March 16, 2009

Wow. He actually said it. In public. On tape. For all the world (and potential bond buyers and dollar holders) to see.


"It's not tax money. The banks have accounts with the Fed, much the same way that you have an account in a commercial bank. So, to lend to a bank, we simply use the computer to mark up the size of the account that they have with the Fed."

"It's much more akin to printing money than it is to
borrowing"

- Helicopter Ben Bernanke, March 16, 2009




41 comments:

Mitesh Damania said...

"We don't have a financial crises. We have an integrity crises." - Mitesh

Anonymous said...

electronic printing press....hidden to bail out the shadow banking system but when inflation hits official M2/M3 will be blind...

Mitesh Damania said...

Denny’s Octomom special

8 eggs
no sausage
only food stamps accepted

vanilla ice said...

Die Bernanke.

Mitesh Damania said...

Octomom Special

And the other restaurant patrons who happen to be lucky enough to be at the Denny's concurrently with Octomom and her 14 kids get to tip the Denny's staff of 46 on her behalf.

And Gloria Allred is blocking the door to make sure the patrons pay their fair share.

Anonymous said...

That is a evasive reply. This guy created 2 trillion out of thin air without anybody's oversight. This is akin to my son misusing my credit card.

Anonymous said...

Could they add a couple zeros to my bank account while they are at it?

I promise that my personal consumer confidence will go up and I'll spend.

Wind Farmer said...

Great before picture, so much so I didn't recognize him.

How about an after picture (side by side)? or even '06, '07, '08and '09 photos? Post them on top of a Fed Rate chart.

Paul E. Math said...

It was an evasive answer.

Pelley asked him if it was taxpayer money and he answered as though the fed could just print money and nobody gets hurt.

Pelley never asked him "what about savers and workers and how much they are screwed when the money they earned and saved has to compete with the money you printed into existence?"

DOPES 2 said...

HI TOOLS!!!!

B.B. IS IS A DIRTY, FILTHY, LYING ASS HIPPIE!!!!

NOW HE SAYS THE US HAVE AVOIDED A DEPRESSION . . . DUE TO HIS GENIUS!!!!

UH YEAH . . . . WHATEVER TOOL!!!!

I'M BUSY AT WORK, HAVE FUN FELLOW TOOLS!!!!

TOOLS!!!!

DOLTS!!!!

DOPES!!!!

ATE-UP said...

Mitesh:

A plus man, hilarious!!!!!!!!!!

Anonymous said...

Paul Simon is really a super cool cat baby! I think he is coolest FED Chair ever!!! I think his best album was with the African chorus dudes.

Anonymous said...

And then they leverage it and make interest on it and then the whole thing gets out-of-control-upside-down and heading for the ground at mach 4 and you get what you got.

It could actually work, but that human element gets in the way and kinda mucks it up every time. Yes, if there was some cohesive rationality that interacted in concert with other facets of the economic system. For example: increasing income for increasing costs for everything, wouldn't that be nice. Maybe Obama should just command that everyone get a pay raise to equal the cost of all those grossly expensive homes out there, and just charge it to the great galactic vortex suck hole of endless debt.

Too many monkeys at the levers with blinders on. Maybe we should just let the computers run it for us.

casey said...

There is no money.All based on lies so the banks can get taxpayer money.

Miss Goldbug said...

Gold is the only thing that will get us out of this mess.

casey said...

I just watched the video on 60 minutes.you talk about incompetent.the fed has gone hi tech.Instead of printing money they just use a computer to credit these crooks accounts.Ben says there is no inflation after he raised interest rates to the moon and then dropped them to zero.Something tells me they have no idea what they are doing.Just throw more credit after the problem.

Anonymous said...

Deficits don't matter.

Guberville Smack said...

Change is coming!
Confidence is being restored!
Arrest warrant has been issued for.....
Lindsey Lohan??!?

Man, the MSM and the authorities are ON THE BALL!

Anonymous said...

Somebody please put a bullet in their heads, already.

Bernanke was going on about how the crisis was like neighbors house catching fire for no apparent reason and that we all had to do something to put it out.

No, Ben, this shit is analogous to my neighbor filling his home with high explosives, dousing it from top to bottom with gasoline, and then alighting 10,000 fucking matches and throwing them on the house.

It's not an unfortunate accident you asshole!

little bens ho said...

Did he take too many shrooms at woodstock?

Do any of you know the implications of flooding the system with printed money.I thought that created inflation.

Lady Di said...

"Gold is the only thing that will get us out of this mess."

-------------------------------

Once this is realized, it will be too late to buy it. I've noticed even in the last few months that gold is becoming harder and harder to come by. Last year, I could buy any type of gold - Buffalo, Eagle, Mapleleaf, bars - my gold guys had it. Within the last few months, Buffalo - sold out (has been for a while now), Eagle, Mapleleaf - very limited supply, gold bars - sold out.

When the Fed monetizing all this debt to support Nobama's brainless spending spree, and the dollar tanks, gold will be the last man standing. End of story.

will shill for coin said...

