOWED TO ENTER THE UNITED STATES AS PEACE KEEPERS… AS OF LAST WEEK!!! SO LEARN TO SAY F. U.!!! IN MEXICAN NOW!!!  Chinga tu madre !!!
arm up stock up prepare, predator or prey the choice is yours!
He understands the fraud of the Federal Reserve and Central Banking system, but also thinks , so what. Their great crime has made them so powerful they buy legitimacy – and no politician can “afford” to deny them for long. Only an out right rejection of the laws that enabled the Federal Reserve by our Supreme Court can ever stop this plunder of America. The Treasury does not need debt to create money, they simply need real money. Gold, Silver, Copper, to create a currency worth saving. Still this is a pipe dream, The Federal Reserve and Central Bankers are far to powerful to be overthrown except by G_d.
his pompous facial gestures at the end reveal all.
“they’re suckers if they’re paying more than 39.50 for eagles at the moment”
You’re suckers if you have waited until now to buy MOST of your silver IF you had the wherewithal to do so even a year ago. I understand if you are buying as you acquire FRN’s but if you didn’t see this coming and didn’t put a good chunk of your IRA or 401k or savings into silver when it was $15 or less an ounce, then you are the sucker.
Ignorance of the law is no excuse for breaking the law.
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We had our first national currency just after the US Constitution was ratified. It established one dollar as exactly 371.25 grains of silver. Gold was also used based on the ratio of its abundance to silver.
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By declaration of these two statements Berstanke is ignorant of the law and should be found guilty.
I don’t see anywhere in this video where Bernanke was “schooled”. What I see is an inept Congressman who himself doesn’t know the financial system or its history. Bernanke does and demonstrates it.
Don’t anyone underestimate Bernanke or think that he is inept. He knows exactly what he is doing, and what he is doing to US.
Remember folks, Sam Walton drove around in a beat up pickup truck and if you would have run into him anywhere, you would have thought he was just another redneck.
He wasn’t. Neither is Bernanke.
“We had a currency for many parts of our history without any federal debt.” – Congressman
“Ummm…When was that.” – Bernanke
“Under the Jackson administration.” – Congressman
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So Durango, what part of that is not correct? Just wondering.
ChrisC: The quote is correct, but what is the intent by Bernanke? Ever taken a deposition or been deposed?Â
Bernanke is just making his interogator specify ( and thus limit the question from a general one to a specific one ) to what time period to which he was referring; as he knew that individual banks issued their own script before the Civil War. Bernanke was just controlling the interogation, thats all.
Definitions (and relevent time frames) are always the pivot upon which a witness or prosecuter can turn. I.E ” I did not have SEX with that woman!” Which is true only if you believe that oral sex is not SEX.
People, do not get lost on whether or not Bernanke got his hands slapped in this video. It’s irrelevent! Do not believe he is incompetent or less than competent. He is extremely competent and among the best and the brightest, which is why he is FED Chairman: to execute the strategies of the Ganster Banksters.
As for addressing inflation, the Chairman believes the Fed has the tools to withdraw liquidity at any time:
The Fed-Funds Target Rate
The Discount Rate
Reserve Requirements
Interest on Excess Reserves
Term deposits
Tony Richardson briefly mentions why these tools will not be of use and are powerless to restrain the inflationary effects of rising commodity prices in his article, QE3 – An Exercise in Futility
http://financialsense.com/contributors/tony-richardson/qe3-an-exercise-in-futility
Bernanke’s Unstoppable, Self Reinforcing, Negative-Feedback-Loop
Our economic death spiral into the Second Great Depression:
“Ben Bernanke is, without a doubt, the worlds biggest economic imbicile and shouldn’t be allowed to balance a checkbook – let alone run the world’s (now thanks to him and Greenspan) third largest economy…
It is not the smartest or the fittest that survive, it is those who notice change first.
