Bernanke to Congress: Reduce the Deficit!
As stocks traded mostly sideways today, Federal Reserve Chairman Ben Bernanke paid a visit to Congress to address the House Budget Committee. In a surprising turn from what's been the hallmark of his reign as the head of the Fed, Bernanke seemed legitimately concerned about sovereign debt issues here in the United States.
He said, "To avoid sharp, disruptive shifts in spending programs and tax policies in the future, and to retain the confidence of the public and the markets, we should be planning now how we will meet these looming budgetary challenges."
Strong words for a Fed Chief who has been responsible for the largest money supply increase in the history of the U.S.
Between 2007 and 2010, Bernanke created at least an additional $2 trillion in dollars in order to bail out his banker buddies, and since his is an appointed position to a quasi-private group of banks, no American citizens can ever vote him out…ever.
So to hear him tell the Congress to cut the deficit is a bit like an arsonist telling firemen to extinguish fires.
Link:
http://www.wyattresearch.com/article/bernanke-to-congress-reduce-the-deficit/22229
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