Another great piece eviscerating MBA's.

>From where I sit, management education appears to be a significant part of this problem. For years, the business schools have been promoting an excessively analytical, detached style of management that has been dragging down organizations.

>Every decade, American business schools have been graduating more than a million MBAs, most of whom believe that, because they sat still for a couple of years, they are ready to manage anything. In fact, they have been prepared to manage nothing.


http://www.theglobeandmail.com/servlet/story/RTGAM.20090313.wcomintzberg16/BNStory/specialComment/home


Are the MSM swallowing retards getting any of this?

Anonymous said...

obama tells geitner to pursue every legal avenue to stop the bonuses.

lol...so much for the "last years business" greenlight.

what a douchebag that guy is.

Anonymous said...

someone said that if printing money was a solution then zimbabwe would be the richest nation on the planet.

well...we got a whole lot more guns and missles and battleships than zimbabwe does.

just ask saddam hussein what happens to nations that dick around with our reserve currency status.

no one died for my sins said...

I can tell you are Christians
by your love
by your love

la la la la


85% of Sashers want blood

dead cat walking said...

Will inflationary Fed 'printing' drive the Dow higher?

Is the stock market already 'predicting' a 25%+ crash in the dollar??

Fiscal insanity on steroids!

Anonymous said...

Each USD is backed by the hot air of Ben Bernanke and the full faith , support and total confidence of the National Bank of Zimbabwe.

Now then , Mr Hu , how would you like that $1.6 trillion ?

In billion dollar notes ?

Or ............

here's a piece of paper , why don't you just print whatever we owe you , I'm afraid you'll have to bring your own ink.

BWAHAHAHHAHAHAHAHAH

Thank you, Uncle Hu.

Giimmmmmmeeeee More

Anonymous said...

I think much of this is already known. I mean c'mon, the Fed's the lender of last resort for the commercial banking sector. On the other shoe, it wasn't suppose to be that for the investment banks. That's where the shoe drops.

Anonymous said...

Printing money doesn't matter, peak oil (price triples while demand drops and supply is stable), the big lies told to stupid human beings in order to fleece them and enslave them forever.

Stalin had nothing on these guys. Hold a bird in your hand and it will fly away. Pluck its feathers. It will be unable to fly away even if it wanted to. It will stay in your hand for the warmth of your hand, freezing and helpless.

Those of you who support Obbammmyyyss policies and deny the fact the NWO/Bankers are in charge will understand the stupidity of your arrogance only when you finnally accept the fact you have no feathers left.

Yaa right they won't pluck your feathers.

Anonymous said...

The essense of the problem is that we have decoupled capital formation with real productivity. This guy is an academic who couldn't make his way out of wet paper back in the "real world". It is a race to decide whether this period will be defined by excessive greed or excessive bullshit. Perhpas both.

Don Payne

Anonymous said...

"...like neighbors house catching fire for no apparent reason and that we all had to do something..."

Angry Leprechaun said...

Am I the only one who thinks that Ben looks like a child molester in this pic?

Angry Leprechaun said...

Can we at least treat him like a convicted child molester?

JaneZ said...

Angry Leprechaun said...

Am I the only one who thinks that Ben looks like a child molester in this pic?

No I can see it. I can also see him wearing plaid golf shorts with white tube socks and wing tips.

Just a total Goofy Gus

Happy Leprechaun said...

Angry Leprechaun said...
'Am I the only one who thinks that Ben looks like a child molester in this pic?'

Hmmmm..

It takes one to recognize one?

danm said...

So where are the deflationists now?

Lost Cause said...

Yes, but it is printing borrowed money.

Lost Cause said...

Benny and the Inkjets.

Anonymous said...

Years ago Bernanke wrote a paper about a "zero bound" interest rate problem. Once you hit zero percent interest rate the central bank has run out of tricks to try and inflate the economy. It's sort of a fiscal sound barrier.

Bernake surmised the only thing to do is create more money, devalue your currency, and then cause inflation.

Well we are trying that and so far it isn't working as people still buy US dollars, not because they are so sound, but rather all the other currencies in the world are even worse.

If that doesn't work then you monetize the debt directly. That's what will happen if the DOW doesn't go up very soon

Anonymous said...

The whole plan was perceived when it only looked like real estate was going to go down 20% and defaults would be contained . The situatiion has changed since the early days of the crash . Maybe the Paulson and Fed Chairman plan would of worked had the loss been contained .

Putting more money into faulty plans is just like chasing a losing streak at a gambling table.

For the Chairman to say that the economy will start to recover in a short amount of time was a joke .

The Path was chosen ,and the Treasury and Feds even got more powers so they could achieve the ill conceived Plan of action to save the economy and the Banks .

Anonymous said...

"...would of worked..." (x3)

Can't. Take. It. Anymore.

Would HAVE worked = would've

Not trying to be a dick(although probably succeeding); it's getting so bad that some posts are a genuine struggle to read.

It's hanus. ;^D