Ben Bernanke’s Self-Fufilling ProphecyJune 21st, 2011
Chairman of the Fed, Ben Bernanke expects us to believe that our mind power controls the way inflation fluctuates. A recent article in the Freeman Online Bernanke quoted Bernanke saying:
The author of the article has it right when he suggests that Bernanke is ass-backwards. When the Federal Reserve schedules their FOMC meetings, when they make public statements, and when Bernanke graces us with a press conference it is THE FED that is guiding the path of inflation. They release vague statements about the economy’s improvement or lack thereof with an intent to guide Americans down a path of financial trust.
For Bernanke to state that quantum physics contributes to the behavior of inflation (not that it may not exist) takes a huge burden off the central bank’s shoulders, as well as, puts an unnecessary burden on the American people. The American people unfortunately guide their economic choices off the “experts” on TV.
When September 11th happened, people looked to the administration for guidance, and what did they do? Bush II requested that American people keep spending their money and to “Get down to Disney World in Florida…Take your families and enjoy life, the way we want it to be enjoyed.” That’s exactly what people did, and some skeptics think this was a day that lead to many credit card accounts opening.
The latest uninformative piece of information from Chairman Bernanke was the economy is recovering at a “frustratingly slow” pace. Tomorrow is yet another meeting with the FOMC where they will release a statement about the economic outlook along with a press conference with Bernanke. The words they release tomorrow, I bet, will have an effect on everything across the board: savings, spending, the stock market, precious metals, etc. The American people, and other nations for that matter, will not be acting drastically until they hear the words from the Fed. The words of guidance, since the Fed’s role revolves around stabilizing inflation and interest rates.
So Bernanke…quit putting all the pressure on the American people, when it’s your job that is jeopardizing the well being of our economy. The people are only acting as you would with your own wallet.