Ben Bernanke cannot stop Quantitative Easing…
Debt is monetized when the Fed creates money with a computer and credits the Treasury Department for the Bonds it “purchasedâ€. The treasury takes this “money†and pays the government’s bills so it can stay open. So those thinking there is no velocity may want to think that through again…
Bernanke couldn’t find cause and effect in a dictionary. He is an economic moron, and a master of global disaster…”
http://financialsense.com/contributors/d-sherman-okst/bernanke-unstoppable-self-reinforcing-negative-feedback-loop
How can a guy that hass the 100% solution/answers be schooled?
best thing that could happen……. remove the clown with the noise maker replace him with Rick, I need more info from Rick than the few sec they give him, just because he’s more on what is key to me, “interest ratesâ€
“are U listening Bernakapart?â€
And you fools at the BLS could do more “listening†too.
Democracy is the theory that the common people know what they want and deserve to get it good and hard.
HL Mencken
Jackson seems to be remembered mostly by his stance against bankers and his thoughts on money:
“ If Congress has the right to issue paper money, it was given to them to be used … and not to be delegated to individuals or corporations”.  President Andrew Jackson, Vetoed Bank Bill of 1836
However, another side of him was more like Pol Pot or Hitler in his refusal to protect the Cherokee Nation and uphold a Supreme Court decision that their nation owned the land claimed by them and they were not subject to the state of Georgia’s laws. He effectively committed genocide against the Cherokee and other southern tribes. Today, regardless of his banking stance, he would be tried as a war criminal!!!
Clark: LMAO 🙂 You have missed the point entirely. If you believe what you have posted then it only shows that you like all of the others who call Bernanke incompetent have fooled yourselves.Â
Bernanke knows exactly what he is doing. He knows exactly what he is doing to US. He knows exactly what those consequences will be for US with the policies that he implements. And his actions are deliberate.
That is what makes him so dangerous. Like Greenspan before him, he does what he does to serve the criminal cartel of the gangster banksters, not US.
Pundits and people like you call him incompetent because they believe that his mandate is to serve the American people and the American economy. LMAO. His mandate is to serve the gangster bankster criminal cabal that he heads.
Any benefit to the American economy is purely coincidental. All you could do is try him for incompetence and malfeasance in office. I say he is a traitor serving foreign financial interests (NWO) of which the FED is a member and should be tried for treason.
Treason can include the death penalty. Incompetence is a slap on the wrist.
“…The central banker is stuck in an impossibly hard position; he or she needs to justify the improbable, which is the idea that there are forward-looking tools that can provide information on where to set short-term rates and adjust the volume of money. In fact there are no such tools…
As we pointed out, the idea that one can ascertain where the economy is headed by “analyzing” aggregate money flows is a falsity. In fact, such indices are NOT forward-looking; they are simply a snapshot in time. But nonetheless, the analysis of money patterns and volumes provides an impressive level of complexity and seems to offer a suitably complex tool for those who seek to give the impression they can “manage” the economy…
…Such conversations, you will be told, are better directed towards “an expert.” In fact, this is an important fear-based promotion, and one the Anglo-American elite has encouraged in the West for at least the past century…
Conclusion: As we have pointed out many times, there is a school of thought that believes Bernanke and the others are purposefully driving Western economies into ruin in order to speed up the conversion to more centralized global governance and a single currency, perhaps run by the IMF. Given the level of frustration now pervading not only developing countries but the West itself, this would be an extremely dangerous game. Thus, we take some of what is going on at face value. Central bankers are hoping to reliquify enough to hold off any great swell of sentiment to change the system fundamentally in ways the elites cannot control. In the era of the Internet, this may prove more difficult than they imagine.”
http://thedailybell.com/1774/See-Bernankes-Disaster-In-Prices-and-Rates.html
So Clark, after reading your latest cut and paste , does that mean you finally understand that the man is not incompetent?
Bernanke isn’t being schooled on ANYTHING!
He knows full well what the pages of history contain and he knows exactly what he is doing while he loots the nation of it’s perceived wealth. What MUST happen is the people of America to stand together as on against this BANK RUN NATION and whether peacefully or forcefully, we MUST remove the criminal FEDERAL RESERVE from this nation!
