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Posts Tagged ‘Ben Bernanke’

Sarah Palin Knew Obama’s QE2 Plan Was A Bust Long Before Economists Did

Posted by Gary P Jackson on April 25, 2011

By Gary P Jackson

I’m continually tickled by the supposedly “intelligent” people who dismiss Sarah Palin when she speaks. Never mind that she’s always proven right after the fact.

I know the left wing’s [and the Republican establishment’s] default position is that any strong Conservative leader, someone who doesn’t subscribe to far left ideology, or in the GOP’s case, someone not of the country club, soggy cucumber and mayo sandwich set, someone who doesn’t go to the “right” schools, is in their eyes, an idiot. A rube. Too stupid to understand complicated issues.

Nothing could be further from the truth, and we have decades worth of evidence that it’s the over-educated, but inexperienced, Ruling Class elites who are clueless. After all, it’s these Ivy League elites who have gotten us in all of this mess in the first place!

The last President we had that had an ounce of common sense when it came to complex issues was Ronald Reagan. He was called an “amiable dunce” because he didn’t go to the right schools either.

In Sarah Palin’s case it’s breathtaking.

Her record as a Mayor, oil and gas regulator, and Governor is filled with the sort of successes most politicians would kill for. She wasn’t a “One-Note-Johnny” either. She was strong on every issue. Most overlooked though are her strong fiscal abilities. The fact she was able to balance budgets and create multi-billion dollar surpluses is lost on those who want to dismiss her outright.

I’m reminded of an excerpt from Kay Cashman’s book: Sarah Takes On Big Oil:

Dan Seamount, one of two commissioners who served with Sarah Palin in 2003 and early 2004 on the Alaska Oil and Gas Conservation Commission, had the following to say about Palin.

She’s pro-development, not pro industry. She’ll tell you,My boss is the people of Alaska.

She s smart, a quick study. Her adversaries biggest mistake is underestimating her intelligence, her understanding of issues. And she uses their arrogance against them.

Maybe if our “betters” weren’t so busy telling us how dumb Sarah Palin is, they’d have had time to check our her strong comments at the CLSA Investors Summit in Hong Kong. You see, Sarah was talking tough to China, in China, back in September of 2009, long before reality TV show “star” Donald Trump was making noises.

The London Financial Times and Reuters noticed, for sure, but the lamestream media made sure it was never reported widely in this country.

That brings us to Barack Obama and Ben Bernanke’s quantitative easing [QE2] scheme. QE2 is just a fancy way of saying: “Hey, let’s just print more money!”

This is a plan for disaster. It has failed every time it has been tried. Countries have collapsed, totally and completely collapsed, because their leaders have chosen to just print money in just such a manner.

The Weimar Republic of Germany is a good example, where it took a wheelbarrow full of notes to buy a loaf of bread. Zimbabwe is a modern day example of what happens when the government just starts to print money.

How big of a disaster is the Obama/Bernanke fiasco? The New York Sun is seriously suggesting that, instead of being President, Sarah Palin should be named the next Fed Chairman!

Hard to argue with that reasoning, but I have faith that as President, she’ll choose someone who actually understands practical economics, for that job.

Anyhow, from The Sun:

Sarah Palin for the Fed?

The big question as Chairman Bernanke gets set for his first quarterly press conference is how Sarah Palin was able to figure out sooner than everyone else that the Federal Reserve’s campaign of quantitative easing wouldn’t work.

Disappointment in the Fed’s policies is being reported this morning at the top of page one of the New York Times. It reports that “most Americans are not feeling the difference” from the Fed’s “experimental effort to spur a recovery by purchasing vast quantities of federal debt.” It reports that “a broad range of economists say that the disappointing results show the limits of the central bank’s ability to lift the nation from its economic malaise.”

It’s a terrific story, and well-timed, given that on Wednesday Mr. Bernanke will break tradition and meet with the press. It is part of the Fed’s effort to get ahead of what is emerging as a public relations catastrophe, as gasoline is nearing six dollars a gallon at some pumps, the cost of groceries is skyrocketing, and the value of the dollars that Mr. Bernanke’s institution issues as Federal Reserve notes has collapsed to less than a 1,500th of an ounce of gold. Unemployment is still high. Shakespeare couldn’t come up with a better plot.

But how in the world did Mrs. Palin, who is supposed to be so thick, manage to figure all this out so far ahead of the New York Times and all the economists it talked to?

She did this back in November in a speech at Phoenix, which the Wall Street Journal, in a laudatory editorial at the time, characterized as zeroing in on the connection between a weak dollar and rising prices for oil and food.

