Update: 3:56pm EST: Oh did I say Gold was at
141522? It is now at $1529.40 SLV $48.10 Oil $113. USD down, down, down 73.30. Equities continuing to mainline from the punchbowl Bernanke is clearly not taking away. DOW up 101.15. The TBTF Bankstas are gonna ride the USD right into the ground if TPTB let them.
Update: 3:08pm EST: Foreign Presse France asking about the concerns many nations have about the results of the Fed actions on the sovereign currency..cough, cough, Now Ben spinning the Geithner STRONG DOLLAR TOTAL BS LINE.
Reagan and Clinton had strong dollar in my lifetime. No one else. Hey they had that super growth thing too didn’t they? Don’t try telling the Ivy League Economics Club that though.
Update: 3:06pm EST: An hour in and another nominal record for Goldilocks~ $1526.20. Yowsa. Ben has used the buzz words ‘transitory, moderate’ to describe inflation so many times I would have alcohol posinoning were I playing the drinking game.
Update: 11:08am AZ Time- GOLD at $1522.80, USD at 3 yr low as Ben takes stage.
ZeroHedge will be liveblogging in case ANYONE asks a REAL question.
I would ask:
Ben do you like the American Middle Class?
What purpose does the Middle Class serve in the American economy?
How has QE and ZIRP ‘helped’ or ‘harmed’ the Middle Class?
If the Middle Class is the largest % population in America, doesn’t your dual mandate for full employment/stable prices apply to this population cohort above all others?
Is it your intention to drive down wages for the Middle Class while allowing prices of food and energy to continue to spike year after year, all while claiming there is no inflation?
WHY ARE YOU KILLING THE MIDDLE CLASS?
PS- Why did the Federal Reserve bailout QADAFFI and leave the American Middle Class to twist in the wind?
Yay Iceland! Show us how it’s done :0) Kronor baby.
…State television said almost 60 percent of voters had rejected the agreement, based on results from five out of six voting districts, including capital Reykjavik. Many voters were against taxpayers footing the bill for irresponsible bankers….
Tyler notes that the Fear Mongering of the Banksta owned politicians is directly contradicted by the facts-Iceland is doing BETTER since it tossed off the international banksta chains:
…Ever since Iceland decided to stop pandering to banker interests, and transfer its country’s wealth to banks from Europe and Holland, its economy has in fact been on a constant upward trajectory….
Thank you Iceland for setting an example of True Independence and allowing the bankstas who took the risks to take the pain. Our children should not be enslaved to repay bankstas bad bets folks.
President Clueless tells people if gas is too high, get a new car cuz it will take ‘years’ to ‘adjust’ prices aka ‘Let Them Eat Chevy Volts!’
Clearly he is pixxed and advisers are telling him no re-elct with $5 gas for you chump~and in his usual passive aggressive way, he is mad at US for being broke due to HIS asinine plan
And Barry doesn’t like when all his carefully dreamed up plans cause him aggravation.
Recall, he said in 07- ‘under my plan electricity rates will necessarily skyrocket’. Yeah electricity, heating oil, gasoline. And he hasn’t even gotten his cap and trade yet, imagine the future with another 4 years of this guy.
Mad Max anyone?
…”I’m just going to be honest with you. There’s not much we can do next week or two weeks from now,” the president told workers at a wind turbine plant (one operated by Spanish company Gamesa). “Gas prices? They’re going to still fluctuate until we can start making these broader changes, and that’s going to take a couple of years to have serious effect.“
And we doubt Obama’s hard core union electorate will be happy at the following stab at Channel Stuffing Motors: “If you’re complaining about the price of gas and you’re only getting 8 miles a gallon, you know,” Obama said laughingly. “You might want to think about a trade-in.“…
…As to the core question, we were surprised Bill Dudley was not present at Obama’s side explaining how deluded complainers should just have a chilled glass of unleaded 98 Octane with their main course of deflationary iPad 2....
Benny and the Inkjets cant hold the precious down~and Sister Silver is right behind
And don’t forget WTI Crude ~ $109 baby…..demand destruction coming to a local economy near you!
CSPAN linky here. Hearing has begun.
Finally. Yeah the ‘core’ number is total BS and Jim Grant, a witness, will testify to just that!
ZeroHedge has it:
..The much anticipated hearing on “The Relationship of Monetary Policy and Rising Prices” chaired by Ron Paul..
witness list consists of:
CSPAN has the feed here
Just heard Ben tell Ryan there is LOW INFLATION here. Ryan is pressing him on the HEADLINE CPI not the BS Core #…
Ben says he is ‘unwavering in his determination to provide price stability’ Exc ept when it impacts STOCK PRICES negatively right Ben? frakker.
Judge N on FoxBiz just said he has Ron Paul on his show tonight talking about the SUBPOENA Paul is sending Ben to testify before his subcmte…
Courtesy of CNBC
See ZeroHedge for full video of Faber and Taleb at the Russia Conference this week as well~
…”before they can’t pay they would print money like there is no tomorrow so the dollar would continuously depreciate which would obviously be good for assets that you can’t multiply such as commodities and precious metals.”
“I also think it they print money what then usually happens is that standards of living of the middle class and the working class go down, because the cost of living increases faster than wage gains, and so the population becomes very distraught and dissatisfied and eventually the government to stay in power or distract the attention of the people, either goes to war or blames a minority for the mishaps, but usually after a period of very heavy money printing war follows.”…
Faber on Bloomber 1/25/11~