The Bernanke Speech
by ilene - October 18th, 2010 1:09 am
The Bernanke Speech
Courtesy of MIchael Snyder at Economic Collapse
When Federal Reserve Chairman Ben Bernanke gives a speech about the U.S. economy, it gets a whole lot more attention than when Barack Obama gives a speech about the U.S. economy. Why is this true? Well, it is because Bernanke has a whole lot more control over the U.S. economy than Obama does. It is the Federal Reserve that controls monetary policy and interest rates. It is the Federal Reserve that can create money out of thin air. It is the Federal Reserve which is going to have the most influence over whether there will be inflation or deflation. So when Bernanke gives a speech, world financial markets listen. On Friday, news of the Bernanke speech sent gold and silver soaring towards new highs and send the U.S. dollar tumbling once again. This new Bernanke speech was yet another very strong indication that Helicopter Ben is getting ready to fire up the printing presses in an attempt to get the U.S. economy moving.
So is it a good thing for an unelected, virtually unaccountable private central bank called the Federal Reserve to have more power over the U.S. economy than the president of the United States?
Of course not.
But that is the way our system works.
So what did Bernanke say during his speech in Boston that was so earth shattering?
Well, you can read a full transcript of what Bernanke said right here. The following are a few key excerpts from Bernanke’s remarks….…