We don’t want temporary, artificial economic growth brought at the expense of permanently higher inflation which will erode the value of our incomes and our savings,” the Journal quoted Mrs. Palin as saying. “We want a stable dollar combined with real economic reform. It’s the only way we can get our economy back on the right track.” Now here is the New York Times quoting a raft of economists who have reached the conclusion that Mrs. Palin’s warning was right down the line.

It happens that Mrs. Palin’s demarche coincided with a piece in the Financial Times by the president of the World Bank, Robert Zoellick, suggesting that a new international monetary system centered on the major currencies “should also consider employing gold as an international reference point of market expectations about inflation, deflation and future currency values.”

The FT is such a Keynesian bastion that the Journal likened Mr. Zoellick’s mentioning gold in its pages to mentioning Sarah Palin’s name at the Princeton Faculty Club. The FT issued an editorial attacking its own op-ed piece, while Mr. Zoellick’s scoop so startled the New York Times that it brought in no less a heavyweight than James Grant of the Interest Rate Observer to write a piece on the virtues of the gold standard.

Alone among general interest publications, the Drudge Report has been fronting the gold price almost daily. And now the Times itself is out with its a story about how the Fed’s quantitative easing has been a disappointment.

It may have, as the Times puts it, “pumped up the stock market, reduced the cost of American exports and allowed companies to borrow money at lower interest rates,” but “those benefits have been surprisingly small.” Will any of this bring some humility to the Fed and its chairman?

It will be something to watch for in his first big press conference Wednesday. No doubt it will be one of the most crowded press conferences in recent memory, and there will be lots to ask about. But one of the questions will be how in tarnation Mrs. Palin figured it out so far ahead of everyone else.

Sarah Palin figured it because she’s not stupid! Far from it.

Unlike the Ruling Class and the Beltway elites, Sarah Palin still buys the family’s groceries, puts gas in her car, and pays attention to the real world around her.

The really incredible part about this is she is not alone. Anyone with an ounce of common sense could have figured this out. Of course, that’s really where the problem lies with America’s political class. No one has a lick of common sense!

We’re told that guys like Donald Trump, Mitt Romney, Mitch Daniels, and other dead end candidates are financial geniuses, and yet it’s the housewife from tiny Wasilla, Alaska who is running circles around these “intelligent” candidates. All of these cats were hiding under their desks rather than hammering Obama and Bernanke over their dangerous fiscal policies.

At a time when we need leaders, only one has consistently proven to be one. Only one knows how to get out there and fight like a girl!

I’m always tickled by the artwork above, which appeared on the cover of the Economist after the 2010 election. It shows Sarah Palin leading the Republican posse as they come to take back Congress. I’m looking forward to the cover of their magazine after November of 2012.

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Governor Palin’s Letter to WSJ: ‘Refudiation’ of $600 Billion Printed Out of Thin Air

Posted by Adrienne Ross on November 18, 2010

By Adrienne Ross – http://www.motivationtruth.com

Governor Palin penned the following letter to The Wall Street Journal editor:

While on a United Airlines flight from New York City to Los Angeles this week, a fellow passenger handed me a copy of the The Wall Street Journal Nov. 15 op-ed by Alan Blinder—”In Defense of Ben Bernanke“—and suggested that I write a letter to the editor if I disagreed with the Princeton University professor’s claims. Having read the piece, I told the passenger over my shoulder, “You bet I will.”

Prof. Blinder seems blind to the clear and present dangers of QE2. Instead of seriously discussing these dangers, he takes us on an excursion to a Keynesian utopia, a mythical land in which endless government spending is an amazingly effective job creator and investors’ confidence in U.S. Treasury bonds somehow increases as we sink ever deeper into debt while the Fed has its printing presses working overtime.

Here are some cold, hard facts from the real world: The first is the 8.7% 2012 unemployment rate predicted by the Survey of Professional Forecasters of the Federal Reserve Bank of Philadelphia. It seems the Obama administration’s record spending binge won’t result in job creation, but in unacceptably high long-term unemployment. The second fact is that long-term interest rates have actually gone up following the Fed’s recent QE2 announcement. The markets took one look at the Fed’s pump-priming plans and decided they had to increase interest rates—probably in order to compensate for the expected rise in inflation.

None of this should come as a surprise. Blinders off, common sense engaged, it’s time for us to “refudiate” the notion that this dangerous experiment in printing $600 billion out of thin air, with nothing to back it up, will magically fix economic problems that were caused in large part by the government’s interfering with our free market system in the first place, and then made worse by the government’s reckless spending experiments with our children’s fiscal future. Instead of the tired, old Keynesian ideas behind Obamanomics, we need to turn to time-tested practices that are pro-free market rather than pro-big government. Some call this “free-market populism.” It’s based on the realization that the best way to get the economy moving again is to get government out of the way, let the free market dictate winners and losers, and allow the private sector to grow our economy one job, one paycheck and one American dream at a time. It’s the only way we can restore much needed confidence and certainty in our economy. This is the only way we will all be able to soar from New York to Los Angeles and throughout the heartland.

