Fed Chairman Ben Bernanke, arguably the most treasonous Fed chairman in recent history, is engaging in Greenspanian doublespeak while promising to implement monetary policy that threatens to further stoke the fires of inflation. I will provide excerpts of his testimony, with translation added.
“Should high rates of overall inflation persist, the possibility also exists that inflation expectations could become less well anchored”
Translation: Inflation is already kicking our asses, and if we continue on this course, we’re screwed.
“In the months ahead, the Federal Reserve will continue to monitor closely inflation and inflation expectations.”
Translation: “We don’t have a freaking clue what we are going to do if inflation continues.”
“[We] will act in a timely manner as needed to support growth and to provide adequate insurance against downside risks”
Translation: “We have hit a freaking iceberg, and we are sinking. But please don’t panic, as that will make things worse.”
“The risks [to the economy] include the possibilities that the housing market or labor market may deteriorate more than is currently anticipated and that credit conditions may tighten substantially further.”
Translation: “The mortgage debacle is on the verge of wrecking other sectors of the economy, as the bailout efforts are not working.”