Marc Faber: If I Were Bernanke, I Would Resign
Posted in the Caruthersville Forum
“Radical Islam! Radical Islam! ”
Since: Mar 08
#1 Sep 15, 2012
Central bankers are counterfeit money printers and Federal Reserve Chairman Ben Bernanke should resign for messing up the U.S. economy so badly, says author Marc Faber. He said Bernanke was one of the main proponents of an ultra-expansionist economic monetary policy that was to blame for the latest financial crisis.
If I had messed up as badly as Bernanke I would for sure resign. The mandate of the Fed to boost asset prices and thereby create wealth is ludicrous it doesnt work that way. Its a temporary boost followed by a crash, Faber said.
Faber, who rose to prominence after predicting the 1987 financial crash report and dubbed "Dr Doom" for his negative predictions, said:This unlimited QE (quantitative easing), buying mortgage-backed securities (MBS) and continuing operation twist has the implication of simply having asset prices go up and the money flows down to the Mayfair economy, Faber said.
A Mayfair economy is one which benefits the wealthier and better off in society. Faber said this latest round of QE would not help the middle class
QE helps rich people whose asset prices go up and whose net worth then increases but it doesnt flow to the man on the street who is faced with higher costs of living with price rises. You just have a small economy that is booming but the majority of the economy is damaged by QE, he said.
#2 Sep 15, 2012
I agree, anything bush put in should be put out.
obama should never let him stay
On February 1, 2006, President Bush appointed Bernanke to a fourteen-year term as a member of the Federal Reserve Board of Governors, and to a four-year term as Chairman. By virtue of the chairmanship, he sits on the Financial Stability Oversight Board that oversees the Troubled Asset Relief Program. He also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policy making body.
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