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Thread: Bernanke Speaks! Fed Chair Defends QE2, Says Inflation Not His Fault

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    Bernanke Speaks! Fed Chair Defends QE2, Says Inflation Not His Fault

    Bernanke Speaks! Fed Chair Defends QE2, Says Inflation Not His Fault


    Link to interview on the DailyTicker



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    The challenge here is the Fed — at least publicly — believes inflation pressures will prove "transitory" and largely the result of higher energy prices which it believes are up because of increased demand from the emerging markets and unrest in the Middle East and North Africa.

    "If the situation stabilizes in the Middle East, that will provide relief on the inflation front," Bernanke said.

    In other words, Bernanke is sticking to his story that the Fed's extraordinary actions and exceptionally low interest rates -- which the FOMC reiterated it will keep "for an extended period" -- are not responsible for rising commodity prices. (Keep moving people! Nothing to see here.)
    Funny! Considering he's the one who destabilized the ME to begin with his inflationary policies.
    Based on the idea of natural rights, government secures those rights to the individual by strictly negative intervention, making justice costless and easy of access; and beyond that it does not go. The State, on the other hand, both in its genesis and by its primary intention, is purely anti-social. It is not based on the idea of natural rights, but on the idea that the individual has no rights except those that the State may provisionally grant him. It has always made justice costly and difficult of access, and has invariably held itself above justice and common morality whenever it could advantage itself by so doing.
    --Albert J. Nock



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