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Bernanke: Let's Not Blow Bubbles

Bernanke says Fed should keep a sharper eye on financial bubbles... Federal Reserve Chairman Ben S. Bernanke said Tuesday that he is more open to using the Fed's interest rate policies to combat financial bubbles, arguing that in the wake of the economic crisis, central bankers must rethink their assumptions. Before the economic upheaval, Bernanke acknowledged, central banks viewed financial stability as a "junior partner" to the task of tweaking interest rates to try to boost growth. But both stability and monetary policy are of vital importance to the U.S. economy, he said. – Washington Post

Dominant Social Theme: These bubbles have got to go! Where they came from, I don't know. But they need to be popped, not just stopped, and to fix them I need to say "No!"

Free-Market Analysis: Of course, the Federal Reserve chairman is the consummate "yes man" in so many ways. He provides a "yes" to the global elite that uses him as a polished promoter of the destructive meme of central banking, and he is a "yes man" for those who want to keep interest rates perpetually low, thus guaranteeing more bubbles.

EDITOR'S ALERT: Holy Bailout! Federal Reserve Now Backstopping US$75 Trillion of Derivative Trades ... That's the headline over at the Daily Bail (no relationship to us) reporting on a Bloomberg wire that "Bank of America Corp. ... has moved derivatives from its Merrill Lynch unit to a subsidiary flush with insured deposits..." It brings the Fed closer to the target that we have set in previous articles of US$100 trillion. That's what we long-ago estimated the bailout would eventually cost the American taxpayer, and apparently this day is rapidly approaching. In fact, since there is perhaps US$750 trillion in notional derivatives, the total is virtually limitless should the Fed actually have to step in. It's stupid money, of course, and the main reason we have been writing for several years that the dollar reserve system is basically dead. "This is a recipe for Armageddon," writes the Daily Bail, "Bernanke is absolutely insane.”

Of course, the biggest bubble is banking itself, as we have mentioned in the past, though Bernanke and others will never, ever explain that particular reality. The world is entirely over-banked with commercial banks crowding out other kinds of industries all around the world, populating downtown centers in a virtual forest of gleaming skyscrapers.

How about this: They are the metaphorical eruptions on the epidermis of the great beast of central banking itself. They are a disease of gigantism, a byproduct of endless monetary stimulation. To most, however, they are merely an inevitability not even to be remarked upon!

So it is with Mr. Bernanke. Lately, as the Great Recession spirals toward the Doomsday Depression, Bernanke has finally been taking notice of bubbles generally. And now he's given a speech on it.

Unfortunately, like all of his other speeches, it really doesn't matter. The Fed is evidently and obviously an engine of destruction foisted on America by a globalist power elite intent on destroying the US middle class preparatory to imposing world governance. The Fed won't change, but it's Bernanke's job to make it sound like it will. Here's some more from the article:

"In the decades prior to the crisis, monetary policy had come to be viewed as the principal function of central banks," Bernanke said at a conference sponsored by the Federal Reserve Bank of Boston, according to a prepared text. "Their role in preserving financial stability was not ignored, but it was downplayed to some extent. The financial crisis has changed all that. Policies to enhance financial stability and monetary policy are now seen as coequal responsibilities of central banks."

During the late-1990s stock market boom and then the housing price boom in the early 2000s, the Fed largely avoided using its power to control interest rates and the supply of money as a way to fight off what were in hindsight dangerous bubbles. The argument at the time was that monetary policy is too blunt an instrument to address out-of-whack prices in an individual marketplace.

Bernanke was not repudiating that line of thought entirely, arguing in Tuesday's speech that regulation is the best tool to rein in financial excesses. But he appeared open to using monetary policy to keep those excesses in check as well. "The possibility that monetary policy could be used directly to support financial stability goals, at least on the margin, should not be ruled out," Bernanke said. The Fed chief spoke approvingly of a wide range of regulatory tools that central banks around the world are using to ward off financial bubbles that could wreak severe damage on their economies.

Bernanke wants policies in place that will help banks "behave more cautiously during good times so that they will be less prone to crisis in bad times." In Korea and Hong Kong, for example, central banks require different loan-to-value ratios on mortgages depending on the economic cycle, the Post tells us. This is supposed to damp monetary inflation. It will do no such thing.

There is no help for central banking. It will continue to brutalize the mass of the world's people until it is stopped. Some millions will starve and others will die in the wars that money printing makes so attractive. It will continue its reign of destruction no matter what "adjustments" are made because the mechanism is SUPPOSED to be destructive.

Bernanke can tinker at the edges all he wants to, but different policies imposed on money center banks won't help a bit. The issue is not money distribution but money CREATION. As long as central banks exist, they will overprint money. The history of modern, mercantilist central banks is irredeemably destructive and all the speeches in the world won't change that reality an iota.

In fact, the only change we can make out is one having to do with Bernanke's job description. Unlike the inscrutable Great Sphinx, Alan Greenspan – who may some day be looked upon as the "greatest" banker of his type – Bernanke is turning into a kind of central banking pitchman.

Conclusion

As the Internet Reformation grinds on, revealing to more and more despairful people the reality of the system that has ruined and denuded them, knowledge of the reality of the money system spreads. It is Bernanke's job to counteract this dawning revelation. Good luck!

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Anthony Wile, High Alert's Chief Investment Advisor and Chairman of the Partnership Selection Committee, is an active investor, business strategist and consultant, financial markets commentator, publisher and author.

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