Sarah Palin

Wasilla, Alaska

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Sarah Palin Demands Fed Chair Ben Bernanke “Cease And Desist”

Posted by Gary P Jackson on November 9, 2010

By Gary P Jackson

In a speech delivered on Monday In Phoenix, Arizona, Sarah Palin slams Fed Chair Ben Bernanke and the Obama regime’s insane plan to monetize the debt.

Robert Costa over at National Review Online reports:

As President Obama prepares for the G20 summit in South Korea this week, Sarah Palin is challenging the Federal Reserve’s monetary policy, which will likely be a key issue at the talks. On Monday, in a keynote address at a trade-association convention in Phoenix, Palin will urge Fed chairman Ben Bernanke to “cease and desist” his “pump priming.” The United States, she says, “shouldn’t be playing around with inflation.”

Here are snippets from Palin’s prepared remarks obtained by National Review Online:

I’m deeply concerned about the Federal Reserve’s plans to buy up anywhere from $600 billion to as much as $1 trillion of government securities. The technical term for it is “quantitative easing.” It means our government is pumping money into the banking system by buying up treasury bonds. And where, you may ask, are we getting the money to pay for all this? We’re printing it out of thin air.

The Fed hopes doing this may buy us a little temporary economic growth by supplying banks with extra cash which they could then lend out to businesses. But it’s far from certain this will even work. After all, the problem isn’t that banks don’t have enough cash on hand – it’s that they don’t want to lend it out, because they don’t trust the current economic climate.

And if it doesn’t work, what do we do then? Print even more money? What’s the end game here? Where will all this money printing on an unprecedented scale take us? Do we have any guarantees that QE2 won’t be followed by QE3, 4, and 5, until eventually – inevitably – no one will want to buy our debt anymore? What happens if the Fed becomes not just the buyer of last resort, but the buyer of only resort?

All this pump priming will come at a serious price. And I mean that literally: everyone who ever goes out shopping for groceries knows that prices have risen significantly over the past year or so. Pump priming would push them even higher. And it’s not just groceries. Oil recently hit a six month high, at more than $87 a barrel. The weak dollar – a direct result of the Fed’s decision to dump more dollars onto the market – is pushing oil prices upwards. That’s like an extra tax on earnings. And the worst part of it: because the Obama White House refuses to open up our offshore and onshore oil reserves for exploration, most of that money will go directly to foreign regimes who don’t have America’s best interests at heart.

We shouldn’t be playing around with inflation. It’s not for nothing Reagan called it “as violent as a mugger, as frightening as an armed robber, and as deadly as a hit man.” The Fed’s pump priming addiction has got our small businesses running scared, and our allies worried. The German finance minister called the Fed’s proposals “clueless.” When Germany, a country that knows a thing or two about the dangers of inflation, warns us to think again, maybe it’s time for Chairman Bernanke to cease and desist. We don’t want temporary, artificial economic growth bought at the expense of permanently higher inflation which will erode the value of our incomes and our savings. We want a stable dollar combined with real economic reform. It’s the only way we can get our economy back on the right track.

Sarah is right, of course. Hyperinflation will destroy America. In fact, the historical evidence of this is so strong, one might think that is the purpose of this dangerous path. It’s like the Obama regime is purposely destroying our nation. Surely the Marxist-democrats aren’t this stupid, are they?

One of the most well known cases of monetizing the debt occurred in Germany in the 1920s, and led to the collapse of the Weimar Republic. This led directly to the rise of Adolf Hitler and National Socialism. It also led to the ridiculousness that included needing a wheelbarrow full of German marks to buy a loaf of bread. It was a complete disaster.

Surely the Marxist-democrats know this, and one must wonder if the total collapse of America isn’t their end game.

We don’t have to go back to the early decades of the 20th Century to see the evils of what the Obama regime is up to. Obama’s good buddy Robert Mugabe has worked similar “magic” in Zimbabwe. This tin pot dictators policies have been so idiotic that by December 2008, inflation was estimated at 6.5 quindecillion novemdecillion percent! (65 followed by 107 zeros)

Yes we can! (turn America into Zimbabwe)

This is a very serious matter and if the Obama regime and the Fed are not stopped, we could not only see the collapse of the United States, but the entire world’s economy. Again, one wonders if something like this isn’t by design. As Reuters reports, China and Russia are most certainly alarmed, and Obama just keeps on keepin’ on.

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