Thursday, April 28, 2011

Bernanke's Black Holes' Bombshells

The Bikini Atoll, (after Hiroshima and Nagasaki,) became synonymous with Atomic Bomb testing and the famous swimsuit which had an equally sensational affect on men. It ushered in the Atomic Age and there was no escape.

Ben Bernanke, who over two years ago, this blog suggested be dropped from a helicopter, had what might become known as a double black hole moment, in his first interview with the press and media yesterday afternoon. Where that now leaves the Western World's economy yet remains to be seen!

I watched almost open-mouthed, certainly with growing astonishment, as the Chairman of the US Federal Reserve, ever so cautiously and gradually raised the curtain on the mysterious workings of the organisation at the centre of the free world's reserve currency and largest economy, the US Federal Reserve and within lay nothing but a gaping black hole.  As the increasingly incredulous questioning continued it became ever more obvious that this black hole did not merely exist at the centre of the obviously non-working nucleus of the Federal Reserve's disorganisation, it even extended in to the depths of the mind and thought processes of this one man, Ben Bernanke himself, the individual titularly and supposedly in charge.

No doubt, as today progresses, we will be treated to many TV repeats of the Fed Chairman's apparent ignorance of where inflation, interest rates, money supply, gas prices, middle-east instability etc., etc., etc., are all headed. BUT the truth can no longer be hidden, Bernanke, closely aided by Geitner and Obama have us all headed towards economic disaster.

Did Bernanke yesterday end the era of funny money (sometimes known as fractional reserve banking)? I suggest he may well have so done! Quite some bombshells!

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