bobbyw24
08-31-2011, 05:43 PM
Forbes is highly critical of Federal Reserve Chairman Ben Bernanke, who has said any rise inflation is transitory.
“Well, life is transitory,” Forbes observes. “What he’s doing in terms of manipulating the interest rate market is simply another form of price controls. That doesn’t work for very long. What he’s done with interest rate policy is subsidize government debt and discourage lending to small businesses. It’s distorted the market. He’s doing more harm than good. I wish he’d gone to Martha’s Vineyard with the president and stayed there.
“If Ben Bernanke was judged on how well he’s done his job, he would have resigned a long time ago. But in Washington, [be] a failure and you move upward.”
The Congressional Budget Office warns that the dollar will weaken over the next decade and possibly lose its status as the world’s reserve currency.
“If you continue to trash your currency and make it very plain you want it to weaken, as both our Treasury Department and Ben Bernanke are doing, yes, it will continue to lose value and the U.S. economy will remain relatively stagnant,” Forbes states.
“But I think in 2013 you’re going to see a new regime in Washington, and you’re also going to see in the next five years something that sounds astonishing today, and that is for the first time since the 1970s the dollar will be relinked to gold.
“We will return to a gold standard. It will be a modernized version of it, but in essence it will be the basic principle that the dollar will remain constant with gold.”
http://www.newsmax.com/Headline/steve-forbes-obama-bernanke/2011/08/31/id/409372
“Well, life is transitory,” Forbes observes. “What he’s doing in terms of manipulating the interest rate market is simply another form of price controls. That doesn’t work for very long. What he’s done with interest rate policy is subsidize government debt and discourage lending to small businesses. It’s distorted the market. He’s doing more harm than good. I wish he’d gone to Martha’s Vineyard with the president and stayed there.
“If Ben Bernanke was judged on how well he’s done his job, he would have resigned a long time ago. But in Washington, [be] a failure and you move upward.”
The Congressional Budget Office warns that the dollar will weaken over the next decade and possibly lose its status as the world’s reserve currency.
“If you continue to trash your currency and make it very plain you want it to weaken, as both our Treasury Department and Ben Bernanke are doing, yes, it will continue to lose value and the U.S. economy will remain relatively stagnant,” Forbes states.
“But I think in 2013 you’re going to see a new regime in Washington, and you’re also going to see in the next five years something that sounds astonishing today, and that is for the first time since the 1970s the dollar will be relinked to gold.
“We will return to a gold standard. It will be a modernized version of it, but in essence it will be the basic principle that the dollar will remain constant with gold.”
http://www.newsmax.com/Headline/steve-forbes-obama-bernanke/2011/08/31/id/409372