Did you ever think we might be wrong on this one?

Barack Obama And Ben Bernanke Continue To Defend Quantitative Easing, But For The Rest Of The World The Verdict Is In: They Hate It

Even as Barack Obama and Ben Bernanke publicly defend the Federal Reserve's new $600 billion quantitative easing program, top finance officials around the globe are expressing alarm and outrage. But what did Obama and Bernanke expect? "Quantitative easing" is little more than legalized cheating. For a moment, imagine that the global economy is a giant game of Monopoly. Essentially what Bernanke has done is that he has just reached under the table and has slipped another $600 billion on to his pile of money, hoping that the rest of the players will not call him out on it. The rest of the world has heavily invested in the U.S. dollar and in U.S. Treasuries, and this new quantitative easing program is going to devalue all of those holdings. If the Federal Reserve continues to go down the road of monetizing U.S. government debt, other nations are rapidly going to get spooked and will soon refuse to invest in U.S. dollars and U.S. Treasuries. When that day arrives, it is going to cause mass panic in the world financial system.

Already, investors across the globe are flocking out of the U.S. dollar and into safe investments such as gold and silver. On Monday, gold closed at an all-time record high of $1,403.20 an ounce on the New York Mercantile Exchange, and silver closed at a 30-year high of $27.43 an ounce.

Unfortunately, our leaders seem absolutely clueless about what is really going on. In fact, Barack Obama is very much in Bernanke's corner. During his trip to India, Barack Obama made it clear that he very much supports this new round of quantitative easing by the Federal Reserve....

"I will say that the Fed's mandate, my mandate, is to grow our economy. And that's not just good for the United States, that's good for the world as a whole."

This is the exact opposite of what Barack Obama should be doing. He should be demanding accountability from Ben Bernanke and the Federal Reserve. He should be trying to get the U.S. financial system back on some kind of solid footing.

But we all know that is not going to happen. Obama had no problem renominating Bernanke to another term, and Obama has publicly supported him at every opportunity.

Well, if Obama isn't going to do it, shouldn't some of our other representatives in Washington D.C. be calling for the resignation of Bernanke? After all, how many chances does one guy get? Bernanke's record is littered with so much gross incompetence that it makes Wade Phillips of the Dallas Cowboys look like Coach of the Year. The video posted below shows Bernanke reassuring the public over and over and over between 2005 and 2007 that the U.S. economy was in great shape and that we would continue to experience solid growth....

How long is it going to be until everyone wakes up and starts acknowledging that "the emperor has no clothes" and Bernanke is running the U.S. economy into the ground?

At this point, Bernanke has lost virtually all credibility. In 2009, he promised the U.S. Congress that the Federal Reserve would not monetize U.S. government debt, but now that is exactly what is happening.

Most of the top finance officials in other countries realize what is going on, and they are really starting to make their displeasure known. The following are just a few examples of the global outrage that has been expressed about the Fed's new quantitative easing program over the past few days....

Link:
http://theeconomiccollapseblog.com/archives/barack-obama-and-ben-bernanke-continue-to-defend-quantitative-easing-but-for-the-rest-of-the-world-the-verdict-is-in-they-hate-it