If you fail to do this, America will become just another third world nation that will be run by a global Government which will keep it’s people impoverished and hungry until you decide to take control of your own system and refuse to allow them to starve you out of your own nation.
A Little Understanding Goes a Long Way:
“As the world confronts one of the most critical periods of economic upheaval that it has ever seen, it is clear that our most influential economic stewards have absolutely no idea what they are doing. But, like kids with a new chemistry set, they are nevertheless unwilling to let that stand in the way of their experimental fun. As they pour an ever-growing number of volatile ingredients into their test tubes, we can either hope that they magically stumble on the secret formula to cure the world’s ills, or more pragmatically, we can try to prepare for the explosion that is likely to result.
Recent comments from current and former Federal Reserve Chairmen, and from the leaders of the European Central Bank, have starkly illustrated this stunning lack of understanding. In an extended interview on CNBC today, former Fed Chairman Alan Greenspan, once considered the sagest of all economic gurus, admitted that he had no idea whether the Fed’s current quantitative easing program will help or hurt the economy…
…Bernanke… and Trichet… both are no better than Las Vegas odds-makers, with one putting his chips on inflation risk and the other betting on recession risk…
…It is no coincidence that inflation is highest in those nations that maintain a peg against the dollar. But making this fundamental connection is beyond the ability of our statistician-in-chief.
Bernanke makes another fundamental error by blaming higher commodity prices on faster global growth. Growing economies produce more stuff, which keeps prices in check. However, if money supply grows faster than production, prices rise. So, the increased demand to which Bernanke refers is merely a function of more money, not faster growth…”
http://financialsense.com/contributors/peter-schiff/a-little-understanding-goes-a-long-way
BB was just laughing at the notion of having all the banks issue their own currency. Â And that is a laughable suggestion.
Clark: The fundamental error to your cut and posts and the sources from which you take your cut and pastes, is that they believe that Bernanke doesn’t know what he is doing. That is their mistake and yours.
Bernanke wants higher inflation. Higher inflation supports the underlying assets of the banking system and PROTECTS the gangster banksters by taking money out of your pocket!
Don’t listen to what he says. Watch what he does and understand what impact his actions have on US. You need to find a new financial guru. This one is no better than the last. 🙂
It’s copy and paste.
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Fed and ECB – A World Apart:
“The U.S. Federal Reserve (Fed) and the European Central Bank (ECB) are divided by a common goal: price stability. Fed Chairman Bernanke has made it clear in his recent testimony and speeches that the Fed would react should food and commodity inflation lead to an increase in core inflation. Let’s spell this out: the Fed is ready to R E A C T. We are not aware of any central bank that is proud of reacting, but rather acting preemptively to mitigate inflationary concerns; naturally, a central bank may often be forced to react, but to do so by design puts the cynical view that central bankers are too far behind the curve into a new light…”
http://www.321gold.com/editorials/merk/merk030711.html
I’m new to this forum, but I have something to say, Hope no one minds.
I believe BB knows EXACTLY what he is doing: namely, serving the agenda of HIS Masters.
I remember reading a book, back in the 70’s if memory serves (can’t remember the title). The author made a statement that, if every red cent was taken away from these Masters, and given to ‘the people,’ it would have amounted to something like 10,000 FRNs for every man, woman, and child in the country [remember: this book was written in the 60’s]. Anyway, the author made the somewhat shocking claim that, even IF that were to happen, all that money would end up right back in the same pockets from which it was taken, in pretty sort order. Because, these folks owned the wealth producing capital that produced that wealth to begin with.
IF the banksters are left with the ability to create ‘money’ out of thin air, they will ‘buy’ back the world in sort order.
BB is well aware that THIS is EXACTLY what has been going on, ever since ‘banks’ were simply private vaults where people stored their gold and silver.
Unless enough people can come to learn this fact, and understand the REAL problem is monetary MONOPOLY, Ben knows he and his friends will continue to rule the world, regardless of blathering CONgress-critters, or economic collapses.
At least that MY opinion. We now return to the regular programming.