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Glenn Beck explains QE2 - Page 5

post #81 of 83
Calm down peoples.

The USA is nothing without both ends of the spectrum. For me spending is a good way to get out of the money issue, but they are spending on the wrong things. In the past the government has funded building projects(the highways, bridges, canals) to create jobs and pump money into the economy. The just give it to them method is my issue with the current system.

So what, Obama has socialist views? You need far rights and far lefts to make our system do anything. The next president will be a republican and he will try to balance out the choices obama made. That is how our government has done it for the past hundred years. One president goes way too socialist and the next is extreme conservative. Obama was given the largest deficit of any president ever. There is no way he can fix it. The choices made 10+ years ago are what lead us to the current issues. Fiscal policies are generally long term changes.

The biggest issue in the US right now is private interests. Choices are being made that do not benefit the majority, but that benefit private parties, and that will take a lifetime to change.
post #82 of 83
Originally Posted by jafox View Post
Milton Friedman would be rolling in his grave to know that Ben B. claims he is one of his disciples.

Free to Choose Episode 9 was called "How to Cure Inflation" which sounds dated (since inflation was the big issue of that time). The video is actually a very timely breakdown of monetary policy and the immoral nature of intentional inflation.


Sorry Ben, you are no Milton Friedman.

Actually, Bernake is a monetarist and a disciple of Freidman.

Friedman claimed that the depression of 1929 was made significantly worse by the contraction in the money supply (AKA M1- M4).

Therefore, the prescription to this problem would be for the Central Bank to print the necessary credit to make up for the shortfall in the money supply so that Banks could still lend.

That is exactly what Bernake has done and what QE2 is. Interestingly in May, the M3 values were dropping at a rate comparable from 1929-33, which perhaps prompted the calls for QE2.
post #83 of 83
Bernanke Tells Nation This Sunday: More QE Coming

Submitted by Tyler Durden on 12/03/2010 17:11 -0500

For those wondering why the market leaked higher in the last hour, it is because someone got an advance copy of the transcript (or advance notice) that in this Sunday's latest attempt at faux transparency on 60 Minutes, the bearded mutant-cum-supreme genocidal overlord says that more QE is coming. From Reuters: "The euro rose to a session peak against the dollar in late afternoon New York trade on Friday after a report on the CBS website that Federal Reserve Chairman Ben Bernanke did not rule out buying more than $600 billion of bonds in further quantitative easing."

It also explains why the euro is back to 1.34, and is right in line with our expectations that the EURUSD is only weak so long as the market realizes that much, much more QE is coming. How much? See the chart below for our ongoing expectation of what the Fed's balance sheet will look like soon. And yes, the $7 dollar jump in gold late in the day may be multiplied 10-20x on Monday after the world realizes that the US economy is as ****ed as always.

Perhaps it is time for Goldman to revise its 48-hour old "alles gut" call?

This is what we projected a few months back. Looks like we may accidentally be spot on as usual.

Of course, if that happens, look for every other bank to go apeshit in tandem
(and that certainly includes the BoJ and the ECB which will join the fray):

And lastly, here are the Senators who voted Yay or Nay on Bernanke's most recent renomination.
Who would have thought only 30 Senators gave a rat's ass about what happens to this country's middle class?
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