Now It's Bernanke's Turn to Choke

A week or so ago, President Obama choked on his "red line" to stop the use of WMDs in Syria.  He decided not to ask Congress to authorize him to bomb Syria.  What was he afraid of, do you think?

This week the fluffer is Fed Chairman Ben Bernanke, who choked rather than start dialing back the Federal Reserve's money printing operations known as QE3.

What is Bubbles Ben afraid of, do you think?  Could it be that he is afraid that the US economy itself will choke unless he continues printing money hand over fist?

Obamacare anyone?

If that is so, then what is the point?  If the economy won't grow without the injection of $85 billion in new money every month, five years after the Crash of 2008, then I'd say it's time to get on the blower and say: Houston, we have a problem.  To coin a phrase.

Just an aside here.  The total in Federal Reserve monetary base just before the Crash of 2008 was just a skinch over $800 billion.  As of July 2013, in the ongoing QE3, the monetary base was $3,310 billion.

Just to put the $85 billion in perspective.  That rate of monetary expansion would expand the pre-2008 monetary base by 10 percent a month!

 Well, we know what the Obama-Bernanke economic policy has created.  It has created the slowest economic recovery since World War II.  It has also benefited the rich while hammering the rest of the country.

And of course the young, the black, and single women are hardest hit in the period June 2009 - June 2013 when overall median real household income fell 4.4 percent:

1. Young under 25: down 9.6 percent.
   
2. Black: down 10.9 percent.
   
3. Single women: down 7 percent.
   
4. Hispanics: down 4.5 percent.
   
5. High school education or less: down 6.9 percent.

Meanwhile a chap like me has doubled my net worth since the nadir of winter 2009.  I don't know if I'm in the dreaded 1%: the Census Bureau says that 13 percent of households have more than $500,000 net worth.

But really, you LoFos.  The Obama administration has been the worst imaginable for the young, the black, the single woman.  And you folks voted for the guy.

Will you still be voting for Democrats in 2014?  In 2016?  You think those guys really care about people like you?  Or do you now think that they don't give a damn about you, but will say anything to get your vote?

This week Bubbles Ben has said he is going to keep printing more money, which will inflate the net worth of rich guys like me.  Next up is "Calamity Janet" Yellen, the First Woman Fed Chair!  Oh wow! Here's what Reagan Budget Director David Stockman has to say about her.

She has no clue how to wean wall street from the pathetic addiction to this massive stimulus, easy money that has been going on for the entire century.

I backed that up because she has spent her whole life as a monetary bureaucrat in the Fed system, and has no clue what honest capital and genuine free markets are about.

[She] believes the entire system has to be run by a monetary politburo, turning all the dials and short-term interest rates and yield curves and the entire financial system.

So, when the inflation starts to rage and the dollar starts to flush down the toilet, what do rich guys like me do then?  And what will ordinary middle class wage earners do, let alone the young, women, and minorities that are hardest hit?

Because I'm damned if I'll let President Obama and Bubbles Ben and Calamity Janet strip me of the savings that I've worked all my life to accumulate.